BARS (Billing And Reporting Solution)
A comprehensive customer billing and revenue management solution, which helps wealth managers, asset managers and family offices support flexible, highly complex and fast-changing fee structures with efficient, streamlined invoicing and reporting.
Why BARS Now?
The growing complexity of investment management products and customer relationships has led to major changes in billing requirements. With revenue and relationships at stake, the need to streamline and automate billing processes and develop comprehensive revenue management controls has never been greater.
Full and prompt payment for services clearly relies on accurate, timely invoicing. Yet many organizations continue to control their billing and revenue management operations using spreadsheets and manual processes: systems that struggle to meet changing business needs are error prone and not scalable.
The introduction of more complex fee structures is at odds with traditional billing procedures. Your current billing system, while sufficient years ago, has failed to keep pace with the changes in your practice.
A dedicated, flexible fee billing platform is now a fundamental requirement for firms like yours to maintain competitive advantage. In fact, it is the only efficient way to manage the new generation of fee and account structures and prevent revenue leakage.
In the simplest terms, revenue management issues are caused by under-billing, over-billing or not billing at all. The challenge is to implement a solution that minimizes all three possibilities.
BARS delivers improved revenue management for wealth managers, asset manages and family offices. Ensuring both regulatory compliance and high levels of control, BARS is well positioned to meet your needs for increasingly complex billing and revenue management reporting.
With BARS, you receive:
- Ensured Revenue Integrity: Timely and comprehensive client billing helps improve revenue management and cash flow which can translate to positive impact to the bottom line.
- Improved Operational Efficiency: Streamlining and automating billing processes assists in shorter billing cycles and faster fee collection.
- Increased Transparency of Client Billing: Accurately calculated fees are presented clearly and concisely through automatically generated invoicing.
- Greater Control: Manual processes are replaced by an integrated solution meeting audit and best-practice requirements and complying with industry regulations.
- Increased Fee Reconciliation: Easily account for each fee, discount, how it was paid, were discounts applied or adjustments made.
- Detailed Reports: BARS reporting allows for flexible, on demand reports that can be used for audit, compliance, customer support and financial purposes.
- Historical Data: With BARS, your mission critical billing data is always at your fingertips.
- Built for the Future: Our cloud-based architecture reduces IT costs associated with maintaining locally installed applications and ensures rapid deployment of new releases.