BILL CEO René Lacerte discusses key lessons from SVB with CEO Erik Asgeirsson

Trusted Business Partner Role
As their trusted business partner, accounting firms are on the frontlines helping their small business clients during times of financial stress. This critical role was made even more evident during the Silicon Valley Bank (SVB) event in early March.

We’re committed to connecting firms with the leaders and information they need most, which is why CEO Erik Asgeirsson recently sat down with BILL CEO René Lacerte to discuss BILL’s response to SVB, as well as key learnings for firms and clients, including:

Client Advisory Services (CAS) Payments: Managing Processing and Systemic Risks
Payment strategies have become an important part of a client advisory services (CAS) firm’s strategy, but it comes with both systematic and processing risks. A systematic risk like a bank failure is why it’s important to have diversification. When SVB collapsed, BILL was able to quickly direct customers’ transactions through its other banks to ensure continuation of business. Having a payment platform that allows the agility to move to another bank is an important capability to have.

Important role of regional banks
Regional banks have deep relationships with firms and small businesses within their communities, which allows them to support their clients in ways larger banks aren’t able to. Additionally, most regional banks don’t have the same risks and imbalances that were very unique to the SVB situation.

Lessons for leading through volatility
Ensuring your values are foundational to your firm and staff today will allow those values to come through and guide you during turbulent times. And when those times do occur, your authenticity, accountability and transparency will help maintain trust amid uncertainty.

You can watch the full conversation between Erik and René here.

And thank you to the firms for all you’re doing to support your small business clients today and every day.

A Closer Look at Our Startup Accelerator Companies

The of International Certified Professional Accountants Startup Accelerator is an annual program that finds, invests in, and guides early-stage tech companies with solutions that support accounting and finance professionals. This blog series provides a deeper look at the five companies in the 2021 cohort.