BILL Unveils 1099 Form Filing Solution for SMBs
BILL (NYSE: BILL) has announced a new 1099 Filing solution integrated into its financial operations platform for small and midsize businesses (SMBs). The solution allows businesses to manage accounts payable and 1099 forms from a single platform, offering features such as W-9 document collection, vendor eligibility marking, expense categorization, and automated form generation and filing with the IRS.
The platform enables electronic or physical delivery of 1099s to vendors and supports state filing for states participating in the Combined Federal/State Filing program. W-9 collection capabilities are currently available, with additional 1099 features set to launch on January 2, 2025.
BILL (NYSE: BILL) ha annunciato una nuova soluzione per la compilazione del 1099 integrata nella sua piattaforma di operazioni finanziarie per piccole e medie imprese (PMI). La soluzione consente alle aziende di gestire fornitori e moduli 1099 da un'unica piattaforma, offrendo funzionalità come la raccolta di documenti W-9, la marcatura dell'idoneità dei fornitori, la categorizzazione delle spese e la generazione automatizzata di moduli e la loro presentazione all'IRS.
La piattaforma consente la consegna elettronica o fisica dei 1099 ai fornitori e supporta la presentazione a livello statale per gli stati partecipanti al programma di Presentazione Federale/Stato Combinata. Le capacità di raccolta W-9 sono attualmente disponibili, con ulteriori funzionalità per i 1099 che saranno lanciate il 2 gennaio 2025.
BILL (NYSE: BILL) ha anunciado una nueva solución de presentación de 1099 integrada en su plataforma de operaciones financieras para pequeñas y medianas empresas (PYMES). La solución permite a las empresas gestionar cuentas por pagar y formularios 1099 desde una sola plataforma, ofreciendo características como la recopilación de documentos W-9, la marcación de elegibilidad de proveedores, la categorización de gastos y la generación y presentación automatizada de formularios ante el IRS.
La plataforma permite la entrega electrónica o física de los 1099 a los proveedores y admite la presentación estatal para los estados que participan en el programa de Presentación Combinada Federal/Estatal. Las capacidades de recopilación de W-9 están actualmente disponibles, y se lanzarán características adicionales de 1099 el 2 de enero de 2025.
BILL (NYSE: BILL)은 중소기업(SMB)을 위한 금융 운영 플랫폼에 통합된 새로운 1099 양식 제출 솔루션을 발표했습니다. 이 솔루션은 기업이 단일 플랫폼에서 계정 지급 및 1099 양식을 관리할 수 있도록 하며, W-9 문서 수집, 공급자 적격성 표시, 비용 분류, IRS에 대한 자동 양식 생성 및 제출과 같은 기능을 제공합니다.
이 플랫폼은 1099를 공급자에게 전자적 또는 물리적으로 전달할 수 있으며, 연방/주 통합 제출 프로그램에 참여하는 주에 대한 주 제출을 지원합니다. W-9 수집 기능은 현재 사용 가능하며, 추가 1099 기능은 2025년 1월 2일에 출시될 예정입니다.
BILL (NYSE: BILL) a annoncé une nouvelle solution de déclaration 1099 intégrée à sa plateforme d'opérations financières pour les petites et moyennes entreprises (PME). Cette solution permet aux entreprises de gérer les comptes fournisseurs et les formulaires 1099 à partir d'une seule plateforme, offrant des fonctionnalités telles que la collecte de documents W-9, la vérification de l'éligibilité des fournisseurs, la catégorisation des dépenses et la génération et le dépôt automatisés des formulaires auprès de l'IRS.
La plateforme permet la livraison électronique ou physique des 1099 aux fournisseurs et prend en charge le dépôt au niveau des États pour les États participant au programme de dépôt combiné fédéral/étatique. Les capacités de collecte des W-9 sont actuellement disponibles, avec des fonctionnalités supplémentaires pour les 1099 prévues pour être lancées le 2 janvier 2025.
BILL (NYSE: BILL) hat eine neue 1099 Einreichungslösung angekündigt, die in ihre Finanzbetrieb-Plattform für kleine und mittlere Unternehmen (KMU) integriert ist. Die Lösung ermöglicht es Unternehmen, Kreditoren und 1099-Formulare von einer einzigen Plattform aus zu verwalten, und bietet Funktionen wie die Sammlung von W-9-Dokumenten, die Kennzeichnung der Zulässigkeit von Lieferanten, die Kategorisierung von Ausgaben sowie die automatisierte Erstellung und Einreichung von Formularen beim IRS.
Die Plattform ermöglicht die elektronische oder physische Zustellung von 1099 an Lieferanten und unterstützt die staatliche Einreichung für Staaten, die am kombinierten Bundes- und Staatseingabeprogramm teilnehmen. Die W-9-Sammelfunktionalitäten sind derzeit verfügbar, während weitere 1099-Funktionen am 2. Januar 2025 eingeführt werden sollen.
