• Set up billing schedules/schemes.

              a.  Easily create unlimited schemes comprised of different rates and brackets.
              b.    Keep track of which accounts/households are associated with which scheme
              c.    Changes to a scheme globally change all households associated with that scheme – no need to edit multiple accounts or records.
              d.    Ability to populate BARS with information from other systems

•  Assign schemes to accounts or groups of accounts

              a.    Once schemes are created, easily associate an account/household using drag & drop.

• Produce invoices for individuals and families

              a.    Assign multiple accounts to a billing group
              b.    Easily see all accounts in a household, and their assets and historical fees in one place
              c.    Market value of billing group is aggregated to reach a higher tier/lower rate
              d.    Ability to calculate fees forward or in arrears.
              e.    Ability to pro-rate fees for partial period.

• Define settings for accounts/groups

              a.    Choose which account is responsible for paying the fees of other accounts. For example, if the fee for an IRA account is paid by another account.
              b.    Create and define discounts that can be applied to accounts or groups. Discounts can be a set amount or a percentage. Discounts can be bounded by a date range.
              c.    Determine which accounts will appear on a statement for a household. For example, the parents may receive one statement with all family accounts, whereas the children will receive a statement with only their accounts.
              d.    Assign a Rep or Advisor to an account, and be able to run management reports calculating “payouts”.
              e.    Create any number of “CC’s” for an account. When creating the statements, the user has the option of including duplicate statements for the CC’s.
              f.    Define whether an account has fees deducted, or pays by check

• Non-Billable Assets

              a.    Define any number of non-billable assets at the individual security level, or at a higher level (for example, exclude all Cash from the market value for billing purposes).
              b.    Choose to display non-billable securities on the statement

• Creates an upload file for your custodian (currently produces a file in Schwab format, others pending)

•  Run management reports

              a.    BARS stores billing history, and produces management reports enabling you to see how much revenue has been generated for accounts/households for a given time period
              b.    BARS can generate management reports displaying fee detail at the account/household level, with flexibility on which columns are displayed
              c.    Run ‘rep payout’ reports
              d.    Generate exception reports, such as accounts paying the minimum fee and accounts that do not have enough cash in the account to pay the fee
              e.    Writes output to .pdf files

Please stay tuned with our Blog to know more about these or Contact BaySys Technology for more information.