PALO ALTO, CA--(Marketwire - Oct 31, 2012) - Bill.com, the leader in integrated bill payment, invoicing and cash management solutions for businesses, today announced that Bill.com is helping usher in the next generation of CEOs, a cadre of 20-somethings who are comfortable running paperless businesses and who insist on electronic payments instead of paper checks.
W. Michael Hsu, founder and CEO of DeepSky, an accounting services boutique, has built his entire business around his virtual, paperless team of accountants. DeepSky helps entrepreneurs build meaningful companies by enabling them to focus on the business at hand, outsourcing their entire accounting department to DeepSky. The only caveat: The 28 year-old Hsu, who has never written a paper check for his business, will only work with companies willing to move their entire operations to Bill.com.
The "No-Check" CEO is not surprising, given that even the U.S. government is moving towards e-payments because of their massive cost-savings. Social Security, for example, eliminated paper checks for new beneficiaries in May 2011, and plans to phase out paper checks for all beneficiaries by 2013. Currently, the government issues more than 120 million checks a year.
"We built our business around the idea of a virtual team because being virtual saves companies on overhead and staffing resources," said W. Michael Hsu, founder and CEO, DeepSky. "However, if you are geographically dispersed, writing checks just doesn't work. Plus, we didn't want to have to worry about check stock or deal with scanners and printers and so on. When I came across Bill.com, I realized that it was the missing piece for our business. Our clients love the fact that they no longer have to worry about paper checks. It is liberating for them and for us to eliminate this needless step in business transactions."
Bill.com delivers a complete web-based financial solution for businesses and accountants that provides the tools, information, and collaboration required to better manage their financial tasks and optimize cash flow. Bill.com's game-changing technology digitizes a historically paper-based and time-consuming process, allowing users to access online bill payments, e-invoicing, document management, and automated workflow through one easy system. In addition to seamlessly integrating with businesses' existing accounting software programs, Bill.com provides financial leaders with a comprehensive view of their cash forecast -- making it the only solution that connects a user's banks, bookkeeping, and business.
For Hsu, mobility has also been keenly important. For example, when one client needed CEO approval of a transaction immediately, no one in the office could track the CEO down. However, when they finally did locate him in a line at Disneyland, he was able to access and approve the needed transaction on his phone via Bill.com.
"Bill.com makes us look like rock stars," Hsu said. "And better yet, it makes our clients look like rock stars because they can get access to any information requested instantaneously, meaning they can make decisions and issue checks based on accurate data no matter where they might be. Bill.com gives us something far better than a paper trail. It gives us security not just in knowing where our clients' information is, but security in making confident business decisions based on real-time data."
"Michael represents the next great generation of CEO leaders who understand how to use technology to make real business improvements that don't just bring ROI but reshape entire industries," said René Lacerte, founder and CEO of Bill.com. "We are pleased to help power this revolution in how business is done. And, yes, we do believe that the revolution will be paperless."
For more information on how to make the switch to a paperless business, please join Bill.com and Hsu for a webinar on Thursday, November 1, 2012, at 11 a.m. PT/2 p.m. ET. More information can be found at http://cashflow.bill.com/nocheckceo.
Bill.com is a cash flow command and control system that manages accounts payable and receivable for businesses of all sizes. Offering online bill pay, custom invoicing services, unlimited document storage, collaboration tools, and mobile access, Bill.com's services easily sync to users' accounting software programs and online bank accounts to better control company financials. Bill.com guards against errors and employs enterprise-class fraud protections that current methods cannot match. More than 100,000 users are now getting paid and paying millions of bills, worth billions of dollars, using Bill.com. Financial institutions can now offer these benefits to their business customers by integrating Bill.com with their banking platform.