Anchor, a B2B billing and collections platform, has collaborated with the California Society of Certified Public Accountants (CalCPA) to deliver its platform to the biggest statewide professional association of CPAs in the United States. Through the relationship, Anchor offers CalCPA members exceptional pricing and discounts, as well as resolute employees to assist its members in accessing its end-to-end billing and collections automation software, which reduces overdue payments, revenue leakage, manual labor, and excessive operational costs.
Rom Lakritz, CEO and Co-Founder at Anchor, stated, “We are thrilled to partner with CalCPA to facilitate the growth of everyday accounting firms and CPAs, by changing the way payments and billing processes are managed today. CalCPA is an incredibly prestigious and innovative organization, and we are proud to provide our platform to their wide network of CPAs and financial professionals across many different industries and sectors.”
As more industries use automation to optimize operations, cash-strapped small and medium-sized firms are being left behind. Addressing the progress gap is especially important for everyday accounting professionals who deal with time-consuming and manual multi-step processes, continual technological developments, cost-cutting pressures, and limited time to offer billable services.
Because of this collaboration, CalCPA members can now utilize Anchor’s technology to streamline every tedious step in the billing and collections process, including agreements, e-signatures, invoicing, payment collection, and reconciliation. The program prevents overdue payments and income leakage in enterprises, which affects 2-5% of their top lines on average.
Denise LeDuc Froemming, CPA, CAE, President, and CEO of CalCPA, commented, “Anchor is emphasizing how technology and automation can help accounting match other complex industries in innovation. Creating benefits and bringing innovation to our members is a priority for CalCPA and partnering with a new company helps address more efficiency and business management challenges for CPAs everywhere.”
Furthermore, Anchor’s end-to-end platform assists members in cutting expenses during a market downturn by combining numerous software technologies into a single solution. This allows businesses to redirect resources spent on manual administrative duties to billable hour tasks, increasing their top-line revenue by an average of 5-9% every year.
Anchor’s platform serves the complex and dynamic needs of accounting firms and financial professionals. Firms can use the platform to build live agreements with various billing terms, such as hourly, fixed, recurring, and non-recurring agreements. When the billing day arrives, the platform generates bills based on the pre-approved agreement terms. Price, hourly quantity caps, services, phrases, and other data from integrated office software are examples of these terms.
Clients enter their payment information into the live agreement before beginning the service, allowing the system to bill clients using a pre-approved payment method and guaranteeing the business is always paid on time. The transaction is then reconciled in the firm’s general ledger by the anchor.