Good morning. During her first year as CFO, Bill's Rohini Jain received a crash course on the hard choices facing many software companies in the AI age. The company, which helps small and midsize businesses process invoices and payments, cut 30% of its workforce this spring to transform into what Jain describes as an AI-first company.

In a recent interview with me, Jain said such a sizable cut was required to push the company to adopt AI more quickly. "The best way to make step changes is to actually take action first. And the team is almost forced to find ways to do things in a better way, in a faster way, in a more efficient way, and shed the work that is lower value-added work."

The job cuts included a mix of layoffs and voluntary buyouts, which allowed employees to decide if they wanted to stick around for the company's transformation, Jain said. In addition to improving productivity, the company is adding AI to its products to help customers in areas such as invoice coding and expense categorization.

The company, which went public in 2019, was a stock-market darling during the pandemic, but its shares have tumbled since then. During the fiscal year ended June 30, revenue increased 13% from the prior year, to $1.65 billion.

Jain took over as CFO in July 2025, and previously worked in finance at companies including GE, eBay, Walmart and PayPal. She said she joined Bill because she wanted her first CFO job to be at a smaller company where she could make an immediate impact, and because she understood the business due to her experience working in fintech. "However much you prepare, it still surprises you with the intensity," she said of her first year on the job.

The Day Ahead

📆 Earnings

Adobe

Macy's

Oracle

RH

📈 Economic Indicators

The European Central Bank announces its monetary-policy decision.

The Bureau of Labor Statistics releases the producer price index for August.

The National Association of Realtors reports existing-home sales for August.

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What Else Matters to CFOs

Treasury Secretary Scott Bessent promised to go big to bring down bond yields. So far, his efforts still aren't big enough. U.S. government bond yields climbed to fresh multiyear highs on Wednesday after the Treasury Department said it would repurchase up to $6 billion of longer-term debt in a buyback operation that will happen Thursday, disappointing some investors who had thought that a larger amount was possible.

A single reading of consumer prices Friday morning could determine whether the Federal Reserve raises interest rates next week.

📰 Other headlines

Apple Debuts New Foldable iPhone Duo, New CEO and New (Higher) Prices

Ford CEO Says Transportation Secretary Had 'Basic Misunderstandings' in Letter

HSBC Begins Search for New Finance Chief as Pam Kaur Departs

Dunkin' Boss Named Interim CEO of Inspire Brands Ahead of IPO

Miami Crash Puts Focus on Houston Astros Owner's Cargo-Jet Business

Regulatory Uncertainty Clouds Chinese Robot Firm Galaxea AI's IPO Plan

South Korea Nears Agreement on Billions in U.S. Investments, a Win for Trump

Bank of Korea Warns of Destabilizing Impact of High-Risk AI Trades

Bank of Japan Tightening Bets, U.S. Pressure Spark Yen Recovery

📈 Earnings wrapup

Chewy Shares Slide as Consumers Pare Back Spending on Pet Treats

American Eagle Says Still 'Work to Do' on Core Brand as Sales Rise

Porsche AG Eyes Wider Margins After $1.2 Billion Sale of Bugatti, Rimac Stakes

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CFO Moves

Lyft named Michael Brous as CFO, effective Sept. 28. Brous currently serves as head of Lyft Urban Solutions, the company's bike-sharing division, and of safety and customer care. He succeeds Erin Brewer, who is retiring from the ride-hailing platform.

CME Group named Jack Tobin as CFO of the derivatives marketplace, effective in March 2027. Tobin has served as chief accounting officer since 2015, and will become deputy CFO in November. He succeeds Lynne Fitzpatrick, who was named CEO of CME Group earlier this year.

-Colin Kellaher contributed to today's Ledger.

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