An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
The Heartbeat of U.S. Economy, Small and Midsized Businesses Seeking an All-in-One Financial Operations Solution
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Bill.com (NYSE:BILL) released a survey indicating that 80% of small and midsized businesses (SMBs) feel inadequately supported by enterprise tech companies. A staggering 87% seek an all-in-one solution, highlighting a gap in offerings from larger providers. The survey, conducted among 2,000 SMB decision-makers, reveals that 63% believe enterprise solutions do not meet their needs, and 85% still utilize manual bookkeeping for financial operations. With projected SMB IT spending surpassing $1.13 trillion in 2021, Bill.com aims to fill this void.
Positive
80% of SMBs expressed a need for better financial operation solutions.
Bill.com aims to develop an all-in-one tech solution for SMBs.
Projected IT spending by SMBs exceeds $1.13 trillion in 2021, indicating a substantial market opportunity.
Negative
63% of SMBs feel that enterprise tech companies neglect their needs.
48% of SMBs believe enterprise providers charge more than they can afford.
85% of SMBs are still tracking financial operations manually.
New Bill.com survey reveals that mainstreet businesses feel unsupported by enterprise technology companies
SAN JOSE, Calif.--(BUSINESS WIRE)--
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.
According to the latest data from the Small Business Association, there are 31.7 million small and midsized businesses in the U.S., including sole proprietors, contributing to nearly 50% of the economy. Despite SMBs being recognized as the heart of the economy, the perceived lack of an all-in-one technology solution to help them navigate the day-to-day operational complexities of running their businesses, in addition to recent economic uncertainties and a tight labor market, is daunting.
“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.”
Bill.com set out to better understand why SMBs, who make up 99.9% of all businesses in the U.S., still largely rely on paper-based processes (80%). The survey sheds light on why SMBs need an all-in-one digital solution with benefits similar to what their large enterprise counterparts enjoy.
According to Statista, the market opportunity for one comprehensive solution is ripe, with SMBs projected to spend over $1.13 trillion on IT services in 2021. Small business owners clearly need and deserve a comprehensive solution that gives them visibility and control over their financial operations, which is why Bill.com offers a platform to simplify processes, save time, and empower these businesses to grow and succeed.
The full survey report is available for download here. The infographic is available here.
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.
About Bill.com
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.
