Ava AbbottBill.com is a cloud-based software company that automates accounts payable and other back-office financial operations for SMBs. The company was founded in 2006 by René Lacerte and moved its headquarters to San Jose, California, in 2020.
In 2018, Bill.com introduced International Business Payments to offer electronic payments in 40 countries. The company expanded to 137 countries with 106 supported currencies in May 2019 and went public in Dec 2019 in a $215.6 million IPO.
Its stocks surged 61% on the first day of trading on the NYSE. In 2021, Bill.com had 3.2 million network members and processed 29.2 million transactions. The company’s revenue for fiscal 2021 increased by 51% to $238.3 million. [1]
Bill.com expanded its services through strategic partnerships with several companies, including American Express and FNBO. The company has served or partnered with 70% of the top 100 US accounting and finance giants, such as Bank of America, JPMorgan, and Wells Fargo. Since 2019, Bill.com has been using artificial intelligence to enable end-to-end workflow and payment process automation.
In 2021, Bill.com acquired Divvy and Invoice2Go to provide workflow automation. These acquisitions expanded Bill.com’s customer base to 350,000 businesses. But the company faces stiff competition from Zoho Books, AvidXchange, Tipalti, FreshBooks, Melio, and Stampli. [2]
Here are top Bill.com’s competitors and alternatives:
1. Zoho Books
Year founded: 1996
Headquarter: Chennai, Tamil Nadu, India
Zoho Books is an accounting software application offered by Zoho Corp. The solution integrates seamlessly with most e-commerce platforms and streamlines accounts payable, invoicing, billing, vendor credits, and purchase approvals. In 2021, Zoho had around 12,000 employees and recorded a 20% surge in revenue to $697 million.
Zoho Books offers four plans to cater to all SMB needs. Businesses can use Zoho’s free plan, Standard plan for $15/month, Professional plan for $50/month, or Premium plan for $70/month.
This application integrates with over 45 Zoho products used by around 250000 businesses across 180 countries. Its flexible pricing model and comprehensive product portfolio boost its competitive edge over Bill.com. Zoho Books is the best Bill.com alternative for SMBs. [3]
2. AvidXchange
Year founded: 2000
Headquarter: Charlotte, North Carolina
AvidXchange is a leading payment solution provider for SMBs and their suppliers. The company’s accounts payable (AP) automation software competes against Bill.com. In 2021, AvidXchange’s full-year revenue was $245 million.
Both AvidXchange and Bill.com simplify accounts payables for SMBs. Over 7,000 businesses use AvidXchange’s SaaS-based payment platform to digitize and automate their AP workflows.
The company facilitated more than 700,000 business-supplier payments over the past five years. AvidXchange is a worthy Bill.com alternative for accounts payable automation. [4]
3. Stampli
Year founded: 2015
Headquarter: Mountain View, California
Stampli is an account payable automation platform. This solution allows businesses to manage all payment-related communications, documentation, and processes in one place. In 2021, Stampli raised $50 million in a Series C funding round led by Insight Partners.
Stampli enables seamless communication and collaboration between AP departments, approvers, vendors, and other stakeholders. So, accountants can acquire approvals 5x faster than on other platforms. Users can also leverage Stampli’s AI, Billy the Bot, to simplify GL-coding, automate approval notifications and data entry, and identify duplicate invoices.
Stampli integrates with most Bill.com alternatives, including NetSuite, Sage Intacct, QuickBooks, and SAP. In 2021, Stampli was recognized on CB Insights Fintech 250 and named a leader in G2 Grid. Stampli is one of the most innovative Bill.com competitors. [5]
4. Tipalti
Year founded: 2010
Headquarter: San Mateo, California
Tipalti is an Israeli fintech and accounting software company. The firm offers an accounts payable solution that automates invoicing, order management, procurement, and payments. In 2021, Tipalti had 720 employees and raised $270 million in Series F funding at an $8.3 billion valuation.
Tipalti serves around 2,000 customers and processes over $30 billion in payments annually. Its payment volume grows at 120% yearly. The company raised $550 million since its founding, with $420 million coming from Series E and Series F.
Tipalti quadrupled its valuation from $2 billion to $8.3 billion within a year, making it one of the most valuable fintech firms globally.
In 2021, Tipalti acquired Approve.com and added new integrations with fintech stack providers. Tipalti is one of the Bill.com alternatives for B2B payables automation. [6]
5. FreshBooks
Year founded: 2003
Headquarter: Toronto, Canada
FreshBooks is an accounting application for tracking and managing financial activities. The app operates under 2ndSite Inc. and automates invoicing, expense management, and time tracking. In 2021, FreshBooks had around 484 employees and secured $80.75 million in a Series E round. The company has raised $200 million in funding since its founding. [7]
FreshBooks attained unicorn status with a valuation of $1 billion after the latest funding round. The platform serves more than 30 million customers in 160 countries. In Oct 2021, FreshBooks acquired cloud accounting software FastBill.
This acquisition will help FreshBooks provide electronic invoice management, reporting, and tax services to self-employed professionals, SMBs, and startups. FreshBooks is one of the best Bill.com alternatives for small businesses. [8]
6. Melio Payments
Year founded: 2018
Headquarter: Israel
Melio is an online bill-pay management solution designed for accountants, bookkeepers, and small businesses. The company has raised $506 million since its inception. In 2021, Melio had around 400 employees and was valued at $4 billion. [9]
Melio is a free solution that allows small businesses to transfer payments to their suppliers. In Sep 2021, Melio raised $250 million in a Series D funding round.
