Bill.com and Wells Fargo have announced a new solution to help small and medium-sized businesses automate and simplify their accounts payable and receivables processes. The new joint offering – Bill Manager – integrates Bill.com’s cloud-based financial operations software with Commercial Electronic Office, Wells Fargo’s digital banking service, and gives SMEs a simple, transparent way to pay bills and get paid.
Bill Manager enables customers to capture paper bills and invoices electronically and have them digitally routed through a straightforward review and approval workflow. The technology allows businesses to track invoices in real-time, review and approve invoices from any device, store documents online, and automatically sync transactions with their accounting system to support fast data entry and easy account reconciliation. Customers can also use Bill.com’s Intelligent Virtual Assistant to make invoice capture and data entry process automatic, accelerating the bill creation process further. Bill Manager can also be used to request payments by building and sending electronic invoices and payment reminders.
“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,” Bill.com SVP of Strategic Partnerships and Business Development Josh Goines said. “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.”
Bill Manager is powered by Bill.com Connect, the company’s business payments platform. Introduced four years ago, Bill.com Connect provides banks with a single platform for business payments that scales as their business customers do. The platform offers bill pay and invoicing functionality, increases client engagement, and gives customers access to a business payment network with more than 1.4 million members.
“Collaborating with a leading fintech like Bill.com solves a critical customer need – managing and paying bills in a consistent way,” Wells Fargo SVP and head of Treasury Management Product Innovation and Partnerships Chris Noe said. “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.”
A Finovate alum since 2010, Bill.com was founded in 2006 and is headquartered in Palo Alto, California. Going public in 2019, the company has a market capitalization of over $10 billion. René Lacerte is founder and CEO.