1 / 38

BMRG Gap Retreat

BMRG Gap Retreat. Bill.com : Selling Bill Payment Services. Learning Objectives. Y ou will be able to leverage best practices for selling Bill.com bill payment services Y ou will be able to: S elect and understand target clients Identify client process pain points

albin
Download Presentation

BMRG Gap Retreat

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. BMRG Gap Retreat Bill.com: Selling Bill Payment Services

  2. Learning Objectives • You will be able to leverage best practices for selling Bill.com bill payment services • You will be able to: • Select and understand target clients • Identify client process pain points • Address barriers to adoption • Confidently engage with clients • Secure client commitments

  3. Selling Tools

  4. Selling Tools

  5. Selling Tools

  6. Selling Tools Client on boarding process

  7. The Client Onboarding Process 3 1 2 4 5 #1 Success Factor: Understanding and committing to the client onboarding process

  8. Select and Understand Target Clients

  9. Benefit

  10. THEN vs NOW PAYABLES Pay Smarter THEN NOW • Bills automatically sent to Inbox • Coded, Routed for Approval • Approved • Paid (ePayment) • Including…. • Built-In Audit Trail • Workflow Management • Electronic Document Storage • Accounting Software Synchronization • Pick Up Mail • Open Mail • Process Bills • Post Bills • Send Report to Approver • Review with Approver • Coordinate with Vendor • Repeat… • Generate Check Run • Stuff Checks • Mail Checks • Coordinate with Vendor • Reconcile Bank Account • Repeat… 50 - 75% Less Time 11

  11. THEN vs NOW PAYABLES THEN NOW • Pick Up Mail • Open Mail • Process Bills • Post Bills • Send Report to Approver • Review with Approver • Coordinate with Vendor • Repeat… Generate Check Run Stuff Checks Mail Checks Coordinate with Vendor Reconcile Bank Account Research payment inquiries Repeat… • Bills automatically sent to Inbox • Coded, Routed for Approval • Approved • Paid (ePayment) • Including…. • Built-In Audit Trail • Workflow Management • Electronic Document Storage • Accounting Software Synchronization 12

  12. RECEIVABLES THEN vs NOW Get Paid Faster THEN NOW • Create Invoice • Synchronize • Send & Track • Payment through customer portal • Synchronize Pick Up MailOpen MailProcess ChecksPost PaymentsEnter DepositsDeposit at Bank Create Invoice Review InvoicePrint/Stuff/MailIncoming CallsEmail NotificationIncoming Calls/?sLate Fees AssessedComplaining CustomerReview with BoardReturn Call to CustomerRepeat… 2-3x Increase 13

  13. RECEIVABLES THEN vs NOW • Create Invoice • Synchronize • Send & Track • Payment through customer portal • Synchronize THEN NOW Pick Up MailOpen MailProcess ChecksPost PaymentsEnter DepositsDeposit at Bank Create Invoice Review InvoicePrint/Stuff/MailIncoming CallsEmail NotificationIncoming Calls/?sLate Fees AssessedComplaining CustomerReview with BoardReturn Call to CustomerRepeat… 14

  14. Assessment: Questionnaire

  15. Select and Understand Target Clients 3 1 2 4 5 • Step 2: Select and understand target clients • Select your target clients • Understand their current A/P and A/R workflow • Identify the hidden cost of their process and painpoints around A/P an A/R management • Identify potential barriers to adoption

  16. Select and Understand Target Clients 3 1 2 4 5 • 2a. Choose target clients who can most benefit from Bill.com. Key Indicators: • Use a paper-based system to handle bills, invoices, bank reconciliation, vendor inquiries • Do not have a dedicated bookkeeper on staff or have an overextended bookkeeper • Handle and file paper bills and related documents • Have bills approved prior to payment • Have staff or offices in multiple locations

  17. Select and Understand Target Clients 3 1 2 4 5 • 2b. Perform a client assessment to understand their: • current process and business practices aroundcash management, accounts payable, and accounts receivable • controls and specific user roles • current obstacles and pain points in this process • issues and risks involved with current process

  18. Select and Understand Target Clients 3 1 2 4 5 2c. Understand the true cost of their current workflow Using the Hidden Cost Calculator (accessible on the Selling Tab on your Console), uncover the value of time and money that their current process is costing their business.

  19. Assessment: Workflow

  20. The Difference is a Streamlined WorkflowExample: Accounts Payable The old workflow Required a minimum of 8 touches by 5+ people and took a week+ to complete Our new efficient workflow New process requires 5 touches by 5+ people yet takes 1 day

  21. Basic A/P Workflow Process documents/enter bills Schedule bills for payment/ manage cash flow Bills get sent to Bill.com via fax, scanned or email and upload Clerk Need Approval? Payer Sync/Accountant NO YES Review and approve bills Approver YES NO Need More Approvers?

