SMALL BUSINESS TRENDS
BILL | March 15, 2023
On March 14, 2023, BILL, a leading financial automation solutions provider for small and midsize businesses (SMBs), announced new offerings for businesses impacted by the recent events involving Silicon Valley Bank (SVB). These new programs are aimed at helping SMBs remain fully operational during this challenging time.
BILL's new offerings include programs to enable business continuity for existing customers who are also SVB customers. The first program is BILL balance, a secure and convenient way for customers to store and move funds in order to make quicker payments to vendors to any bank in the US with no additional fees. The second program is pre-approval for a Divvy line of credit, which allows small businesses to quickly pay bills using an existing or new Divvy corporate card. The third program is the ability to connect SVB debit cards to BILL Pay By Card, allowing customers to access their funds immediately and use them to pay vendors. For the next 30 days beginning March 14, BILL will reimburse all pay-by-card transaction fees made with SVB debit cards.
In addition to the above three programs, BILL is also offering a new three-month free trial of the BILL platform for any businesses looking to improve control, efficiency and visibility of their financial operations.
BILL's core products and services can also assist SMBs in streamlining financial processes, improving financial controls and visibility, and providing users with access to capital. On the BILL platform, SMBs can automate payables and receivables workflows, manage cash in and out with an array of quick and safe payment offerings, and access business credit and control expenses with Divvy's Spend and Expense Management Platform.
All of these offerings are part of BILL's ongoing commitment to automating the future of finance so that businesses can thrive, particularly during challenging times like those facing SVB customers.
About BILL
BILL is a financial automation software company that provides solutions to small and midsize businesses (SMBs) to streamline their financial operations. The company's mission is to automate the future of finance, so businesses can thrive by providing a platform that simplifies and automates financial processes.It offers a suite of products and services that enable SMBs to automate payables and receivables workflows, manage cash in and out, access business credit and control expenses. These services include ACH, card, and international transfers, as well as the ability to store and move funds securely and conveniently using BILL balance. In addition, it integrates with popular accounting software like QuickBooks, Xero, and NetSuite, making it easy for businesses to manage their financial operations in one place.
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TECHNOLOGY, IDEAS
Analytix | March 17, 2023
Analytix Solutions has recently launched Business Transformation Services for small to mid-market sized companies. The new Business Transformation Services division will focus on offering Strategic Business Consulting, Operational Consulting, and Automation Services. Each of these services is meticulously designed to help SMBs create a scalable business model, boost profits, drive innovation and stay ahead of the competition.
Led by Alok Bhatt – Senior Vice President of Analytix, Business Transformation division will help clients with their strategic objectives, optimize processes and automate systems to achieve operational excellence. Alok has 17+ years of experience being a trusted transformation partner to both SMB and Fortune 500 clients. He holds a Six Sigma Black Belt, an MBA and has an engineering degree. "Our clients have expressed an interest in optimizing their cost of operations and modernizing their business through digital transformation. Analytix now offers our SMB clients Business Transformation services, which were previously only available to large companies. A strong team of consultants and automation experts will be set up to provide this high value and high impact service to our clients." Alok said.
Analytix Business Transformation division is poised to help SMBs scale their businesses by providing access to affordable consulting and automation services. The Business Transformation team possesses extensive experience in business consulting along with a deep understanding of industry specific processes and relevant technology offerings.
Our Strategic Business Consulting Services offer solutions to specific business problems and initiatives. We specialize in Business Process Management, where we help our clients define and document their processes along with building the right controls to drive performance and compliance. We also review the technology landscape of our clients to create a roadmap for digital transformation. We help our clients reduce their customer churn by improving their customer experience. Our risk advisory services help with compliance to industry process standards like ISO, data privacy, SOC2, HIPAA, and management of financial, operational, information security, and regulatory risks.
Our Business Transformation Team also offers Operational Consulting Services that focus on cost optimization by improving operational efficiencies. We implement a three-pronged solution: restructuring the organizational design based on capability vs capacity including leveraging of offshoring solutions, streamlining processes with LEAN and Six Sigma, and automating manual, and repetitive tasks. This helps clients achieve cost optimization while driving higher innovation.
