Bill.com (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes and automates complex back-office financial operations for small and midsize businesses (SMBs) and Wells Fargo & Company (NYSE:WFC) today announced Bill Manager, a new joint offering now available to help automate and simplify the accounts payable and receivable process for small to midsize businesses.
Bill Manager integrates the latest cloud-based financial operations software from Bill.com into Wells Fargo’s digital banking service, Commercial Electronic Office®, creating a paperless way for businesses to pay bills and get paid with simplicity, visibility, and control.
“We are thrilled to bring our long-standing relationship with Wells Fargo to fruition through Bill Manager to accelerate small and midsize businesses’ shift to the cloud,” said Josh Goines, senior vice president, Strategic Partnerships and Business Development at Bill.com. “With Bill Manager, SMBs can go live with digitally automating their accounts payable processes in a matter of hours, helping them to put their back office in their back pocket.”
Over 90 percent of small to midsize businesses send and receive paper-based invoices, which are time consuming, manually strenuous, and fraught with error or fraud risks. These challenges are further exacerbated by today’s remote work operations due to the pandemic.
With Bill Manager, customers electronically capture incoming paper bills and invoices, which are then digitally routed through a simple workflow for review and approval. Other possible payables benefits include the ability to:
- Track invoices within the workflow for real-time insight into the approval status.
- Review and approve invoices from any device, including mobile, whether in the office or working remote.
- Store documents such as past bills, images of cleared checks, and vendor-related contracts online.
- Automatically sync transactions with common accounting software for faster data entry and account reconciliation.
With Bill.com’s Intelligent Virtual Assistant, businesses can automatically capture and enter all the required data from any type of invoice to start the bill creation process. Customers can also request payments through Bill Manager by creating and sending electronic invoices to their customers along with payment reminders, helping them get paid faster through a customer-branded payment portal.
“Collaborating with a leading fintech like Bill.com solves a critical customer need – managing and paying bills in a consistent way,” said Chris Noe, senior vice president and head of Treasury Management Product Innovation and Partnerships at Wells Fargo. “Our customers access this technology directly through the digital banking experience they use every day, supported by their familiar Wells Fargo treasury management consultant and customer service team. Meeting our customers where they already spend their time is a priority as we innovate new solutions to help make managing finances convenient and simple.”
Bill Manager is powered by Bill.com Connect, the transformative business payments platform that helps financial institutions to strengthen client relationships, offering customers the tools and innovation to help them gain the ease, control and visibility needed to grow their businesses. Wells Fargo customers will also be able to join Bill.com’s payments network, which helps millions of members across the U.S. process more than $100 billion of annualized payment volume.
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflow. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in Palo Alto, California and Houston, Texas. For more information, visit www.bill.com. | Twitter: @Billcom | LinkedIn: Bill.com
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.