- Integration of 1099 filing capabilities into existing AP platform streamlines tax compliance operations
- Platform expansion addresses high-demand service need identified in CPA.com & AICPA survey
- Potential for increased revenue through new tax compliance service offering
- Complete 1099 filing features won't be available until January 2, 2025
- state filing coverage (only for states participating in CF/SF program)
Insights
BILL's new 1099 filing solution represents a strategic move to capture a important pain point in the SMB financial operations space. The timing is particularly noteworthy as it aligns with increasing demand for integrated tax compliance solutions. By embedding tax functionality directly into their AP platform, BILL is expanding its revenue potential per customer while raising switching costs.
The market opportunity is substantial - with over
However, the January 2025 launch date for core features means BILL won't capture revenue from this offering in the current fiscal year. The delayed rollout gives competitors time to develop similar capabilities, potentially diminishing first-mover advantages.
This product launch strengthens BILL's competitive positioning in the financial operations software market. The integration of 1099 filing capabilities directly addresses a critical efficiency gap for SMBs and accountants, who typically juggle multiple software solutions for tax compliance. The streamlined workflow could significantly reduce the estimated 8-15 hours that small businesses spend on 1099 processing annually.
The strategic timing of this announcement, ahead of tax season, allows BILL to capitalize on heightened market attention to tax solutions. The company's existing relationships with 8,500 accountant partners provides a strong distribution channel for rapid adoption. However, the delayed full feature rollout to 2025 may impact near-term revenue potential and allow competitors to catch up.
BILL’s all-in-one financial operations platform introduces 1099 Form Filing to simplify one of the most important and cumbersome aspects of running a business – tax compliance
“Without the right technology, the process of filing year-end forms for vendors and contractors can be complicated and time consuming for SMBs, plus it can be challenging to stay compliant. That is why BILL is delivering an intuitive 1099 filing solution – empowering SMBs and their accountants to quickly collect, create and file 1099s in the same place where they’re already tracking vendor payments throughout the year,” said Ariege Misherghi, SVP & GM of AP, AR and Accountant Channel at BILL. “With BILL, businesses can now handle this critical component of tax season with ease and get back to what they do best – serving their customers.”
Delivering a Simplified 1099 Tax Experience for SMBs
The 1099 filing offering from BILL is an all-in-one solution that enables businesses to manage their AP needs and 1099-NEC and 1099-MISC forms together from a single platform to save time and resources. Key benefits and capabilities include:
- Collect W-9 documents from vendors: Request and collect W-9s directly from within BILL, removing the need to navigate between disparate software solutions.
- Mark vendors as 1099-eligible: Pick and choose which vendors are 1099 eligible with the “1099 Filing” tab in the left hand navigation.
- Categorize expenses: View all payments made to a vendor and categorize payments in bulk, all in one place.
- Generate 1099 documents: Once payments are categorized, BILL will generate all 1099 forms.
- Deliver 1099s to vendors: BILL will deliver 1099s either electronically or physically via USPS to all vendors for review.
- eFile with the IRS: Once 1099 documents have been generated and reviewed by vendors, file all 1099s electronically to the IRS with the click of a button. Note: This covers state filing only for the states participating in the Combined Federal/State Filing (CF/SF) program, listed at IRS.gov.
Empowering Accountants to Offer Added Value for SMB Clients
According to the 2022 CPA.com & AICPA PCPS Client Advisory Services (CAS) Benchmark Survey, CAS practitioners indicated that 1099 creation and filing was the most in-demand CAS service to help their SMB clients, demonstrating the need for 1099-specific tax support for SMBs. BILL’s 8,500 accountant partners can help meet this demand by leveraging BILL’s 1099 Filing offering to provide SMB clients with a seamless 1099 tax experience through CAS. Accountants can also simplify and streamline the process of managing and filing taxes for their clients in one place for increased efficiency and productivity this coming tax season.
SMBs and Accountants Simplify 1099 Filing with BILL
Michelle Ranck, Business Manager at Arrowhead Pine Rose Cabins
“Tax season is always a chaotic time of year for our business as we typically spend so much time and energy navigating the process, which can be quite complex. We are looking forward to simplifying our taxes this year with BILL, which will allow us to easily create, generate, and file all 1099s in one place so we can get taxes out of the way and get back to driving our business.”
Michael Smith, Senior Vice President, Accounting Systems and Implementations at LBMC W Squared
“Typically, we have to navigate across multiple software solutions to manage 1099 taxes for our SMB clients, which can be cumbersome and time consuming. BILL’s solution will allow us to streamline taxes for our clients and free up time to focus on adding more value through strategic client advisory services.”
Availability
W-9 collection capabilities are available now. Additional features for 1099s will be available on January 2, 2025. Learn more about BILL’s 1099 Filing features and capabilities here.
Join BILL for a webinar on December 10th to see a demo of the 1099 Filing solution in action. Register here.
About BILL
BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables and spend and expense management. Hundreds of thousands of businesses rely on BILL’s proprietary member network of millions to pay or get paid faster. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241210621571/en/
Press Contact:
John Welton
john.welton@hq.bill.com
IR Contact:
Karen Sansot
ksansot@hq.bill.com
Source: BILL
FAQ
When will BILL's complete 1099 filing features be available?
What features are included in BILL's new 1099 filing solution?
Does BILL's 1099 filing solution support all state filings?
