Managed AP is a service you want to provide your clients, and automation is the way to go. But it’s also important to understand and clearly articulate the value it can bring to your firm as a whole. What’s the return on investment—and the key value points—when you move into the automated bill pay arena?
When you partner with a vendor like Bill.com to offer bill pay instead of manual processes or in-house systems, you have immediate access to smart AP and AR automation that streamlines the payments process—without adding time. This brings value to your clients and delivers some key benefits for your firm:
- Generate a predictable, recurring client service—Automated bill pay services support value pricing, enabling you to bill a fixed fee and generate regular monthly income for your firm. You can offer AP as a standalone service or within a larger product bundle. Either way, it represents a potential recurring revenue stream.
- Produce more business per client—Offering AP is a value-add service that lets you extend your engagements with clients.
- Reduce client churn—When your firm manages key business processes like AP for clients (and delivers them well), it makes it harder for clients to leave. This is known as the “sticky factor.”
- Reduce accounting cleanup work for financial statement prep, audit, and tax—When data syncs between a client’s AP and accounting system, you get clean data from the start. This makes much easier work of producing needed financial statements and reports for clients.
- Gain new clients by offering a highly valued service—Take on a virtual CFO role and offer the kind of deep financial insight that clients need to make sound, smart business decisions and support long-term success.
Once you can articulate these benefits to your partners and colleagues, you can begin the conversation of offering your services to their clients and how it benefits them directly.