One of the biggest struggles for those who work in the accounting department are the different paper invoices that must be kept track of. If Bill.com has it its way, filing invoices and passing them around in manila envelopes will be a thing of the past. It’s no secret that offices have had a paperless push for the past few decades. Actually achieving that feat seems to be more difficult than originally anticipated. With so many organizations using their own platform and others not wanting to conform, it seems like the idea of a truly paperless office could be somewhat of a fantasy.
Never the less, Bill.com is announcing that it has secured over $50M in investor funding mainly from Silicon Valley Bank. SVB has some insight into small businesses within the technology sector and they believe that the cloud based invoicing suite can certainly help contribute to the paperless office push.
Jake Moseley, a senior manager at Silicon Valley Bank, briefly spoke about Bill.com saying, “They’ve built a good brand and something that’s clearly recognized, and we’ve seen clients at a bunch of different stages leveraging their platform.” Moseley goes on to say that Bill.com has, “Differentiated themselves in the space and created a very simple and scalable solution to what we believe is a very common challenge for business customers.”
Founder Rene Lacerte says that Bill.com’s cloud based solution will shave 50-75% of overhead off of a payment and invoice. Bill.com also claims that its now platform can help businesses get paid 2-3 times faster. Bill.com’s cloud billing suite integrates directly into NetSuite, Xero and QuickBooks. This allows you to have automatic updates within your account suites when an invoice is processed and fulfilled.
Bill.com has received over $100M in funding since 2011. This figure also contains the $50M granted to them by Silicon Valley Bank and other investors in this round. Bill.com plans seem to start at $19 per month and range all the way up to $49 per month.