BILL Introduces Comprehensive 1099 Filing Solution for SMBs

BILL Unveils New 1099 Filing Solution for Small Businesses

BILL (NYSE: BILL), a prominent financial operations platform designed for small and midsize businesses (SMBs), has introduced a new 1099 Filing feature. This innovative offering aims to simplify the complex process of managing 1099 taxes right within the BILL Financial Operations Platform. By integrating this feature into their flagship accounts payable solution, SMBs and their accounting professionals can now prepare and submit 1099 forms alongside vendor payments, streamlining their financial operations.

Simplifying Tax Filing for Small and Mid-Sized Enterprises

The introduction of the 1099 Filing capability reflects BILL’s commitment to supporting SMBs by alleviating the burden of tax season. Filing year-end forms can often be daunting, especially for smaller companies lacking the necessary tech solutions. As Ariege Misherghi, Sr. Vice President & General Manager at BILL, articulated, the 1099 Filing solution provides an intuitive platform where businesses can efficiently collect, prepare, and submit their forms. This integration allows teams to focus on what they do best – serving their customers.

Key Features of BILL's 1099 Filing Solution

One of the standout attributes of this new offering is its all-in-one design. It empowers businesses to manage their accounts payable and 1099 tax obligations from a single interface, thereby saving both time and resources. Here are some of the key features:

• W-9 Document Collection: KOM allows businesses to request and collect W-9 forms directly within the platform, reducing the need for multiple software tools.
• Vendor Eligibility Status: Users can easily mark vendors as 1099-eligible through an easily navigable tab.
• Expense Categorization: All vendor payments can be categorized in bulk, allowing for streamlined financial management.
• Effortless Document Generation: After categorizing expenses, the system will automatically generate the necessary 1099 forms.
• Direct Vendor Distribution: BILL facilitates delivering 1099s either electronically or physically, ensuring vendors can review their documents promptly.
• Seamless eFiling with the IRS: Once reviewed, businesses can file all 1099 forms electronically with the IRS in a single click, although this is limited to states participating in the Combined Federal/State Filing program.

Supporting Accountants in Delivering Greater Value

Accountants play a crucial role in the success of SMBs, particularly during tax season. According to the findings of the latest industry surveys, creating and filing 1099s ranks as one of the most sought-after services. BILL’s network of over 8,500 accountant partners is well-positioned to leverage this new solution to enhance their practice. This innovation allows accountants to provide seamless support to their clients, enhancing efficiency during the tax season by managing processes in one centralized location.

Real-World Impact of BILL's Solution

Leaders within SMBs, like Michelle Ranck from Arrowhead Pine Rose Cabins, emphasize the positive impact of such tools. She noted that the chaos during tax season is often overwhelming, but with BILL, her team can focus on their core business and navigate tax filing more effectively. Similarly, Michael Smith from LBMC W Squared highlighted the tedious nature of managing tax filings through various software solutions, which can hinder productivity. With BILL's streamlined approach, he expects greater efficiency and value delivery for his clients.

Immediate and Future Availability of BILL's 1099 Features

The W-9 collection feature is currently available, while additional functionalities for 1099 filings are expected to launch soon. Business owners can gain insights into BILL’s offerings by participating in upcoming informative webinars aimed at demonstrating the 1099 Filing solution in action. These resources are critical to empowering SMBs and their accountants to handle taxes with confidence and ease.

About BILL

BILL (NYSE: BILL) stands as a leader in providing financial operations solutions tailored for SMBs. Committed to revolutionizing finance management, BILL automates processes that allow businesses to more effectively manage their financial outflows, income, and expenditures. With a robust network relying on BILL’s technology, hundreds of thousands of businesses can process payments and receive funds more quickly. As a trusted partner of prominent financial institutions and accounting firms, BILL continues to innovate, helping businesses thrive. Visit bill.com for further information.

Frequently Asked Questions

What is the new feature launched by BILL?

BILL has launched a 1099 Filing solution that simplifies the tax filing process for small and midsize businesses.

How does BILL’s 1099 Filing solution benefit SMBs?

This solution offers an all-in-one platform for managing accounts payable and filing 1099 taxes, saving time and effort while ensuring compliance.

Who can utilize this new offering from BILL?

Both small and midsize businesses and the accountants who serve them can take advantage of the 1099 Filing solution.

Are there any webinars regarding the new features?

Yes, BILL has scheduled webinars to showcase the 1099 Filing solution, providing valuable insights for users.

Where can I find more information on BILL's offerings?

You can visit the official BILL website to explore their financial operations platform and its capabilities.

About The Author

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