BUSINESS MATTERS
New York-based apparel brand Bombas sends roughly 50% of their payments to 10 international vendors, even more when they need to bulk up their inventory to prepare for the holiday rush. However, Melissa Harris, Director of Accounting Operations at Bombas, isn't worried about making international payments because they use BILL. "BILL Accounts Payable does it all in one shot, using the same process for both domestic and international payments. It's been a much more seamless process with BILL than it has been with other AP systems I've used," said Harris.
3. Get Real-Time Data and Insights for Growth
A frequent challenge for businesses is they don't typically have large teams of finance professionals to provide analysis, insights, data and forecasting. Financial Planning and Analysis (FP&A) technology is changing that. With FP&A, SMBs can predict future cash flow, understand trends and opportunities, and make better business decisions, faster. Timely data and analytics can help you make the best decisions to help take your business to the next level.
Strategic financial planning: FP&A technology enables SMBs to collaborate closely with executives and department heads, aligning financial goals with the overarching business strategy. By assessing market trends, competitive landscapes, and internal capabilities, businesses can create robust long-term financial plans that support sustainable growth.
Budgeting and forecasting: Businesses can also develop develop annual budgets
that reflect accurate cash flow forecasts. This technology supports the creation of rolling forecasts, allowing companies to adjust their financial plans in response to changing market conditions and evolving business needs.
4. Maximizing Financial Rewards
Taking advantage of financial rewards is not just about the bottom line - it's an opportunity for businesses to show appreciation and build a positive workplace culture. Many SMBs are already familiar with rewards programs for travel, but why not extend those benefits to everyday spending?
Virtual cards with rewards programs can be a game-changer for SMBs. One common way businesses like to use virtual cards is for business subscriptions management. This ensures payments are made on time, within budget, and without the risk of overcharging, with real-time visibility into spending.
Implementing rewards programs: Similar to consumer rewards programs, virtual cards with rewards programs are a powerful tool for businesses. Choosing financial tools that offer cashback, points or other incentives transforms everyday expenses into opportunities for savings or investment. It's a great way to turn routine transactions into opportunities that add value to your business.
5. Choose Technology Partners that Can Increase Operational Efficiency
According to The BILL 2024 State of Financial Automation Report, SMBs are increasingly looking to AI and automation to improve efficiency and productivity. In fact, 85% of SMBs are enthusiastic about using AI for their financial operations.
One of the most important considerations is which company you choose to partner with to deliver these AI capabilities for your daily operations.