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Customer Stories >


BILL HELPS CORNERSTONE FAMILY OFFICE BUILD TECH STACK

Customer Stories >


BILL HELPS CORNERSTONE FAMILY OFFICE BUILD TECH STACK

Josh Levine, Founder and CEO of Cornerstone Family Office, a privately held,
fee-only multifamily office serving a select group of highly successful
individuals and families of exceptional wealth, shares insights into how BILL
was implemented as the first piece of the tech stack puzzle his firm needed.


TELL US ABOUT YOUR FIRM.

Cornerstone Family Office provides a comprehensive wealth administration
solution (including cash management, bill payment, aggregated reporting, advisor
coordination, and data management) and a diverse range of financial and
lifestyle concierge services designed to help clients manage their wealth and
simplify their exceedingly complex lives


WHY WERE YOU LOOKING FOR A SOLUTION LIKE BILL?

Prior to implementing BILL, our courier would go out once or twice a week to
collect invoices from our clients, the team would process them, hand me checks,
and I would spend a good chunk of every Friday morning reviewing and signing
them and giving them back to the admin team to process and mail. This workflow
was clunky and cumbersome and required specific attention to scheduling.

Then there were the two clients for whom I didn’t have check-signing
authorization. For these, we would have invoices collected on Monday, deliver
checks back to their houses on Thursday, clients would sign over the weekend,
and on Monday we would pick up the signed checks and any new invoices. This
added steps and length to the payment process.

All our clients were about 15-20 minutes from the office, so these were not
streamlined processes and we knew we needed something that would not only give
us a more efficient means of dealing with bills but would also have a focus on
security and audit trails.


WHY DID YOU DECIDE TO USE BILL?

The more you put your hands on something, the more opportunities for errors
there are. That’s why our favorite part of BILL is BILL Artificial Intelligence.
BILL Artificial Intelligence evaluates each invoice as it enters the system and
automatically populates information like amount, invoice number, PO numbers, and
more. Instead of manually entering information, we simply review the populated
information, and then it begins the automated review cycle. It’s so much
quicker, our staff is much more productive, and it reduces the potential for
errors.


WHAT TYPE OF CLIENT DO YOU SUPPORT ON BILL?

We are currently supporting eight families. Our typical family has a net worth
in the $250-500M range, with a few in excess of $1B. On average, we process
20-25 bills per week for each family, while engaging with family members
directly as part of our process. While most management firms’ advisors only see
clients 4-5 times a year, we make it a point to engage with our clients 2-3
times a week.


WHAT DOES BILL ALLOW YOU TO DO FOR CLIENTS?

BILL allows us to easily give our clients the information they need and has
provided us the opportunity to expand our offerings. While we always want to be
administrative in nature and are not looking to cross the line into a
traditional advisory role, we are always looking to create greater efficiencies.
We want to not only process data, but to use and analyze the data so that we can
be proactive for clients. BILL has protections and technology in place that
allow us to do just that. If an invoice inadvertently gets sent to us multiple
times, the system will flag that it has already been entered so there are no
double payments. In the manual world, this was a more challenging process, as
there were no technology safety nets. We can also easily see the last five
transactions from a vendor – so we can be proactive to make sure an invoice
amount is consistent with recent history. These are the types of safeguards that
BILL gives us that allow us to take that step back and be more thoughtful. It
creates not only a better result for the family, but it makes our service that
much stickier with current and new relationships.


WHAT IS YOUR ROI WITH BILL?

I no longer have to sign checks, I just have to approve them which easily saves
30-40% of my time. In addition, I feel more confident with our process, as I can
easily look at invoices and approvals and double-check everything. BILL has
definitely made me more efficient. In fact, with the mobile app, I can even
approve invoices when I’m out of the office.

It also eliminated the need to process and print checks which has saved our team
about 50-60% of their time, allowing them to focus on other parts of the
business.

> “The BILL efficiencies and technology safeguards make us better as a wealth
> administration firm and are key to helping us grow.” — Josh Levine, Founder
> and CEO of Cornerstone Family Office

EMPLOYEES

7

HEADQUARTERS

Bryn Mawr, Pennsylvania

INDUSTRY FOCUS

Wealth Management

CLIENTS

Ultra-High-Net-Worth Families

BILL SERVICES

AP

INTEGRATIONS

NetSuite, QuickBooks


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