yes. we have set this up for our resellers. for a cpanel server you need to setup a .sh script with something like this.
tar -czf /home/username/backups/backup_daily_html.tar.gz /home/username/public_html
mysqldump --user=username --password=yourpassword username_modernbill > /home/username/backups/backup_daily_username_modernbill.sql
the first line will backup your public_html a backups directory with tar and gzip compression.
the second line will backup your modernbill database into the same directory.
replace username, password, username_modernbill, etc to whatever your details are.
next setup a cron job with crontab to run the .sh script at whatever time eg midnight each night.