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Earlier this month, Bill.com (BILL) reported its third-quarter results that outpaced the market’s expectations driven by the addition of a record number of net new customers. The company is expanding its product portfolio to provide more services to its existing customer base.

Bill.com’s Financials

Revenue for the third quarter grew 179% to $166.9 million, significantly ahead of analyst estimates of $157.92 million. Net loss was $86.7 million, compared to a net loss of $26.7 million a year ago. Non GAAP net loss was $8.7 million, or $0.08 per share, compared with a net loss of $1.7 million or $0.02 per share last year. The market was looking for a loss of $0.16 per share for the quarter.

Core revenue, which consists of subscription and transaction fees, grew 182% to $165.5 million. Organic core revenue grew 74% over the year to $102.1 million, and revenues from Divvy and Invoice2go brought in the remaining $63.4 million.

Among key metrics, it reported a customer growth of 27% to over 146,600. It processed $55.1 billion in total payment volume, up 57%.

For the fourth quarter, Bill.com forecast revenues of $182.3 – $183.3 million and a loss of $0.14-$0.13 per share. The market forecast a loss of $0.15 per share on revenue of $167.36 million. For the fiscal year, Bill.com expects revenues of $624.0 – $625.0 million and a loss of $0.35-$0.34 per share, compared with the market estimates of a loss of $0.45 per share and revenues of $598.92 million

Bill.com’s Product Upgrades

Bill.com has been investing in its relationships with accounting professionals since its inception. Its platform enables accounting firms to automate routine manual tasks, thus releasing staff to offer value-added client advisory services (CAS) to their clients. Bill.com has noticed that accounting firms that have migrated to CAS capabilities have managed to strengthen their relationships with clients to become strategic advisers.

As part of this investment, recently, Bill.com announced its expanded partnership with CPA.com. As part of the partnership, Divvy will become CPA.com’s new exclusive partner for expense management, corporate cards, and spending management. The move will replace the previous expense management solution with a new offering to unite all bill payments, expense management, and card spending in one comprehensive solution. Firms will now have the tools necessary to provide strategic counseling for clients, as a result of CPA.com’s updated client advisory services 2.0 framework.

Meanwhile, Bill.com continues to expand its product offerings as well. Recently, it introduced an early version of enhanced Automated Clearing House (ACH) which provides large vendors with faster payment speed and rich remittance data. This offering complements its menu of payment offerings including virtual card, cross-border, instant transfer, and pay by card. Bill.com aims to grow the share of wallet for its customer’s payment flows on its own platform through these product upgrades.

Its stock is currently trading at $97.45 with a market capitalization of $10.2 billion. It hit a 52-week low of $96.29 earlier this week and a 52-week high of $118.72 in November last year.