Online bill payments for small and medium-sized businesses (SMBs) in the US now available through Xero, courtesy of BILL.
Xero, the cloud-based accounting software provider, has announced new bill payment capabilities for its US customers. The enhancements, made possible by the financial operations platform BILL, aim to simplify and automate accounts payable processes for small businesses.
With these upgrades, Xero users can now efficiently manage, approve, and pay bills directly within the platform. This not only improves accuracy but also provides better cash flow visibility and reduces manual effort in financial operations.
Key features of the new service include automated bill entry and matching to transactions, advanced approval workflows, scheduled bill payments, real-time payment tracking and reconciliation, and integration with third-party systems. These improvements aim to make financial automation and cash flow management easier for US Xero customers.
The new bill payment capabilities are part of Xero's ongoing evolution towards a more integrated, financially operational platform in the US market. By automating and controlling payables more effectively, small businesses can focus on growing their operations.
While specific details about BILL's platform powering these new bill pay features were not found in the current search results, it is clear that Xero is focusing on AP automation and bill management enhancements that align with such platforms’ functionality.
Small businesses can now track the status of all bill payments made from Xero via a digital record. This feature addresses a common challenge faced by 38% of small businesses, who struggle to keep track of due dates, and 20% who find it difficult to manage and pay bills in one place.
The partnership between Xero and BILL aims to provide a more streamlined experience for small businesses and accountants. Ariege Misherghi, senior vice president and general manager of AP, AR, and accountant channel at BILL, expressed excitement about the partnership. Diya Jolly, chief product and technology officer at Xero, also expressed her enthusiasm about the strategic partnership with BILL.
The new service is available within the Xero platform to all small business customers in the US. To protect payments and financial data from fraud, two-step verification is available.
In addition to these improvements, Xero has also partnered with US small business banking platform Bluevine for further expansion. Mike Cascone, vice president, government experience, Americas at Xero, is speaking at Open Banking Expo Canada on June 17, in Toronto.
With these new bill payment capabilities, small businesses can now pay multiple bills simultaneously, giving them more control over their cash flow. The 'I want to pay that way' report by Xero found that 48% of US small businesses faced cash flow pressures over a 12-month period. By automating and streamlining their bill pay processes, Xero aims to alleviate some of these pressures and help small businesses thrive.
- The partnership between Xero and BILL is designed to offer a more streamlined experience for small businesses and accountants.
- By automating and streamlining bill pay processes, Xero aims to help small businesses manage and pay bills in one place, addressing a common challenge faced by 38% of small businesses.
- Xero's new bill payment capabilities, enabled by BILL's platform, allow small businesses to pay multiple bills simultaneously, improving cash flow management.
- The new service includes features like automated bill entry and matching, advanced approval workflows, scheduled bill payments, real-time payment tracking, and reconciliation, aiming to make financial automation easier.
- Xero has also partnered with US small business banking platform Bluevine for further expansion, reflecting its commitment to global technology and finance solutions for small businesses.
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