Product Overview: BILL Spend & Expense (Formerly Divvy)
BILL Spend & Expense, formerly known as Divvy, is a comprehensive spend and expense management solution designed to streamline financial operations for small and midsize businesses. Here’s a detailed look at what the product does and its key features:
What it Does
BILL Spend & Expense is an integrated platform that helps businesses manage all aspects of their spending, from employee expenses and credit card transactions to subscriptions and reimbursements. It aims to reduce the time and effort spent on expense management, improve financial visibility, and enhance control over business expenditures.Key Features
Automated Expense Management
The platform automates expense reports, budgets, and reimbursement processing, eliminating the need for manual reconciliation of credit card statements with the expense management system. This automation saves time and ensures that expenses are fully coded and ready to sync with your accounting system.Real-Time Expense Tracking
BILL Spend & Expense provides real-time views of expenses, allowing businesses to maintain ultimate control over spending. This includes the ability to generate physical and virtual cards, assign budgets and owners to specific cards, and create one-time use cards for specific initiatives.Customizable Spending Limits and Policy Controls
The platform offers customizable spending limits, enhanced policy controls, and budget groups. These features enable businesses to set specific spend target limits, consolidate controls to manage spend more easily, and group budgets to streamline the management of multiple budgets.Fraud and Overspending Protection
To protect against fraud and overspending, the platform includes features such as virtual cards that can be frozen or created instantly. This ensures that employees cannot overspend and that recurring subscriptions are kept in check.Simplified Interface and Budget Management
The latest updates include a redesigned budgets interface, making it easier for businesses to manage their finances. The simplified interface helps in streamlining the management of multiple budgets and provides greater visibility into business finances.Credit and Rewards
BILL Spend & Expense comes with the BILL Divvy Card, powered by Visa, which offers credit lines from $1,000 to $5 million. Businesses can earn points on their spend, redeemable after 12 months, adding a rewards component to their expense management.Integration with Accounting Software
The platform seamlessly integrates with leading accounting software, allowing for automatic sync and streamlining the entire financial operations process. This includes easy bill creation, approvals, and payments, as well as automated bookkeeping tasks.In summary, BILL Spend & Expense is a robust solution that automates and simplifies expense management, provides real-time spending visibility, and offers customizable controls to prevent fraud and overspending. Its integration with accounting software and the availability of credit lines make it a comprehensive tool for managing business finances efficiently.