At the AICPA Information Technology Conference in Las Vegas, CPA2Biz and Bill.com, a Software as a Service (SaaS) company that provides businesses on-demand accounts payable software, announced a strategic business alliance to provide Bill.com to accountants and their clients. Bill.com is a web-based service that enables businesses to manage, review, approve, and pay bills online. As a SaaS model, it is accessible online 24/7 and offers smaller businesses the power of an enterprise-class application at affordable rates. The alliance is intended to make basic accounting services like Accounts Payable and Accounts Receivable more efficient and cost-effective for small business and more profitable for accountants.
CPA2Biz and Bill.com are also collaborating to develop the Accountant Dashboard, an online console that will allow accountants to access the web-based bill management system for all clients with a single log-in. The Dashboard will have a customizable branding option for firms.
As part of the newly formed alliance, CPA2Biz becomes the exclusive provider of Bill.com to accountants and their clients, and will launch an Accountant’s Program, a free enrollment plan that makes it easier for accountants to use the Bill.com platform. Accountants who enroll in the Accountant’s Program will receive complimentary training, education and online support, as well as free use of Bill.com for in-house cash management, online business record keeping and bookkeeping needs. Additionally, each client they sign up to manage through Bill.com will receive a 10% discount on monthly service fees.
Long-time entrepreneur René Lacerte, who is the founder and CEO of Bill.com, believes firms and their clients stand to benefit greatly from the efficiencies Bill.com can deliver. “As one of the founders of PayCycle, I learned first hand of the inefficiencies inherent in a paper-based office,” Lacerte said. “Bill.com streamlines filing, bill entry, bill approval, and bill payment while enabling real time collaboration between accountants and their clients.”
CPA2Biz estimates that more than 50% of CPA firms provide some combination of basic accounting services, including bill management or bookkeeping. Yet existing systems are time-consuming and costly. According to Aberdeen’s 2006 Benchmark Report on IR&P, 97% of invoices are currently processed manually. However the same report estimates that E-Invoicing can reduce invoicing costs by approximately 41%.
Bill.com’s increased efficiency will enable firms to offer customers more value added services. “With Bill.com the process becomes simplified and more accurate,” said Erik Asgeirsson, President and CEO, CPA2Biz, Inc. “That translates into greater profitability for our constituency.”
As a user of Bill.com, David Johnson, CPA, CEO of TempCFO Solutions, recognizes how the Bill.com platform helps CPAs more easily exchange information with clients and better manage their day-to-day finances. “For CPAs today, staying competitive is about implementing more efficient workflows. There is no other system that pulls together payables, document management, bill payment and cash management into one easy-to-use interface,” said Johnson.
Through the success of its Business Solutions and Trusted Advisor Programs, CPA2Biz has developed close working relationships with a number of small and mid-size firms. By leveraging these relationships, the company expects to support many more CPAs like David Johnson. “CPA2Biz continues to make great strides helping firms build stronger client relationships,” said Jim Metzler, VP Small Firm Interests, AICPA. “This alliance has the opportunity to positively impact a significant number of firms and streamline how they are supporting small businesses.”