Bill.com

Not to be confused with Bills.com.
Bill.com, Inc.
Private
Industry Technology
Founded Palo Alto, California
Headquarters Palo Alto, California
Key people
 Rene Lacerte (CEO)
Website www.bill.com

Bill.com is a US-based cash flow management software system, provided as a software as a service that integrates with accounting and banking systems. It is intended to serve as a command and control dashboard for cash flow,[1] by businesses, accounting firms and banks. Bill.com works with third-party accounting package such as QuickBooks, not as a standalone product. Bill.com offers sync or integration with accounting software packages such as QuickBooks, Xero, NetSuite, and Intacct.[2]

The product is also widely used by banks to offer online banking services to businesses. Bank of America Merrill Lynch uses Bill.com for payments technology in their CashPro BillPay product.[3][4] PNC Bank uses Bill.com in its online services for small businesses, including its Cash Flow Insight product that syncs with QuickBooks.[5]

Funding

The company has received $80 million in funding. The most recent funding round for $38 million was in November 2013. Bank of America, American Express, Fifth Third Bank, Commerce Ventures, and CheckFree founder Pete Kight participated in the round led by Scale Venture Partners.[6]

Adoption and Impact

As of November, 2013, Bill.com managed 10 million bills per year.[7]

The company is located in Palo Alto, California and had 275,000 users in June 2014.[8]

Mercantile Bank of Michigan uses Bill.com as part of its BillPay+ product.[9] In November 2013, the company updated its payment platform to allow banks to resell its services.[10]

Bill.com is one of a large number of vendors that is trying to help small businesses become more efficient. One of the goals of these vendors is to reduce the level of paper being used by businesses. CNBC listed Bill.com as 37th on their list of 50 business disruptors of 2014 for the company's impact on eliminating paper in SMBs.[11]

References

  1. ↑ Root, Darren (December 2012). "Rene Lacerte: One on One with a Fourth-Generation Entrepreneur". CPA Practice Advisor, pg. 6, volume 22, number 12
  2. ↑ Yakal, Kathy (January 16, 2014). "Bill.com". PC Magazine
  3. ↑ Adams, John (April 11, 2014). What Bank of America is Building on Bill.com's Technology. PaymentsSource
  4. ↑ "Bank of America Merrill Lynch Introduces CashPro BillPay". Bank of America Merrill Lynch
  5. ↑ Wisniewski, Mary (February 24, 2014). "PNC Upgrades Small-Biz Digital Tools". American Banker
  6. ↑ Williams, Alex (November 12, 2013). "Bill.com Raises $38M As Banks Look to Leverage Digital Payment Adoption In the Business World". Techcrunch.
  7. ↑ Kepes, Ben (November 12, 2013). Bill.com Picks Up Another $38M Funding. Forbes
  8. ↑ Ioannou, Lori and CNBC staff. (June 17, 2014). "2014 CNBC Disruptor 50: The most innovative start-ups in business". CNBC
  9. ↑ Adams, John (May 1, 2012). "Mercantile Bank's Single Sign-In Simplifies Small Business Banking". American Banker
  10. ↑ Sposito, Sean. (November 6, 2013). "Bill.com Updates Banking Platform". American Banker
  11. ↑ CNBC (April, 2014). "CNBC Disruptor 50: Bill.com, Online bill payments tool". CNBC

External links