Read our five best practices for a successful billing cycle plus a few pro tips
March 31, 2021 | BillFin Support
We recently hosted a BillFin Best Practices Webinar to prepare our BillFin users on how to have the most successful billing period yet! Not only do we want our users to feel prepared, we want them to be confident in their fees. In case you weren’t able to watch the webinar live, we’ve got your back! You can view the five minute webinar below. Always remember you can visit our support page for quick answers as well.
To help make your billing process go smoothly, please remember these five best practices:
1. On the CLIENTS page, make sure you sync in new accounts and assign them to clients. If there is an exclamation point in the top left on any BillFin page, you still have work to do!
2. On the FEES page, make sure you are in the correct billing cycle. You can select the appropriate year and cycle.
3. On the FEES page, make sure you sync in assets and review any alerts that BillFin finds. Don’t worry, we will flag the accounts in question for you to dive into.
4. On the INVOICES page, export any invoices by clicking the “export invoices” button.
5. On the PAYMENTS page, make sure you check the boxes for the fees you want to export and then send away to your custodians! This recently changed so just a reminder to actually check those boxes.
A few Pro Tips:
1. If there are any red flags, address them and hit the “mark as complete” button. If there is a fee, feel free to just “mark as complete.” If there is no fee, an asset value is likely missing from an account in that household and needs addressed before the fee will show for the entire household. Click on this article for more guidance!
2. Every page in BillFin is filterable! You can even click on the fee column itself to filter the fees or click on the “Assets as of” column to sort by assets. Same goes for the “billable assets” column: use this column to find and resolve any old/stale values or missing fees.
3. Have new accounts but they’re currently unfunded? Don’t assign them yet to avoid missing asset alerts. Click on this article for more guidance!
4. Have new accounts that need inception proration? Make sure to actually assign a start billing date or the full period is assumed.
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