Bill Payment: The Cornerstone for CAS—Part 2
In the consumer payments world, technology has evolved as well as demand for innovative payment services. But when it comes to B2B payments, it’s traditionally paper-based processes that can eat up valuable time.
Let’s be honest—many firms haven’t even introduced bill payment for their clients. But why? Typically it’s a result of these top three fears:
- A constant barrage of phone calls, emails, and reminders.
- Locating and sharing bills, contracts, and other relevant paper documents.
- The ever-present liability issue. Do you want to have your clients’ paper checks on site? Can you provide an audit trail if needed?
Faced with these challenges, firms often pass on offering bill payment as a component of CAS believing that they would either lose money or have to charge too much if they offered the service.
Well, just like the consumer payments world, B2B technology like Bill.com tilts the results in favor of your firm, and it’s just what your clients have been asking for.
Part 2: Implementing Bill.com into your CAS services
Part 1 offered this compelling statistic—50% time savings. The key question here is—how exactly does Bill.com save time?
Here’s an example:
- A sugar company submits a bill via Bill.com to Darn That’s a Good Cupcake Company (your client.)
- Based on how much it is for and who it is from, etc., Bill.com identifies the workflow and informs the first person electronically that the bill is ready for review.
- Bill.com continues this process (along with automated reminders) until completed.
- When reviewed and approved, payment is released or scheduled for release digitally in a few simple clicks or taps.
Each activity within Bill.com is automatically tracked and available for review. That’s right —it’s audit ready. Any questions during the review process are captured. Reviewers can access payment history, contracts and more within Bill.com. And because the review process is automated, your client doesn’t miss due dates and incur the potential for late fees.
But what are the CAS benefits?
Not ready to bulk up your firm to support new services? I hear you. It’s hard to find talent these days.
But digital bill payment via Bill.com won’t require you to add more staff members. You’re eliminating items like data entry or mailing checks in favor of secure, digital processes.
With the efficiencies provided by Bill.com, your firm can effectively offer this new CAS component without adding headcount or accommodating labor-intensive processes. You’re taking a traditionally time-consuming process and transforming it into one that requires less hands-on work and can be managed within one system.
Want to know what’s next?
It’s time to make CAS work for you. Use this as an opportunity to transform your firm into a trusted advisor. Bill pay is just the first step. Now you can add to your Client Accounting Services with CFO-level consulting and strategy sessions.
The possibilities are endless and waiting for your firm.
Intrigued? Interested? Skeptical? Be sure to visit Bill.com at Digital CPA, December 4th-6th in San Francisco! DCPA is committed to providing attendees an event to engage with like-minded peers that are anticipating and preparing for the future. This event is supported by many of the profession’s top thought leaders and offers 16 CPE credits for attendees.
Existing clients—already planning to attend? Contact your Account Rep today to see how you can save $150 on the pre-conference session, “Beyond the Basics of Bill.com: Automating more than A/P.”