SAN JOSE, Calif. – Nov. 23, 2021 – Bill.com (NYSE:BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates back-office financial processes for small and midsized businesses (SMBs), released a new survey today that found that a vast majority (80%) of SMBs feel that what they are doing today to manage their financial operations does not meet their needs. A significant 87% want an all-in-one technology solution to meet these needs and better support their businesses.
According to Bill.com’s survey, conducted among 2,000 small business owners and decision makers at midsized companies (non-customers), many SMBs feel enterprise-focused technology companies are ignoring them. Sixty-three percent (63%) of SMBs believe that these large solution providers do not offer products that fit their needs and nearly half (48%) say these companies want more money than their business can afford.
Without the one solution to turn to, SMBs are resorting to outdated bookkeeping—as in, literally books. Eighty-five percent (85%) are tracking at least some of their financial operations manually, including 57% of small business owners and 61% of medium-sized business decision-makers who track half or more of their financial operations functions manually.
“We believe that small and midsized businesses deserve the same level of technology innovation enjoyed by their large enterprise counterparts, and we are committed to building that go-to mission-critical solution for all their financial operations needs,” said René Lacerte, CEO and Founder of Bill.com. “We’re at a moment in time where SMBs realize they need to evolve from manual to digital processes. We want to be the solution to help them digitally transform and succeed.”
Methodology for survey
The Bill.com survey was conducted by Wakefield Research (wakefieldresearch.com) among 2,000 US Small Business Owners with between 1 and 100 employees, and midsized leaders with 101 to 1,000 employees, between October 5, 2021 and October 15, 2021 using email and an online survey.
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and mid-size 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 San Jose, California and Houston, Texas. For more information, visit www.bill.com.