VMS Billing stores contractual fee arrangements, calculates fee payments, and generates fee invoices for all third parties. Results are fed to G/L, Trust, and recordkeeping systems for seamless automation.
Used in conjunction with VMS Hub’s Revenue component, fees can be offset against incoming revenues or by forfeiture accounts via a transparent turnkey solution for revenue and fee collection.
Consolidates the massive inflow of data caused by multiple complex fee structures
Solves for revenue tracking of service fees from fund families
Tracks all Billing & Payable parties involved in fee calculations/collections and optimizes entire billing process
VMS Billing reduces RISK by providing transparency, trackability and accuracy, reduces strain on RESOURCES by eliminating inefficiencies, and maximizes REVENUE by identifying missed revenue opportunities.
Retirement plan provider that has experienced tremendous growth, both organically and through acquisitions, saw a tremendous increase in the complexity of its billing procedures, requiring far too much manual effort.
VMS worked with the client to integrate VMS Billing with the client’s existing systems for recordkeeping, trust, general ledger accounting, and content management.
Fewer missed billing opportunities
Increased operational productivity
Improved quality of billing information
Reduced billing cycle time
Increased process improvement