Bill.com Sees Record Growth in 2009
Rapid Product Innovation Underscores Year of Customer, Partner and Company Success
PALO ALTO, CA - Bill.com, the leader in online bill management and payment for small and midsized businesses and accounting firms, today announced record results for calendar year 2009, with product innovation driving rapid growth in all facets of the company's business.
For the year ended December 31, Bill.com increased monthly recurring revenue and number of customers by a factor of eight, despite the overall economic climate, a key indicator of SaaS company success. The total number of all invoices paid using the Bill.com solution grew by a factor of 10 in 2009, resulting in an annual run rate of over $250 million in online payments processed per year, and ending the year with 20% month-over-month payment growth. Overall $500 million in bills were managed using Bill.com in 2009 and the number of vendors paid via Bill.com increased eight-fold, demonstrating once again how easy it is to use Bill.com to pay any vendor, large or small.
"We are very proud to have helped so many small and midsized businesses and accounting firms improve their financial operations, reduce paperwork, and be able to focus more on their customers," said René Lacerte, CEO at Bill.com. "In 2009 we continued to accelerate product innovation and bring more powerful easy-to-use features to our customers. With the introduction of ePayments and the Bill.com Payment Network we have made it easier than ever for SMBs to pay anyone electronically, not just large billers, and at a low cost. Our customers can expect more cost-cutting, productivity enhancing features from Bill.com in 2010."
Bill.com's growth occurred across all sales channels including through the Bill.com Accountant Program through CPA2Biz, a subsidiary of the American Institute of Certified Public Accountants (AICPA). Through this program, accounting and bookkeeping firms from the Top 100 firms through smaller local firms adopted Bill.com and value-added services from CPA2Biz to allow them to deliver efficient, paperless bill payment services to clients. Bill.com was recognized for its contributions to the accounting profession with a 2009 Tax and Accounting Innovation Award from CPA Technology Advisor and being named a 2009 "Awesome Add-On" by The Sleeter Group. Rounding out the year, Bill.com CEO René Lacerte was named to the Accounting Today list of Top 100 People in Accounting.
Product innovation contributed significantly to Bill.com growth in 2009. In July the company launched ePayments, enabling small and midsize businesses to pay anyone, including large and small vendors and individuals/employees, using secure electronic payments via the ACH network. The same month Bill.com introduced the Bill.com Payment Network which consists of over 4,000 of the nation's largest billers and offers an innovative approach to inviting other organizations and individuals to join the network and get paid electronically for free, without having to pay merchant fees. Also in 2009, Bill.com significantly enhanced product integration with Intuit QuickBooks and Intacct and launched new integrations with Thomson Reuters Write-Up CS and Shoeboxed.com.
"Bill.com's easy-to-use solution makes it possible to scale operations and maintain financial controls over a fast-growing network of stores," said Peter Bior, Co-Founder and Partner, Massachusetts Burger Enterprises, LLC. "With Bill.com we aren't losing time tracking down paper and are saving at least 50% over the old method of paying bills, so we can reinvest that energy and money into what really matters: serving and satisfying our customers."
A number of corporate accomplishments complemented Bill.com's customer, partner and product success in 2009. In July the company completed an $8.5 million Series B financing round led by August Capital, DCM and Emergence Capital. Also in 2009 Bill.com achieved SAS70 Type II Certification, was named a Red Herring Global 100 winner in recognition of current innovations and future potential, and achieved a four-star product rating in a comprehensive review by PC Magazine.
Bill.com is an on-demand accounts payable application for CPAs and small and midsized businesses. Bill.com users can receive, route and pay invoices electronically — they never have to touch a paper bill again — resulting in time and cost savings to finance personnel of over 50% versus manual accounts payable and check writing processes. Invoices are emailed, scanned or faxed into the Bill.com service. Digital images of invoices are then routed electronically for approval, ensuring a complete audit trail and eliminating lost or mishandled paper. Users can access digitized supporting documents such as current and past bill images, cleared check images and contracts, at every step in the process, from anywhere, at any time, over the Internet. Bill.com handles check printing and mailing as well as electronic payments, and uses enterprise-class fraud protections that are impractical for small and midsized businesses to implement on their own. Bill.com integrates with popular desktop and on-demand accounting packages, ensuring consistency of financial data and streamlined financial planning, reporting and audit activities. Bill.com has received numerous awards including a 2009 Innovation Award from CPA Technology Advisor, and a 4-star rating from PC Magazine.