Web-based accounting startup teams with CPA2Biz.
Bill.com, a Software as a Service (SaaS) company that provides businesses on-demand accounts payable software, has forged a strategic alliance with the CPA2Biz unit of the AICPA.
The deal provides Bill.com with a one-stop solution to its accounting marketing and gives the AICPA the opportunity to partner with a Silicon Valley star to develop some long-sought-after projects, including a CPA “dashboard.â€
For accountants, it provides a simple and innovative accounting service to gain and retain clients.
The announcement was timed for the AICPA Information Technology Conference this week in Las Vegas.
FROM THE PRESS RELEASE:
BILL.COM AND CPA2BIZ ANNOUNCE STRATEGIC BUSINESS ALLIANCE
Team-up to Help Accountants Deliver Basic Accounting Services More Efficiently
(Las Vegas, NV, June 9, 2008) – Today, at the AICPA Information Technology Conference in Las Vegas, CPA2Biz, the majority-owned subsidiary of the American Institute of CPA’s (AICPA) 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 new low-cost web service that simplifies the way companies manage, review, approve, and pay bills. As a SaaS model, it is accessible online 24/7 and offers smaller businesses the power of an enterprise-class application at highly 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.”
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About CPA2Biz
CPA2Biz is the majority owned subsidiary of the American Institute of Certified Public Accountants (AICPA), and provides marketing and technology services to the AICPA for its wide array of products and services. CPA2Biz also develops and manages client-focused business solutions programs (e.g. payroll, banking) that enable CPAs to build stronger relationships with their business clients or employers. For more information, visit www.cpa2biz.com.
About Bill.Com
Based in Palo Alto, Calif., Bill.com is an on-demand service that simplifies and automates business finances and business record keeping. Bill.com allows companies to manage bills with the click of a mouse, saving substantial time so companies can focus on growing their businesses. Companies can store all documents, related processes and transactions in one place, so financial stuff can be easily and securely accessed from anywhere, any time. For more information visit www.Bill.com or watch the Bill.com Video.
About the American Institute of CPAs
The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with approximately 350,000 members, including CPAs in business and industry, public practice, government, and education; student affiliates; and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations. It also develops and grades the Uniform CPA Examination.
