Bill.com (NYSE:BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates back-office financial processes for small and midsized businesses (SMBs), released a new survey today that found that a vast majority (80%) of SMBs feel that what they are doing today to manage their financial operations does not meet their needs. A significant 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, conducted among 2,000 small business owners and decision makers at midsized companies (non-customers), many SMBs feel enterprise-focused technology companies are ignoring them. Sixty-three percent (63%) of SMBs believe that these large solution providers do not offer products that fit their needs and nearly half (48%) say these companies want more money than their business can afford.
Without the one solution to turn to, SMBs are resorting to outdated bookkeeping—as in, literally books. Eighty-five percent (85%) are tracking at least some of their financial operations manually, including 57% of small business owners and 61% of medium-sized business decision-makers who track half or more of their financial operations functions manually.
According to the latest data from the Small Business Association, there are 31.7 million small and midsized businesses in the U.S., including sole proprietors, contributing to nearly 50% of the economy. Despite SMBs being 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 daunting.
“We believe that small and midsized businesses deserve the same level of technology innovation enjoyed by their large enterprise counterparts, and we are committed to building that go-to mission-critical solution for all their financial operations needs,” said René Lacerte, CEO and Founder of Bill.com. “We’re at a moment in time where SMBs realize they need to evolve from manual to digital processes. We want to be the solution to help them digitally transform and succeed.”
Bill.com set out to better understand why SMBs, who make up 99.9% of all businesses in the U.S., still largely rely on paper-based processes (80%). The survey sheds light on why SMBs need an all-in-one digital solution with benefits similar to what their large enterprise counterparts enjoy.
According to Statista, the market opportunity for one comprehensive solution is ripe, with SMBs projected to spend over $1.13 trillion on IT services in 2021. Small business owners clearly need and deserve a comprehensive solution that gives them visibility and control over their financial operations, which is why Bill.com offers a platform to simplify processes, save time, and empower these businesses to grow and succeed.
The full survey report is available for download here. The infographic is available here.
Methodology for survey
The Bill.com survey was conducted by Wakefield Research (wakefieldresearch.com) among 2,000 US Small Business Owners with between 1 and 100 employees, and midsized leaders 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 mid-size businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflow. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in San Jose, California and Houston, Texas. For more information, visit www.bill.com.
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