Need to Know
- Bill.com and Wells Fargo have launched Bill Manager, a new accounts payable and receivable tool for small- to mid-sized businesses.
- The new tool integrates software from Bill.com into Wells Fargo’s digital banking service, Commercial Electronic Office.
- Bill Manager will allow businesses to eliminate paper invoices and increase the efficiency of their digital payments processes.
As more small- to mid-sized businesses move to digitize their payments processes, Wells Fargo and Bill.com have partnered to launch a new tool, Bill Manager, that automates accounts payable and receivable processes within Wells Fargo’s digital banking service.
Bill Manager, which the two companies announced on December 9, will create a paperless way for businesses to pay bills and receive payments, while allowing for seamless visibility, and control. Using the tool, customers can electronically capture incoming paper bills and invoices, which are then digitally processed for approval.
“We are thrilled to bring our long-standing relationship with Wells Fargo to fruition through Bill Manager to accelerate small and midsize businesses’ shift to the cloud,” said Josh Goines, senior vice president of strategic partnerships and business development at Bill.com. “With Bill Manager, SMBs can go live with digitally automating their accounts payable processes in a matter of hours, helping them to put their back office in their back pocket.”
With Bill Manager, small- to mid-sized businesses can also store past documents, such as images of approved checks and paid invoices, and are given real-time insight regarding invoice status. Customers will have access to the Intelligent Virtual Assistant, which will let businesses capture and enter data from any kind of invoice, as well as a feature that allows customers to request payments directly through Bill Manager. Users of Bill Manager can review and pay invoices from any device, including mobile devices, which is a plus in a time when remote work is increasingly frequent for both businesses and their customers and vendors.
“Collaborating with a leading fintech like Bill.com solves a critical customer need — managing and paying bills in a consistent way,” said Chris Noe, senior vice president and head of treasury management product innovation and partnerships at Wells Fargo. “Our customers access this technology directly through the digital banking experience they use every day, supported by their familiar Wells Fargo treasury management consultant and customer service team. Meeting our customers where they already spend their time is a priority as we innovate new solutions to help make managing finances convenient and simple.”
The announcement of Bill Manager comes just under a month after Wells Fargo launched a virtual card service, which allows customers to pay invoices using one-time virtual card numbers. Like Bill Manager, the virtual card service replaces physical documents — in this case, paper checks — that are growing inconvenient and uncommon in an increasingly remote, digital business world.