PALO ALTO, Calif. - 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, today announced it is taking steps to aid businesses coping with hardships from the COVID-19 pandemic. Bill.com aims to support the SMB community at a time when many businesses face a significant decline in revenue while others struggle as their entire workforce is mandated to work remotely.
The company is taking the following actions:
“As a fourth generation entrepreneur, I have experienced indirectly and first hand the challenges of navigating a small business through such uncertain economic times. Add in the health concern for your employees and the complexity of transitioning them to work from home and the impact of COVID-19 is hard to fathom. At Bill.com, we want to do whatever we can to help businesses,” said René Lacerte, Founder and CEO at Bill.com.
The contribution from Bill.com to the GoFundMe Small Business Relief Fund, as part of the Small Business Relief Initiative (#smallbusinessrelief) includes donating one-hundred thousand dollars and creating an additional thirty thousand dollar fund, aimed at giving Bill.com’s 600 employees fifty dollars each to donate to an impacted small business of their choosing.
“One of the hardest things about this pandemic, is the devastating impact it is having on the SMB community. Growing up, I was fortunate to have a front row seat watching my parents and grandparents either create or nurture a half-dozen SMBs. Running a small business requires lots of passion with many long days over multiple years to make one’s vision become a reality. To have something out of the blue, that was not possible to plan for, take away all that work isn’t acceptable. SMBs need to raise cash quickly and that is why we joined forces with The Small Business Relief Initiative (SRBI). SMBs will be able to create cash raising campaigns to tap into the passion their customers have for them and in addition will be able to apply for additional assistance from the SBRI. All of us at Bill.com share a passion to help small businesses and are proud to join the GoFundMe Small Business Relief Initiative and declare #istandforsmallbusiness", says Lacerte.
“Our goal with the Small Business Relief Initiative is to help small businesses that are being impacted by the COVID-19 pandemic,” said Tim Cadogan, GoFundMe CEO. “We’re grateful for companies like Bill.com, who are joining the program by donating to the fund and providing resources to support those in need.”
“The purpose of the Small Business Relief Initiative is to put money directly into the hands of small businesses facing unprecedented challenges due to COVID-19,” said Alex Chriss, Intuit QuickBooks EVP and GM. “We’re pleased to have Bill.com join in the effort to support small businesses and help them pay their employees and business-related expenses when they need it most.”
Businesses use the Bill.com platform to digitally send and receive payments, while managing the approval process among colleagues who are also working remotely. Bill.com helps these businesses track receipts, send reminders, and use options such as ACH or virtual cards so payments can be made faster and deposited directly into the business’s account. Businesses that do want to continue paying by check can ask Bill.com to print and mail them so employees don’t need to print checks from the office. The platform also digitizes all documents in the workflow and saves them as a record for future audit needs.
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 financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflows. 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.