Revolutionizing Billing Processes in Wealth Management
A prominent wealth management firm managing approximately $20 billion in assets has adopted Arcons Technology, Inc.'s billPort, which aims to enhance efficiency and accuracy in their billing procedures. With over 11,000 accounts, the firm faced numerous billing complexities that required extensive manual effort. Implementing billPort has enabled a significant transformation in their operations.
Eliminating Manual Errors with billPort
Prior to adopting billPort, the operations team dedicated countless hours each month to compute client fees and verify billing calculations. The process was time-consuming and prone to errors, impacting the overall efficiency of their billing cycle. This led to delayed revenue collection and sometimes inaccuracies in client invoicing.
Since the integration of billPort, these issues have largely been resolved. The platform allows for a streamlined billing process where all rules and exceptions can be automated. The team is now able to finalize billing with just one click, allowing them to focus on enhancing client relationships and accelerating growth strategies.
Feedback from Industry Leaders
Hemant More, CFA, the CEO of Arcons Technology, expressed enthusiasm about the successful deployment of their tailored billing and invoicing solution for the new client. He stated, "Their advanced scenarios are elegantly captured in our models. With this finely tuned system, they can perform all their previous tasks with added ease, whether it’s sleeve-level billing or detailed reporting. BillPort simplifies these processes greatly." This affirmation underlines the efficiency that billPort brings to its clients.
Features and Capabilities of billPort
Despite having been on the market for nearly two decades, billPort continues to be at the forefront of billing solution technology. Its versatility allows it to cater to a wide range of asset management firms, from those managing $100 million to those with upwards of $250 billion. Key features include comprehensive payment tracking, invoicing, advance and arrears billing, as well as credit and write-off management.
Additionally, billPort integrates seamlessly with various custodial data formats and portfolio management systems, making it a crucial tool in the workflow of wealth management professionals. The application is part of a broader suite of products that also encompasses trading, rebalancing, client portals, and performance reporting.
Client-Centric Customization
The responsiveness of the Arcons team has been a significant advantage for their clients. As noted by the team leader of the billing operations, they found billPort remarkably user-friendly and adaptable to their complex billing needs. They conveyed their initial skepticism regarding whether billPort could adequately handle their intricate pod-level billing requirements.
However, thanks to Arcons' dedicated team, the solution was customized to address their specific challenges. The outcome has led to a reduction in time and resources spent on billing, subsequently enhancing overall productivity. The commitment to enhancing client satisfaction through tailored solutions signifies Arcons' dedication to excellence in service delivery.
About Arcons Technology, Inc.
Founded in 1998, Arcons has established itself as a leader in providing customizable technology solutions in the financial services sector. Their innovations have significantly improved operational efficiency for firms collectively managing over $1 trillion in assets. Arcons offers a comprehensive range of products under the Portfolio Edge banner, which includes modules for billing, reporting, trading, rebalancing, and CRM functionalities.
Contact Information
For more information about Arcons Technology, Inc. and their offerings, please reach out to:
Media Contact
Jeevan Gosavi
(650) 533-3452
Frequently Asked Questions
What is billPort by Arcons Technology?
billPort is a billing and invoicing solution designed specifically for wealth management firms to streamline their billing processes and improve efficiency.
How does billPort improve billing accuracy?
Through automation and a user-friendly interface, billPort minimizes manual errors and allows for accurate and timely billing cycles.
What types of firms can benefit from using billPort?
billPort is suitable for any wealth management firm, regardless of size, with capabilities to serve organizations managing from $100 million to $250 billion in assets.
How has client feedback influenced billPort's features?
Client feedback has been instrumental in tailoring billPort’s functionalities, ensuring it meets the complex billing needs of its users effectively.
What other solutions does Arcons Technology offer?
Besides billPort, Arcons provides a suite of products that include trading, rebalancing, client and advisor portals, and CRM, all aimed at enhancing the wealth management experience.
