MOD Ventures Grows CAS Practice and Gets Paid Faster with Bill.com
MOD Ventures broke new ground when founded. The firm operates as a joint venture between BeachFleischman, one of the largest CPA firms in the U.S. with more than 7,000 clients, and GMLCPA PLLC, an innovative, tech-driven firm led by Gabrielle Luoma, CPA, CGMA. Luoma, CEO of MOD Ventures, LLC, talks about how Bill.com supports her business model and shaves operational time for the firm and its clients.
On Bill.com and outsourced accounting:
Since Bill.com is cloud-based, uses AI, and easily automates processes, it’s the perfect tool for outsourced AP and AR. Without it, we would have to go to clients’ offices to access the necessary files. It would also limit our range of services and growth since we would only be able to take on local clients and costs to handle paper-based AP and AR are excessive. Plus, working out of a client’s office isn’t the best situation for accountants as they tend to function best where they feel comfortable and can concentrate on their work.
Getting paid faster with Bill.com:
We use Bill.com for the firm’s AR. It was easy to set up. Since we charge a value-priced, fixed fee arrangement for clients each month, Bill.com automatically drafts payments from clients who opt-in to the autopay feature. We get paid on day one of the month for work we do throughout the month – 45 days faster than a lot of businesses and weeks faster than dealing with paper checks.
The client response to Bill.com:
Bill.com takes clients’ approval time from hours a week down to 20 minutes. They like it. They just click on approvals and see everything they need. They don’t have to shuffle paper. They can review or approve a bill from anywhere with the Bill.com mobile app or any internet-connected device. They’re still in control, and they know what’s happening. That’s handy.
How Bill.com has helped MOD Ventures:
We wouldn’t have the clients we have if we didn’t have Bill.com. A lot of our growth is attributed to our partnership with Bill.com. We’ve been able to become more advisory and consultative versus transactional with our clients. We can collaborate with our clients and help them reach their goals and move that needle. They don’t have to be worried about how to make processes work – it’s all there for them and they can focus on things like running their business and making money.