The problem
Every new client means a proposal in Word, a separate engagement letter, a signature to chase and then a monthly invoice to chase too. If you onboard 5 new clients a month at 75 minutes each and spend 10 minutes chasing each of 20 monthly invoices, that's 575 minutes, about 9.6 hours a month of staff time.
What the AI does
Anchor is proposal and billing software made for accounting firms. You build a proposal once for each service with its scope and fixed price, and the client signs the proposal and agreement online and adds a payment method before work starts. Invoices are then created and sent automatically on the terms you set, payments are collected by ACH or card, and Anchor sends its own reminder and dunning emails. Invoices and payments sync to QuickBooks Online. Anchor drafts nothing for you: a CPA writes the engagement terms and checks every new agreement before it goes out.
A worked example
A five-person CPA firm in Denver has 60 clients for monthly bookkeeping, payroll and tax. It takes on about 5 new clients a month and bills 20 clients a fixed monthly fee by invoice. A partner sets up three proposal templates, and new clients sign and add a bank account through Anchor.
Before
75 minutes for each of 5 new clients and 10 minutes chasing each of 20 invoices: about 9.6 hours a month
After
About 25 minutes for each new client and no invoice chasing: about 2.1 hours a month
What it's worth
About $300£226€268A$433C$424 a month saved, against $100£75€89A$144C$141 to $125£94€112A$180C$177 in Anchor's payment fees. That's 7.5 hours (9.6 less 2.1) at an assumed $40£30€36A$58C$57 for a staff accountant hour. Anchor has no monthly subscription; it takes $5£4€4A$7C$7 from each payment received, so 20 to 25 payments a month cost $100£75€89A$144C$141 to $125£94€112A$180C$177. ACH transfers carry no further fee, and card fees of 2.9% plus $0.30£0.23€0.27A$0.43C$0.42 are paid by the client.
How to set it up
- Write one proposal template per service line (monthly bookkeeping, payroll, individual and business returns) with the scope, what is not included and a fixed price.
- Have a partner put the firm's own engagement terms into the agreement, with the firm's duties under IRS Circular 230 and your state board of accountancy rules in mind.
- Connect QuickBooks Online so Anchor's invoices and payments sync to the firm's books.
- Send your next three new clients through Anchor and ask them to pay by ACH, which carries no card fee.
- Check the billing schedule and first invoice of every new agreement before the first charge runs.
What goes wrong
- The $5£4€4A$7C$7 fee applies to every payment received, so 60 clients paying monthly would cost $300£226€268A$433C$424 a month. Build it into your fees or move small clients to quarterly billing.
- Anchor's site talks about proposals and agreements, not engagement letters by name. The terms, scope and limits are the firm's, and a partner checks the wording.
- Charges run automatically. When the scope changes, update the agreement before the next billing date, or the client is billed the old amount.
- Anchor holds client payment details. List it as a service provider in the firm's written information security plan under the FTC Safeguards Rule.