  22. Cost

  23. Barriers

  24. Select and Understand Target Clients 3 1 2 4 5 2d. Identify potential barriers to adopt Bill.com Example: 3 Clients with 3 different concerns

  25. Client Onboarding Process 3 1 2 4 5

  26. Create Client Presentations 3 1 2 4 5 • Step 3: Create client presentations • Start with the customizable client presentation template • Customize it to address your client’s unique scenario and include relevant case studies, testimonials and other marketing content available on the Selling Tab on your console • Address potential barriers to client adoption

  27. Create Client Presentations 3 1 2 4 5 • 3a. The Client Presentation Template • Customize the client presentation template : • Upload your logo and insert your specific service name,if applicable • Identify specific client pain points • Modify the provided workflow for your client’s scenario, if applicable • Insert your contact information • Add relevant case studies and testimonials

  28. Create Client Presentations 3 1 2 4 5 3b. Address specific client barriers to adoption. Examples:

  29. Engage with Clients 3 1 2 4 5 • Step 4: Engage with clients • Schedule client meetings • Gather feedback and get additional support from the CPA2Biz or Bill.com teams, as needed • Address any additional client concerns • Present engagement letter

  30. Secure Client Commitments 3 1 2 4 5 • Step 5: Secure client commitments • Have engagement letter signed • Add the Client to your console • Schedule training with your Client to define your new, more efficient workflow

  31. Summary: Client Onboarding Process 3 1 2 4 5 #1 Success Factor: Understanding and committing to the client onboarding process

  32. Pricing Methodology8 Steps to consider when creating pricing packages • Make a list of everything you do at the client site. • Write in the scope limitations, such as number of vendors, number of transactions, number of employees. • Review your work history to write the range of hours or minutes it took you to complete the task for clients in the past. • Price based on the hourly range, item by item, what you want to absorb. • Add a column for perceived client value. • Separate the list into core and optional. Core is what every client will need; optional is the menu they can choose from. • Make all of your optional items a very similar value. • Create a small, medium, and large version of your package.

  33. Pricing: Example Console(3 users) Firm (3 users) Client (1 user) Client (3 users) Vendor (BR) Customer (BP) Vendor (BR) Customer (BP) Vendor (BR) Customer (BP) 1 Console = 30.00 • 3 Users =09.00 1 Firm = 25.00 Firm Users = 09.00 1 Client = 25.00 1 User = 03.00 2 Client = 25.00 3 Users = 19.00 • ACH (0.49) x 20= 9.80 • Mailed Checks (1.29) x 4 =5.16 • Data Entry (1.99) x12 = 23.88 • Total = 130.84

  34. Look at what other firms have done!

  35. RealGrowth A Case Study TheBIG Picture “We no longer have to process and cut checks manually; billing and reporting are now generated electronically. We’re letting technology do the ‘heavy lifting,’ rather than having people create those efficiencies. That’s how we are able to improve our effective rate.” • 32% growth in the 4 years before implementation • Manual process required custom reports for clients. • Spending $5-6K to exchange paper files/invoices. Before • 89% growth in the 2 years after implementation • Provide clients with automated/realtime dashboards • Saved 5-6K a month. After Steve Chaney CEP, Managing PartnerChaney & Associates

  36. RealControl A Case Study “Bill.com gives our clients control over their cash flow. They know financials on a daily basis—how much they soldtoday, how much they have in the bank today. Many clients say they pay their bills in the airport while waiting for their plane! We have grown as well. The increased control of document retrieval has allowed us to recapture our investment in Bill.com many times over! TheBIG Picture Used the cloud through Bill.com to provide a Global client-base total control of cash flow • Clients unsure of cash flow and payment responsibility • No segregation of duties around bill payment. • Invoice retrieval was expensive and slow, relying on paper Before • Clients always know how much is in the bank • Easy segregation of duties that adds security and protection against fraud • Documents are at their fingertips and increased speed has allowed them reallocate more than 10 hrs/ per month After Armando Hernandez President, CPAHernandez & Co., CPAS

  37. RealAdvantage A Case Study “Now that businesses expect to be mobile, we know there are a lot of companies that want to find a way to get rid of sending paper bills around for approvals and easily access their documents and invoices online. I paid last month's bills from my iPad while on an airplane, flying from Las Vegas to Atlanta – you really can’t beat that for efficiency. We became Accountant Super Heroes to our clients!” TheBIG Picture before after • Atlanta-based regional accounting firm • Completely traditional, paper-based business • Seeking best accounting platforms to make it happen Before • Plans to grow to national scale • Offers full-service online accounting solution • Using iPad demoing/converting clients After Bruce Philips,Partner Harshman & Philips Company, LLC

  38. Get started today! Visit www.bill.com/bmrg

More Related