Product Overview: BILL Spend & Expense (Formerly Divvy)
BILL Spend & Expense, previously known as Divvy, is a comprehensive spend and expense management solution designed to support the financial operations of small and midsize businesses (SMBs). This platform is integrated into the broader BILL financial operations ecosystem, offering a seamless and efficient way to manage business expenditures.
What it Does
BILL Spend & Expense is tailored to help SMBs streamline their financial operations by providing the necessary credit, automating expense management, and enhancing budget control. The solution combines free software with the BILL Divvy Card, powered by Visa, to facilitate and track employee spending, manage budgets, and process reimbursements.
Key Features and Functionality
Credit Access
The platform offers access to credit lines ranging from $1,000 to $5 million, subject to application approval. This credit can be crucial for businesses needing to manage cash flow and fund operations.
Expense Management
BILL Spend & Expense automates expense reports, budgets, and reimbursement processing. It allows businesses to generate physical and virtual cards, assign budgets and owners to specific cards, and create one-time use cards for specific initiatives such as events or vendor bills. This automation saves time by eliminating the need to reconcile credit card statements with the expense management system.
Budget Control and Spend Management
The platform enables businesses to set and manage budgets effectively. New features include customizable spending limits, enhanced policy controls, and the ability to group budgets, which helps in streamlining the management of multiple budgets. This ensures that businesses can take control of their spending and avoid the “spend now, ask forgiveness later” mentality.
Real-Time Insights and Fraud Protection
BILL Spend & Expense provides real-time insights into employee spending through the use of virtual cards, which also offer better fraud protection. This feature helps businesses monitor and manage their finances more accurately and securely.
Integration and Automation
The platform integrates seamlessly with leading accounting software, allowing for automatic sync and aggregation of cash flow tasks. This integration simplifies bookkeeping tasks, enables client bill pay, and automates key financial processes such as expense management and accounting reconciliation.
Rewards and Convenience
After 12 months of using the Divvy credit card, businesses can redeem points earned on their spend, providing an additional incentive. The card also offers administrative convenience by eliminating the need for out-of-pocket reimbursements and saving time through automated financial processes.
In summary, BILL Spend & Expense is a robust solution that helps SMBs gain greater visibility and control over their finances by automating expense management, providing necessary credit, and enhancing budget control, all within a single, integrated platform.