Third and the most interesting part of our services is the Automation. Analytix provides a unique approach by offering Automation-As-A-Service, where clients pay a minimal upfront fee for process assessment and then the benefits of automation are shared between the client and Analytix. This "gain-share" model is a win-win for both parties as the client pays only a share of the total effort saving benefits that Analytix has delivered. Our automation team has developed various tools and integrations that deliver quick results for clients. We offer process-based and dataflow based automations through the latest platforms available today. Our cloud-based automation tools require zero-code change in the client tech-eco system and provide web-based orchestrator controls to start, stop or schedule automations.
John Matthew, COO of Analytix explains, "Transforming business processes to make operations more efficient can help businesses realize exponential results to both productivity and profitability. Mid-market sized businesses can often benefit the most from business transformation. Adding Business Transformation to our offerings as a single-source solutions provider is a natural progression in our business strategy, as we identify ways to support our clients' business growth. This is an area where we can really, positively impact our clients and partners, implementing innovative measures to increase their business's profitability while reducing overall costs."
About Analytix
Analytix Solutions is a single source solutions provider, dedicated to providing core business services to clients across a range of industries since more than 15 years. Our experienced team of professionals deliver services and solutions that empower small and midsize companies to make informed business decisions that lead to long-term growth and profitability. We provide finance, accounting, IT, data management, virtual assistant, healthcare, and audiovisual (AV) solutions to a range of industries. Deep, cross disciplinary expertise, coupled with our ability to integrate technology and automation into our solutions uniquely position us to help our clients thrive and grow in a competitive market.
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FINANCE
Eastern Bank | March 14, 2023
Eastern Bank announced the introduction of the Equity Alliance for Businesses to further accelerate the growth of underrepresented entrepreneurs and business owners as part of its longstanding and profound commitment to promote greater economic inclusion and mobility.
Equality Alliance for Business is a unique credit program geared to meet the requirements of diverse business owners who are people of color or women and all their intersectionality, such as the LGBTQIA+, veteran, and disabled communities. It also provides access to additional banking and community services, as well as entrepreneurial thoughts and tools, supplied by a team of diverse bankers with input from leading business support organizations.
Eastern Bank is the top SBA lender to Massachusetts's small business community, and as a community bank, it is deeply devoted to assisting small businesses and their vital role in ensuring a thriving local economy. The bank's efforts to address racial inequities and the wealth gap include community development and small business lending, supporting the growth of minority business owners, offering accessible banking services, and strengthening public-private partnerships.
Quincy Miller, Vice Chair & President of Eastern Bank, said, "Eastern has a deep and long-held commitment to advancing equity and opportunity for all, and Equity Alliance for Business is yet another step in advancing our commitment to economic inclusion and strengthening our communities." He added, "We understand resources such as specialized credit programs designed to address systemic inequities, specially trained bankers, and financial tools and community partnerships are game-changing in opening up much-needed opportunities of support for entrepreneurs and business owners."
(Source – Business Wire)
Equity Alliance for Business aims to meet the requirements of business owners with at least 51% ownership by people of color or women or all their intersectionality, including the LGBTQIA+, disabled communities, and veterans, who may not qualify for access to capital under conventional underwriting standards. The ecosystem provides:
• Local 1:1 Relationships
• Credit Solutions, with a Special Purpose Credit Program
• Supplementary Financial Products & Services
• Access to Other Tools & Resources
About Eastern Bank
Eastern Bank, founded in 1818 and headquartered in Boston, has more than 120 branches in Rhode Island, eastern Massachusetts, and southern and coastal New Hampshire. Eastern Bank had almost $23 billion in total assets as of December 31, 2022. Through its Eastern Insurance Group LLC subsidiary and Eastern Wealth Management division, Eastern provides banking, investing, and insurance products and services to individuals and businesses of all sizes. Eastern is proud of its outspoken advocacy and community support, which includes charity contributions of $240 million since 1994. Eastern is an inclusive business that employs around 2,100 individuals that respect their relationships with customers, colleagues, and communities.
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