Am I spending more time on billing than managing clients’ accounts?
Wouldn’t it be nice to focus more on my clients?
Could I benefit by reducing the effort spent on billing and grow my business?
Yes, Yes, & Yes? Our billing service for you!
Quarter end for many advisory firms is the equivalent to stressful hours for days or even weeks at end. These hours are spent trying to organize billing data and to produce invoices with accurate data.
We have streamlined the billing process—making it smoother, faster, & accurate. Our efficient solution is customizable to match your needs.
Arcons will take care of your billing process from start to end, allowing you to handle all your billing exceptions. All you have to do is approve the fees and invoices before they are sent to custodians and
Main features of billing service:
- Setting up new account and household data
- Creating and assigning your fee schedules to accounts
- Sending fees to custodians
- Generating and emailing invoices to clients
- Tracking payments to invoices
- Generating revenue sharing reports
- So many more features!
So how exactly would this work?
In this stage, we discuss, analyze, and quantify the billing process based on your firm’s total numbers of accounts, households, AUM, etc. We discuss your firm’s billing process, how we will perform it and develop a robust plan.
Following information will be gathered for the initial setup:
- # of accounts
- # of households
- # of fee schedules and their details
- Fee schedule assignment details
- Fee Calculation method
- # of Revenue sharing rules
- Revenue sharing rules assignment details
- Billing data for previous quarter/month for validation
- Custom invoice design
- Invoicing process
- Custodians for uploading data
- Other custom needs, if any.
During this stage we will collect detailed information on how your firm’s billing is to be done every month or quarter. From this, we will define rules for setting up all the data.
Common rules will be related to:
- # of accounts
- #Notifications for adding/closing new accounts
- How to setup the household for new accounts?
- Which fee schedules are to be applied?
- What will be the default calculation method for the new accounts/household opened going forward?
- Default billing type
- Billing in Advance in Arrears?
- Adjusting the cash flows
- Sending fee to custodian
- Generating Invoices
- Revenue Sharing calculations
- Billing process for new accounts
- Billing process for closed accountss, if any.
After the rules are defined, our team will create a mockup with a sample data and present the entire flow of the billing service including all the rules that were defined.
Once the demonstration is successful, we will start on the billing process as per the rules defined at the frequency of your choice.