BILL, a financial operations platform for small and midsize businesses, has announced new features for its Spend & Expense solution, formerly known as Divvy, to help SMBs and accounting firms gain even greater visibility and control of their business finances. The latest capabilities, complete with a budgets interface redesign, include additional ways to customize spend target limits, consolidate controls to manage spend easier, and group budgets to streamline management of multiple budgets.
“For SMBs, correctly managing spend can be the difference between success and failure. To do this effectively they need real-time visibility and precise control of their budgets, but they also need flexibility and options based on team needs, categories of spend, or specific periods of time,” said Irana Wasti, Chief Product Officer at BILL. “Our new BILL Spend & Expense features deliver exactly that – helping SMBs to be more effective in how they manage their budgets, while empowering them with the control and visibility they need for their cash flow, so they can focus on their business with confidence.”
Customizable Control with Target Spending Limits and Enhanced Policy Controls
Target spending limits allow businesses to tailor their budgets to specific needs, increasing efficiency and flexibility of spend with BILL Divvy Corporate Cards1. Enhanced policy controls complement this feature, streamlining the management and compliance of spending policies.
1Card issued by Cross River Bank, member FDIC
Key benefits include:
- Customize Spending Thresholds: Adjust spending limits based on business needs or maintain continued spending with a buffer.
- Streamline Policy Enforcement: Implement clear spending policies for easier enforcement and compliance.
- Create Custom Approval Processes: Create sequential or non-sequential approval flows involving key personnel, ensuring efficient and controlled budget management.
- Gain Flexibility for Card Spend: Control overspending to avoid unwanted card declines, or forgo budget limits and only get declines when a credit limit is reached.
New Budget Groups Feature and Simplified Interface
The BILL Spend & Expense budgets interface has been reimagined, focusing on making budget management even more intuitive for spenders and admins. This redesign includes a new budget groups feature, which enhances the organization and management of multiple budgets.
Key benefits include:
- Simplify Budget Monitoring: View budgets together and gain real-time visibility about spend across the entire organization.
- Organize Multiple Budgets: Efficiently manage various budgets with the new budget groups feature, improving visibility and reducing complexity.
- Optimize Budget Workflow: Delegate budget management responsibilities to group owners without having to give up control.
SMBs and Accountants Find Success with BILL Spend & Expense
“BILL Spend & Expense gives us the tools our clients need to create better visibility, controls, and workflows. It has helped us build trust and confidence with our clients in that we can provide what they need for a more economical management of their spend,” commented Amy Marshall, Director of Growth at Breakwater Accounting & Advisory. “The new groups feature enables delegation of budgets by assigning ownership to custom categories such as travel. The result is a more efficient, controlled, and transparent approach to overseeing spend.”
“BILL provides a really nice tool for shared budgets across departments,” said Burke Bess, Vice President of Finance, Accounting, and Data Analytics at Children’s Miracle Network Hospitals. “BILL helps us view our expenditures in real-time, ensuring that we don’t go over our budget. BILL has saved us hours of back and forth with requests and approvals. It also empowers the entire organization to manage their spend better and more efficiently.”
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Tags: Accounting, Small Business
