Our Solutions

VMS Billing

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.

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VMS Billing can help with the following areas:

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  • Calculate participant fees, advisor fees, sponsor fees, recordkeeping fees, and plan level fees at multiple frequencies
  • Bill fees against participant accounts
  • Enable use of complex calculations
  • Add, maintain, and track multiple parties that are associated with a plan for fee payable/receivable purposes
  • Attach a payable/receivable party to each fee attached to the plan
  • Dictate payment via check or ACH
  • Add minimums at a fee level and/or an aggregated level across multiple fees attached to a plan
  • Track minimums and dictate effective and reset dates
  • Add a hierarchy for proration
  • Generate an invoice or advice and send copies to external systems for delivery per party or per plan
  • Support multiple invoice frequencies and generate invoices in advance
  • Track and age receivables

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.

Aggregation

Consolidates the massive inflow of data caused by multiple complex fee structures

  • Stores contractual fee arrangements, calculates fee payments and generates fee invoices
  • Supports multiple invoice frequencies
  • Tracks fee minimums
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TRANSLATION

Solves for revenue tracking of service fees from fund families

  • Reconciles conflicting data stored in inconsistent formats
  • Completes the workflow needed to ensure compliance with the Plan
  • Provides transparency back to the underlying institution, plan and participant
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AUTOMATION

Tracks all Billing & Payable parties involved in fee calculations/collections and optimizes entire billing process

  • Creates invoices quickly and accurately and bills fees to participant accounts
  • Eliminates labor-intensive manual processes
  • Reduces missed revenue opportunities and potential regulatory issues
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Aggregation

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Translation

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Automation

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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.

VMS Billing Use Case

1

The Client

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.

2

The Solution

VMS worked with the client to integrate VMS Billing with the client’s existing systems for recordkeeping, trust, general ledger accounting, and content management.

3

The Result

Fewer missed billing opportunities

Increased operational productivity

Improved quality of billing information

Reduced billing cycle time

Increased process improvement