BillFin

BillFin is a billing software designed specifically for advisors and planners in the financial industry. According to the vendor, this software is tailored to meet the needs of various professionals and industries, including financial advisors, wealth managers, RIA firms, TAMPs, broker-dealers, and asset managers. With its flexible billing setup, customizable invoices, and embedded reporting capabilities, BillFin aims to streamline billing operations and enhance revenue management for businesses of all sizes.

Key Features

Flexible Billing Setup: According to the vendor, BillFin allows users to calculate flat, tiered, and banded AUM fees and choose between billing in advance or in arrears. Users can also set up asset exclusions and ensure secure access and controls for advisors and finance professionals.

Payment Files: The vendor states that BillFin enables users to create CSV/Excel files of fees to easily upload to custodian systems. It supports file formats for popular custodians like Schwab, TD Ameritrade, and RBC.

Customizable Invoices: BillFin offers an integrated invoicing solution that allows users to generate professional-looking invoices and fee statements. According to the vendor, clear and accurate invoices can drive revenue and cash collection efficiencies, enhancing customer service and satisfaction.

Self-service Onboarding: According to the vendor, BillFin enables users to onboard households, accounts, fee billing rules, and fee schedules quickly and painlessly. It is positioned as a user-friendly alternative to costly traditional software implementation projects, with a client services team available for assistance.

Flexible Billing Templates: BillFin offers billing templates that aim to provide operational efficiencies and next-generation functionality. Users can define and maintain complex fee arrangements and process billing for tricky client relationships in an automated way. The vendor claims that the software offers flexibility and reusability of billing rules.

Simple & Intuitive UX: BillFin aims to upgrade fee billing operations to a modern and interactive user experience. According to the vendor, users can build sophisticated billing rules and fee schedules with simplicity. The software is designed with an intuitive, interactive, and user-friendly interface that focuses on productivity and job satisfaction.

Reminders & Alerts: BillFin provides a rich, dynamic, and visual portal for fee billing, invoicing, and payment processing. Users can set user-defined reminders and receive intelligent system alerts for efficient billing management, according to the vendor.

Prorated Billing: The vendor states that BillFin can automate billing for new accounts and intra-period deposits and withdrawals. It can calculate prorated fees for accounts that start during a period and prorated adjustments for meaningful deposits and withdrawals.

Embedded Reporting & Analytics: BillFin offers reporting and analytics capabilities to provide insights into billing setup and fees. Users can deepen their understanding of client billing arrangements and revenue with rich data exports for custom and integrated business reporting.

Fee Splitting via Payouts: According to the vendor, BillFin allows users to accurately payout advisor's fees using the Payouts module. Users can set firm-level, client-level, and account-level rules for fee splitting and automatically create excel reports capturing firm and advisor payout portions.