The company will invest these funds to strengthen its bill-pay platform, increasing its competitive advantage over Bill.com. Melio is the best Bill.com alternative for lightweight B2B online payments.
7. Sage Intacct
Year founded: 1999
Headquarter: Newcastle, UK
Sage Intacct is cloud-based financial management and services platform owned by Sage Group. The company offers accounting software for businesses in five regions globally; the US, Canada, the UK, Australia, and South Africa. In 2021, Sage Intacct had 500 employees.
Its parent company Sage Group employs 12,000 people and makes over $2 billion in revenue. Sage Intacct streamlines sales invoicing, tracking, back connections, and inventory management. So, it offers more solutions than Bill.com.
In May 2021, Gartner recognized Sage Intacct in the Core Financials for Lower Midsize Enterprises Use Case. Sage Intacct has received the highest score for that use case in five years. The platform integrates with Sage’s enterprise-level solutions, used by over 6.1 million customers. Sage Intacct can poach some companies from Bill.com. [10]
8. QuickBooks
Year founded: 1983
Headquarter: Mountain View, California
QuickBooks is the leading accounting platform for SMBs owned by Intuit Inc. The company offers QuickBooks Online, QuickBooks Desktop Pro, and QuickBooks Self-Employed. In 2021, Intuit Inc reported a 25.4% surge in revenue to $9.6 billion. [11]
QuickBooks is an all-in-one bookkeeping accounting system, while Bill.com caters to accounts receivable and payable.
Over 3.2 million freelancers and SMBs in the US and 1.3 million globally use QuickBooks Online. SMBs can rely on QuickBooks Desktop Pro to manage accounts payable. QuickBooks’ comprehensive offering increases its competitive advantage over Bill.com.
9. NetSuite ERP
Year founded: 1998
Headquarter: San Mateo, California
Oracle-owned NetSuite is one of the world’s leading ERP solutions. This cloud-based platform offers all-in-one business management, including accounting. In 2021, NetSuite’s parent company, Oracle, had 136,000 employees and accumulated $40.5 billion in revenue.
Like Bill.com, NetSuite ERP provides accounting and financial planning. However, NetSuite ERP allows users to manage everything on a single platform.
The company released several updates in 2021 to enhance its financial management capabilities. With these features, HR pros can collaborate seamlessly with other stakeholders across verticals. NetSuite ERP is the best Bill.com alternative for companies seeking upmarket enterprise upgrades. [12]
10. SAP Concur
Year founded: 1993
Headquarter: Bellevue, Washington
SAP Concur is a SaaS company that provides business travel and expense management services. It has been operating as part of SAP SE since its $8.3 billion acquisition in 2014. In 2021, SAP SE had around 110,000 employees and made $31.26 billion in revenue.
The main competitive advantage for SAP Concur over Bill.com is its integration with other SAP products. SAP SE offers enterprise-level solutions across 115 locations globally, including SAP CRM, SAP S/4 Hana ERP, Rise with SAP, and Ariba.
In 2021, S/4 Hana had 18,800 users, and Rise with SAP served more than 1,300 customers. These solutions can entice businesses to use SAP Concur instead of Bill.com. [13]
References & more information
- Bill.com (2021, Aug 26). Bill.com Reports Fourth Quarter and Fiscal Year 2021 Financial Results. Business Wire
- Bowman, J. (2022, Jan 5). Why Bill.com Stock Jumped 83% in 2021. The Motley Fool
- Reddy, M. P. K. (2022, Feb 19). Zoho Success Story – How the Startup Scaled Sustainably with No Investors? Startup Talky
- AvidXchange (2021, Nov 16). AvidXchange Announces Third Quarter 2021 Financial Results. Globe Newswire
- Stampli (2021, Oct 7). Stampli Named to the 2021 CB Insights Fintech 250 List. Business Wire
- Orbach, M. (2021, Dec 8). Fintech unicorn Tipalti quadruples valuation to $8.3 billion in $270 million Series F. Calcalist
- Azevedo, M. A. (2021, Aug 10). FreshBooks reaches a $1B+ valuation with $130.75M for its SMB-focused accounting platform. TechCrunch
- FreshBooks (2021, Oct 7). FreshBooks Acquires Germany-based FastBill, Accelerating Global Expansion. Globe Newswire
- Orbach, M. (2021, Nov 28). Melio Co-Founder leaves the Israeli unicorn. Calcalist
- Sage Group (2021, May 17). Sage Intacct receives the highest score in Core Financials for Lower Midsize Enterprises Use Case. Sage Press
- Intuit, Inc. (2021, Aug 24). Intuit Reports Strong Full Year Results and Sets Fiscal 2022 Guidance. Bloomberg
- Templeman, V. (2021, Jun 1). NetSuite Founder says Sync all Parts of the Business to Deliver ERP Success. Which50
- McKenna, B. (2022, Jan 27). SAP full-year 2021: Revenue nudges up 1%, cloud growth up 17%. Computer Weekly
- Featured Image by Scott Graham
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Kevin Johnson
Brianna Parker
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