As small and medium-sized businesses (SMBs) navigate an uncertain economic environment, they are adopting financial operations platforms to improve visibility and control over their cash flow, BILL CEO Rene Lacerte said on Thursday (August 22).
During the company’s quarterly earnings conference call, Lacerte said that BILL, the company’s financial operations platform for small businesses, is growing its business by helping small businesses manage their financial operations.
“This scale is a direct reflection of the incredible value delivered to small businesses through our products and services,” said Lacerte, pointing to BILL’s latest financial results. “We transform financial back-office complexities that drain small businesses’ time and money into simple, automated tools that give them visibility and control. We help small businesses run their businesses better.”
During the fiscal year ended June 30, BILL’s total revenue grew 22% and the number of companies on its platform grew from 461,000 to 474,600, according to a presentation made in conjunction with the conference call.
According to the presentation, small and medium-sized businesses are adopting purpose-built financial operations platforms to replace paper-based processes, automate financial operations, send and receive payments, manage budgets and cash flow, and gain insight, visibility and control.
According to the presentation, the platform will provide visibility into cash flow and real-time financial status, making it easier to make informed decisions.
BILL continues to expand and refine its offerings to meet this need: Over the last fiscal year, the company launched an integrated platform that incorporates accounts payable (AP) and spend and expense management solutions, added a data and analytics layer to the platform to give businesses a comprehensive view of their cash flow, and leveraged artificial intelligence (AI) across the platform to simplify and personalize the user experience, Lacerte said on the conference call.
“In addition, we have redesigned our mobile app from the ground up to take advantage of our evolving platform, enabling our customers to run their business whether they’re in the office or on the go,” Lacerte said.
BILL works with accounting firms to help them deliver value to their clients, as well as with financial institutions and software companies to provide embedded solutions for their clients, Lacerte said.
“Central to our ecosystem strategy is to expand our reach and serve small and medium-sized businesses wherever they want to do business,” he added.
Read more: AI, artificial intelligence, bill, data analytics, revenue, financial operations platform, news, PYMNTS News, Rene Lacerte, small business, small business, trending topics
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