Why are some many CPAs going “paperless?”
The profession is always evolving, and firms are now realizing that they cannot rely on writeup and tax work alone. They need to become a value-added resource during all day-to-day operations. Exchanging bills and contracts in a shoebox, and printing and exchanging checks with clients is inefficient, non-scalable, and risky. The only solution is to go paperless and do it in such a way that the client can take much of the burden and not just transfer the paper madness to the firm.
How does Bill.com help firms make more money?
First, we provide new revenue opportunities for firms who previously were not able to offer profitable bill payment / AP services. For firms offering these services with Bill.com, we’ve heard of them saving upwards of 75% of the internal time it takes to handle client bill payment activities. That savings goes directly to the bottom line, especially when they charge a fixed fee for services. It also allows firms to take on more clients or re-task highly billable personnel to other strategic activities for their clients.
What’s “the next big thing” in “paperless?”
Elimination of data entry. Through better scanning capabilities as well as services such as Bill.com, we are quickly getting to the point where the firm and client will not have to worry about typing any information from an invoice. Firms will instead focus on more important activities such as managing cash flow and the overall business.