tag:blogger.com,1999:blog-28632688584611102112024-03-04T21:06:36.396-08:00Arcons Technology BlogArcons Technology, Inc.http://www.blogger.com/profile/15843659537976894233noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2863268858461110211.post-54161402534435040732015-06-11T07:03:00.000-07:002015-06-11T07:03:50.598-07:00Should you track payments with your client billing software?<div class="MsoNormal">
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<span style="color: #999999;">Posted on June 1st, 2015 by Debbie Gaffney</span><br />
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Client billing software is designed to bill accounts and
share the revenue. Why take the extra step to also record payments made by
custodians or clients?<span style="mso-spacerun: yes;"> </span>Typically a
firm has accounting software that does all of that for them. You certainly don’t want to create
extra work to have the same information in two different applications.</div>
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billPort has the ability to sync all of the payments made
from your portfolio management system. Even if your portfolio management software
does not record the payments you can mass add all payments with a couple of
clicks. Then billPort can generate an export that is formatted for your
accounting software, with a single click.<span style="mso-spacerun: yes;">
</span>The result is that all of your accounting entries to record both revenue
and payments can be automated. If the accounting process for your firm is
currently manual or tedious then this may be worth considering.</div>
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What if you have some clients that pay by check and when you bill them next
they have an outstanding balance?<span style="mso-spacerun: yes;"> Well, i</span>f you track the payments then you could have an invoice that also displays
the amount outstanding.<span style="mso-spacerun: yes;"> </span>Imagine if
an account closes mid-cycle?<span style="mso-spacerun: yes;"> </span>Handy
to see that they have a balance in billPort when you are doing the final
billing for them. Exports in billPort display aged receivables as of any date.</div>
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Does your accounting software currently record the revenue
the same way that you bill the clients?<span style="mso-spacerun: yes;">
</span>If not then billPort can export the data to fit to the way you record
your revenue.<span style="mso-spacerun: yes;"> </span>Different options allow
the user to create accounting revenue and payment exports by:</div>
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<li style="text-align: left;"><span style="text-indent: -0.25in;">household total</span></li>
<li style="text-align: left;"><span style="text-indent: -0.25in;">client total </span></li>
<li style="text-align: left;"><span style="text-indent: -0.25in;">total by fee paying account </span></li>
<li style="text-align: left;"><span style="text-indent: -0.25in;">total by account</span></li>
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<span style="text-indent: -0.25in;">If your existing method is cumbersome or tedious, you may want to consider billPort to help automate your process. </span></div>
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