The landscape of American business is shifting as artificial intelligence (AI) increasingly empowers small and medium-sized businesses (SMBs). Traditionally, larger companies, particularly those in the Fortune 500, have reaped the benefits of extensive financial resources, sophisticated systems, and operational resilience. However, advancements in AI, automation, and innovative software design are beginning to level the playing field, according to René Lacerte, CEO and founder of BILL.
During a recent discussion with PYMNTS CEO Karen Webster, Lacerte expressed optimism about the potential of AI to transform SMBs. He stated, “The unlock is going to be tremendous. AI is going to enable people to explore dreams and passions they never thought of before. … I think it’s a huge, huge equalizer.” He believes that the next decade will see a reversal of the last 20 years, where the focus shifted toward equipping SMBs with enterprise-level tools.
From Automation to Financial Autonomy
BILL, which processes payments amounting to approximately 1% of U.S. GDP, serves nearly half a million businesses through a vast network of eight million connections. While the company has focused on automation in the past, Lacerte sees the future as one of autonomy for small businesses. He highlighted the potential for SMBs, such as local cafes or design firms, to achieve the same financial capabilities as larger corporations.
“What happens when the office of the CFO goes autonomous for the Fortune 5 million?” Lacerte asked, envisioning a world where mundane tasks like data entry and invoice collection are handled automatically. He explained that in larger firms, a dedicated team manages accounting tasks, while in SMBs, individuals juggle multiple responsibilities, often becoming “Jack or Jill of all trades.”
BILL’s strategic vision revolves around AI agents that can take over essential financial operations, allowing small business owners to focus on creativity and growth. Despite concerns about organizational inertia hindering the adoption of new technologies, Lacerte believes AI can overcome these barriers by not just improving processes but eliminating tedious tasks altogether.
Competitive Landscape and the Role of AI
The competitive environment for financial service providers catering to SMBs is evolving. While Lacerte acknowledged increased competition since BILL’s inception 20 years ago, he remains confident in the company’s leadership position. He cited its extensive workflow expertise, payment capabilities, and partnerships with top firms like NetSuite as significant advantages in maintaining a competitive edge.
Lacerte emphasized that AI is an amplifier of existing assets rather than a replacement. By integrating AI into BILL’s core operations, the company can better predict client needs and streamline financial processes. He stated, “Our ability to uniquely identify what an SMB does and needs to do from a workflow perspective is something that we do well.”
The changes currently unfolding are not spontaneous but rather the result of decades of groundwork. Lacerte pointed to trends such as digitization, cloud adoption, and the development of BILL’s interconnected network as key factors in this transformation.
The evolution from traditional office settings to remote operations has been significant. Lacerte noted, “The death of the desk” has shifted how businesses operate. For example, one jeweler adopted BILL after a water damage incident destroyed her paper invoices, demonstrating how cloud solutions can enhance operational resilience.
As businesses increasingly rely on automation, Lacerte believes that empathy will remain a critical skill for leaders. He emphasized the importance of understanding employees and customers, arguing that empathy fosters strong connections that technology cannot replicate. “Business owners leaning into empathy is something that AI can’t replace,” he said, highlighting its role as a competitive advantage in an automated world.
In summary, the integration of AI into financial operations has the potential to significantly empower small businesses across the United States. As the balance of power shifts, SMBs may find themselves equipped to compete more effectively with larger corporations, ultimately driving innovation and growth in the economy.
