BILL Spend & Expense Formerly Divvy

Software includes annual SOC 1 and SOC 2 Type II audits, PCI-certified vendor partnerships for credit card payments, and an Anti-Money Laundering + Office of Foreign Assets Control program. Based on your feedback, we made some changes to help reduce credit memo duplication for BILL AR customers. Now, if a vendor credit is created by a BILL AP customer that is paying a BILL AR customer, that vendor credit will not sync over our network to the AR customer. This will prevent the credit from being duplicated, as the BILL AR customer may have already created a credit memo in BILL or synced it to BILL via their accounting software. Invoices are now automatically created and attached to payments received by customers.

Automate client AP, AR, spend, and expense with BILL’s new financial operations platform

After Bill.com acquired Divvy in 2021 for $2.5 billion, it expanded as “BILL Spend & Expense,” adding tight spend policies and credit lines. Both Brex and Bill (formerly Divvy) offer corporate cards, expense tracking, and budgeting tools as part of their expense management platform. But how they work, who they are built for, and https://ecommercefastlane.com/accounting-services-for-startups/ what they require from your business can look very different. Based in New York, Ramp is a fintech company initially launched in 2019 as a corporate card and expense management platform.

Learn more about your money

• The company provides personal and business banking services, wealth management, and trust services to customers.
• It comes down to your business size, and the available funds in your bank account in order to get approved.
• If you select Allow overspend, to an extent, spending from the budget will be allowed to surpass the total for the budget—but only by the set buffer.
• You can set up automated payment schedules to ensure timely payments to vendors, through ACH, credit card, or check.
• Startups with strong credit scores and travel budgets can benefit from using Blue Business.

Experience streamlined business payments with no monthly fees or minimum balance requirements. The BILL Divvy Card includes flexible underwriting and eligibility for businesses with poor credit, which makes qualifying for business credit easier for a large number of business sizes. Ramp, alternatively, imposes more eligibility requirements based on revenue or funding Accounting Services for Startups: Strengthen Your Financial Management amounts that make it less accessible for new and smaller businesses.

Save time and reduce manual errors with the new recurring bills template

EIN and not operating as a sole proprietorship to qualify for a Brex corporate card. Ramp requires you to have $75,000 in bank balance and Divvy requires you to spend $10,000 per month on your business. Reliable accounting software is a critical aspect of keeping your business on track. Chances are that you already use Quickbooks or another type of popular accounting software to make your reporting process simpler.

Both platforms offer real-time tracking, but they present the information in different ways. So, if your business has strong cash reserves but a limited credit history, Brex is likely the better fit. On the other hand, you should choose Bill if your business has solid credit but lower cash on hand. Track client spending by function or budget – instantly from one dashboard.

• The Processed Bills report will show your firm’s history of paid bills, giving you a full picture of which clients require more support at any given time.
• Read all about the new features and watch our interactive demo to learn more about the console.
• Divvy does not state what their foreign transaction fees are, and users do report that they charge foreign transaction fees.
• Founders who prefer a national bank offering multiple services and businesses that can meet requirements to minimize fees are a good fit for Bank of America.
• Assign a spending amount for a group owner to manage across budgets.
• The BILL Divvy Card includes flexible underwriting and eligibility for businesses with poor credit, which makes qualifying for business credit easier for a large number of business sizes.
• And with our intelligent approach to vendor onboarding and validation, you can safely add vendors with confidence.

BILL Spend & Expense tracks each time your client’s company spends money, and allows employees to attach a receipt to every transaction. It also prompts employees to code transactions or you can pre-code expenses. Your staff can instead spend those hours analyzing the spend data to advise your client on how to improve their cash flow. In order to keep your client’s account—and their personal and business credit cards—secure, BILL Spend & Expense can only track purchases made using the BILL Divvy Card.