BILL is a financial operations software platform built for small and midsize businesses (SMBs). The platform automates accounts payable (AP), accounts receivable (AR), and spend and expense management — back-office finance functions that most SMBs still manage manually. BILL's AP product automates invoice capture, approval routing, and vendor payments across ACH, check, virtual card, wire, and cross-border methods, syncing with major accounting systems like QuickBooks, NetSuite, and Xero. The AR product handles electronic invoicing, payment collection, and invoice financing. BILL Spend & Expense provides corporate charge cards with real-time budget controls, replacing manual expense reports. As of mid-2025, roughly 493,800 businesses used the platform. BILL sells directly and through over 9,000 accounting firms — its largest acquisition channel — as well as through financial institution white-label integrations and embedded partnerships with third-party software platforms. BILL earns revenue through subscription fees, payment transaction fees, and interchange on corporate card spend. The key revenue growth lever is expanding the share of payment volume processed via "ad valorem" products — virtual card, instant transfer, FX, and invoice financing — which earn a percentage of payment value rather than a flat fee. Ad valorem penetration was roughly 14% of total payment volume in Q4 FY25, with a long-term target above 20%. BILL is also investing in AI-powered workflow automation, upmarket expansion into mid-market businesses, and a new embedded distribution channel to reach SMBs through third-party software partners.