New Bill.com Survey Finds Main Street Companies Don’t Feel Supported By Enterprise Tech Firms
SAN JOSE, California, November 23, 2021– (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 medium-sized businesses (SMBs) ), released a new survey today, found that a large majority (80%) of SMEs feel that what they are doing today to manage their financial operations does not meet their needs. 87% want an all-in-one technology solution to meet these needs and better support their businesses.
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According to Bill.com’s survey of 2,000 small business owners and midsize business decision makers (non-customers), many SMBs feel that enterprise-focused technology companies are ignoring them. Sixty-three percent (63%) of SMBs believe that these large solution providers do not offer the right products for their needs and almost half (48%) say these companies want more money than their business can afford.
Without the only solution to turn to, SMBs resort to outdated accounting, literally on the books. Eighty-five percent (85%) track at least some of their financial transactions manually, including 57% of small business owners and 61% of midsize business decision makers who manually track half or more of their financial transactions.
According to the latest data from the Small Business Association, there are 31.7 million small and medium-sized businesses in the United States, including sole proprietors, who contribute almost 50% of the economy. Although SMEs are 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 intimidating.
“We believe small and medium-sized businesses deserve the same level of technological innovation as their large enterprise counterparts, and we are committed to creating this mission-critical solution for all of their financial operations needs,” said René Lacerte, CEO and Founder of Bill.com. “We are at a time when SMBs realize they have to move from manual to digital processes. We want to be the solution to help them digitally transform and succeed. “
Bill.com sought to better understand why SMBs, which represent 99.9% of all businesses in the United States, still rely heavily on paper-based processes (80%). The survey sheds light on the reasons why SMEs need an all-in-one digital solution that offers similar benefits to those enjoyed by their large enterprise counterparts.
According to Statista, the market opportunity for a complete solution is ripe, with SMBs expected to spend over $ 1.13 trillion on IT services in 2021. Small business owners clearly need and deserve a complete solution that gives them a visibility and control over their financial operations, which is why Bill.com provides a platform to simplify processes, save time and enable these businesses to grow and succeed.
The full report of the investigation is available for download here. The infographic is available here.
Methodology of the survey
The Bill.com survey was conducted by Wakefield Research (wakefieldresearch.com) among 2,000 owners of small U.S. businesses with between 1 and 100 employees and mid-size executives with 101 to 1,000 employees, between October 5 2021 and October 15, 2021 using email and an online survey.
Bill.com is a leading provider of cloud-based software that simplifies, digitizes and automates complex back-office financial operations for small and medium-sized businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The AI-powered Bill.com financial software platform creates connections between businesses and their suppliers and customers. It is used to manage cash inflows and outflows. The company partners with many of America’s largest financial institutions, the majority of America’s 100 largest accounting firms, and popular accounting software vendors. Bill.com has offices in San Jose, California and Houston, Texas. For more information, visit www.bill.com.
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