As your business scales, billing will grow — both in terms of volume and complexity. If you’re operating on a manual, homegrown, or legacy system, you’ll likely struggle to keep up with all the changes. These solutions simply were not architected to enable future growth strategies like modern pricing strategies, moving up market, global expansion, or acquisitions.?
Every business is unique, and so are its billing needs. That’s why modern billing software
not only provides a full suite of built-in tools and features right out of the box, but they also make it easy to tailor fit the system to your business.
We’ll help you identify the billing features and capabilities your business will need to create more streamlined, efficient billing processes that support growth and scalability for years to come.
Automated and customizable invoicing
Look for billing software that supports:
- Automated bill runs: Automatically generate invoices on a set schedule or ad-hoc basis for groups of customers with similar billing preferences.
- Customizable billing triggers: Choose from monthly, annual, or daily billing cycles. Set up billing triggers based on specific events or dates, ensuring your billing process matches your operational requirements.
- Invoice presentment: Configure invoices to be on-brand and accurately present every charge with the right currency, language, and custom notes specific to a customer.
- Invoice adjustments: Ensure invoices remain accurate and compliant with gapless billing requirements. Create credit and debit memos to correct invoices and manage the balance due on a particular invoice or account.
Flexible pricing and packaging
Look for billing software that supports:
- One-time charges: Offer single payments for products or services, allowing straightforward transactions that fit customer preferences and business needs.
- Recurring charges: Implement flexible subscription models with options for flat fees, per unit pricing, volume pricing, and more.
- Usage-based pricing: Monetize services through usage-based models
like prepaid balance, minimum commitment, pay-as-you-go, overage, and more.
- Out-of-the-box pricing: Look for a low-code/no-code, business-user-friendly pricing designer featuring a large selection of built-in pricing models.
- Streamlined experimentation: With the right tools, you can quickly launch, test, and iterate on a mix of pricing models and gain valuable insights to continue optimizing your go-to-market strategy.
Comprehensive order management
Look for billing software that supports:
- Support for omni-channel orders: Ingest orders from multiple channels such as quoting, website, apps, service partners and more.
- Subscriber order changes: Orchestrate the downstream business impacts kicked off by every subscription order change across billing, payments, collections, rev rec and more.
- Order metrics: Being able to track order metrics like quantity, MRR, TCB, TCV, and ELP is critical to help you see the impact order actions have on business performance.
Intuitive account management
Look for billing software that supports:
- Account hierarchies: Set up and adjust parent-child account relationships for all accounts.
- Hierarchical billing: Allow subscriptions to be owned by one account and billed to another. For example, roll usage up from child accounts and bill to parent account.
- Multi-level reporting: Report on all entities at the parent level in one consolidated report.
Integrated e-invoicing and tax management
Look for billing software that supports:??
- Built-in e-invoicing: Pre-built integrations
to leading tax software vendors that can efficiently deal with various tax types and rules across several jurisdictions globally.
- Configurable templates: Meet the specific requirements of any country, ensuring invoices meet local standards.
- Accurate tax calculations: Apply accurate and complete tax calculations on invoices based on nexus and jurisdiction.
- Tax reporting and analytics: Export telemetry data for tax preparation or remittance and view comprehensive management reports.
Streamlined financial close and reporting
Look for billing software that supports:
- Comprehensive financial reporting: Look for advanced reporting tools that offer customizable financial reports, dashboards, and analytics. These should include detailed insights into revenue, expenses, cash flow, and key performance indicators.
- Real-time data integration: Integration
with other financial and ERP systems should be seamless to ensure that financial data is updated in real time. This reduces delays in closing the books and provides accurate, up-to-date information.
- Audit trails and compliance tracking: The billing system should have built-in audit trails that track all changes and transactions. This helps ensure transparency and makes it easier to comply with financial regulations and prepare for audits.
An option for quoting
Look for billing software that supports:
- Lifelong quoting: Create and amend quotes for the entire customer lifecycle from signup through upgrades, renewals, and cancellations.?
- Native ramp deals: Natively handle and configure complex, multi-year deal arrangements over any time period and view metrics for each change within these time-intervals.
- Real-time quoting metrics: Measure the impact of every deal on recurring revenue and quota attainment. Plus, when you have a complete order-to-cash solution in place, it becomes your single source of truth, giving you confidence that what you quote or book will match to what you bill for (and recognize in revenue).
Customer preferences and market dynamics are always shifting. You need billing software that’s agile and scalable enough to evolve with your business.
With the right billing software, you can quickly adapt to new pricing, billing, payments, accounting, and extensibility requirements — becoming integral to business strategy and enabling continuous innovation.?
The Billing Software Buyer's Guide
will walk you through all the steps to successfully identify, test, and implement the right automated billing software for your business.?
GITEX GLOBAL 2024 | Dubai World Trade Centre
4 天前Great checklist! A scalable billing system is key to streamlining operations and supporting growth. It's all about efficiency and flexibility to meet evolving business needs.