A firm managing more than 3,000 accounts generates the bill each month. Imagine a scenario, where the firms charge the retirement accounts only when their AUM is crossed $25,000. Given the spread of huge number of accounts and new accounts coming in each month, it is difficult for firms to track the number of retirement accounts crossing the billable limit.
One of the firms using billPort faced a similar issue in their billing and after using billPort it was realized that they were losing significant amount of revenue because of missing out on charging some retirement accounts. To track such accounts manually is tedious, time-consuming and prone to errors.
billPort can identify the valuation of the accounts prior to getting billed and can calculate the fee based on some pre-defined parameters. Considering this firm’s scenario, user can set the range of valuation that they do not want to bill for i.e. $0 – $25,000 and above $25,000 to be billed at a certain fixed rate or tiered rate. billPort can automatically check the valuation and classify the accounts and generate the bill.
Since the process is automated, firm cannot miss out on any revenue and billing is more accurate. The time taken to process the bill is significantly less than manual process and is error free. Now the firm can rely on the application to take care of billing and focus more on day to day operations and increasing the business.