Paychex and BILL Team To Help SMBs Manage Finances

Human capital management company Paychex has launched a partnership with BILL.

This collaboration, announced Wednesday (Sept. 10), combines BILL’s Bill Pay tool with Paychex Flex, providing small- to medium-sized businesses (SMBs) an integrated service for payroll, human resources and accounts payable.

“During a time when many small and midsize businesses are facing financial pressure and uncertainty, having a clear, real-time view of the organization’s financial health is critical,” Cory Mau, Paychex vice president of corporate strategy, business development and investor relations, said in a news release.

“Bill Pay, Powered by BILL, streamlines accounts payable by eliminating manual data entry, providing access to real-time dashboards to monitor payables and cashflow, and centralizing vendor data and payments,” Mau added. “This increased efficiency and visibility can help businesses save time and ultimately improve the bottom line.”

According to the release, Bill Pay will allow businesses to automate bill payments while offering multiple way to fund and send payments and save time, resources and money. Users also get access to BILL’s network of more than eight million businesses to easily find and pay vendors, along with real-time insights into payment statuses.

PYMNTS spoke late last year with Mary Kay Bowman, executive vice president of payments and financial services at BILL, about the company’s efforts to expand the SMB ecosystem, which is often limited to what those businesses know and think they can afford.

Digitizing and expanding the small businesses ecosystem represents a greenfield opportunity for FinTech companies to strengthen how they manage their financial operations, Bowman told PYMNTS CEO Karen Webster.

“We like to talk about our financial operations as a platform,” she said. “And it’s not just the software, it’s also the services that surround it. And if you have that platform, it can be utilized across all of their trusted partners. When I think about bringing a level of customer empathy to this continuing effort to bring optimal technology and services and financial services to small businesses, it really comes back to saying, if not, if we don’t make it better for them, they would have to do this themselves.”

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