BILL, a provider of financial automation software, declared on Wednesday, November 16, that the purchase of Finmark, a provider of SMB financial planning, had been completed.
The acquisition deal was initially made public by BILL when the company said it was doing it to improve its SMB planning and cash flow analytics capabilities.
Irana Wasti, chief product officer at BILL, stated, “With Finmark’s financial planning tools and integrations, paired with our platform and data, we’ll be able to provide SMBs more complete, real-time visibility into their cash flow and help them plan for the future.”
A September research titled “Improving Financial Performance: Taking Advantage of Early Payments Discounts” highlighted the fact that small- to medium-sized businesses (SMBs) are always seeking new methods to improve financial management and digital capabilities.
According to the survey, 77% of enterprise Software-as-a-Service companies feel that not having insight into non-payroll spending is a major problem. This underlines the need of using non-payroll financial management.
However, BILL and Finmark are addressing a need that businesses are begging for in order to run as efficiently as possible by giving SMBs a means to automate their financial management.
