Billing and accounting is a huge black hole we rarely hear about for innovation, but exciting tech developments do happen in an industry with a greater impact than most people would predict. The B2B payments market is valued at $120 trillion, substantially larger than the $8 trillion e-commerce and SaaS markets. However, only one of these markets has joined the 21st century. As a matter of fact, manual billing caused 82% of small businesses to fail due to cash flow issues in 2019. 60% of these businesses were profitable but couldn’t withstand the negative cash-flow gap mostly caused by late payments.
Billing and collections are labor-intensive, expensive, time-consuming, error-prone, and subject to fraud risk to this day. On the other end of the spectrum, we have B2C companies like Netflix supporting automated billing for 209 million paying customers worldwide. So if automated payments run smoothly in the B2C space, then why not for B2B? CalCPA and Anchor, an exciting fintech startup, have joined forces to bridge this gap for a group of professionals that know the pain of the billing cycle better than anyone else.
California’s Society of Certified Public Accountants (CalCPA), the largest statewide professional association of certified public accountants in the United States with more than 42,000 members, is the first to adopt billing automation by Anchor, an autonomous B2B accounts receivables platform. Through the partnership, CalCPA members across the country can utilize Anchor’s SaaS platform to automate their entire billing and collections cycle at every step from agreements, invoicing, payment collections and reconciliation.
“Anchor is emphasizing how technology and automation can help accounting match other complex industries in innovation,” says Denise LeDuc Froemming, CPA, CAE, President and CEO of CalCPA. “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.”
As more industries embrace automation to streamline operations, small businesses that are especially sensitive to cash flow problems are often left behind. Addressing this gap in progress is critical to benefit everyday accounting professionals. These are professionals that typically must deal with tedious and manual multi-step processes, constant technological changes, pressure to remain cost effective, and limited time to deliver billable services.
“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,” says Rom Lakritz, CEO and Co-Founder at Anchor. “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.”
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