As a small, owner-operated business, SAFE Solutions' greatest spending challenge was maintaining cash flow while waiting for outstanding receivables. BILL Spend & Expense opened the door for flexible payment options and greater purchasing power.

The challenge

Mike Reed founded SAFE Solutions in 2009 as his own solution to not having the flexibility and control he wanted while working for someone else. With specialized installation skills and a trusted reputation, Mike has built a thriving business now based mostly on referrals.

In addition to securing customers’ homes and businesses on month-to-month payment terms, SAFE Solutions also provides alarm and smart home installation for more than 20 contractors nationwide.

As a business owner, Mike’s greatest financial challenge arose when contractors or larger accounts didn’t pay on time. It meant having to borrow money to keep SAFE Solutions in the black. “Relying on short-term loans while waiting for past-due receivables was negatively impacting our purchasing power and net profit,” Mike said.

And, because SAFE Solutions was on a cash-only basis with every vendor, they had to contact their accountant to check their balance before making payments.

What Mike needed to maintain his cash flow were the same things he sought when he started his own business: greater flexibility and control.

The solution

Mike first heard about the BILL Spend & Expense spend and expense management platform from Crorzar, a vendor/partner of SAFE Solutions that provides sensors, panels, and other equipment Mike uses for alarm installations. In 2018, he decided to try it—and signed up for a BILL Spend & Expense account.

For Mike and his two-person staff, the transition to BILL Spend & Expense was “near painless.” They got their general ledger (GL) and vendor codes uploaded, then started budgeting and spending.

Describing his interactions with BILL Spend & Expense customer service, Mike said, “I’ve yet to work with a company that offers the expedient and professional support on par with the BILL Spend & Expense team.”

So far, Mike’s favorite BILL Spend & Expense feature is the ability to create virtual cards with unique account numbers for each vendor. He can set a spending limit for each card based on the invoice or monthly payment amount, which means greater financial control—and not having to call every vendor when a credit card or bank account number changes.

Mike also loves that BILL Spend & Expense lets him see “everything on one easy-to-manage dashboard.”

“I’ve yet to work with a company that offers the expedient and professional support on par with the BILL Spend & Expense team.”

The results

BILL Spend & Expense has transformed the way SAFE Solutions manages spending and expenses.

Now, instead of taking out short-term loans while they wait for outstanding receivables, they rely on flexible payment terms from BILL Spend & Expense and keep cash on hand for real-time spending needs. And, with their vendors, they can plan to pay once a month using virtual cards.

“BILL Spend & Expense has helped us control our monthly cash flow with options for repayment,” Mike said. “It’s a great tool offered with world-class support and a working line of credit at no cost to the business. What more could you ask for?”

For Mike’s accounting team, BILL Spend & Expense also eliminated manual entry of transactions into their accounting software—along with the need to keep paper receipts. They simply match expenses to their existing GL codes, then batch upload everything from BILL Spend & Expense to SAGE 50cloud. This saves valuable time and assures they have easy access to transaction records and receipts in the event of an audit.

“It’s a great tool offered with world-class support and a working line of credit at no cost to the business. What more could you ask for?”