NetSuite Recurring Billing gives companies, which are offering services on pay-as-you-go basis or a just subscription a simple platform from where they can easily manage all revenue resources. Usually, these models of payment create very complex Billing scenarios, which are difficult to deal with, but this particular module, companies can make the processes more efficient.
Features of NetSuite Recurring Billing
These days, more companies are increasingly embracing subscription-based service as well as revenue models particularly for their businesses. One of the main factors of embracing this business model is mainly to have a Recurring revenue that allows business organizations to accurately forecast patterns of future revenue based on the number of clients/customers the organization has, length of contract, the kind of services are being used and among other things.
Basically, these particular business models require real-time visibility, the need for customer-centric and flexible Recurring Billing platforms, and complex Billing and pricing models into the businesses itself. Today, Recurring Billing is the only subscription model available in the market, which is fully scalable, cost effective, and integrated.
There are also other products available in the market, which have similar functionality, but most of them are third-party products, which are not integrated like NetSuite. Third-party products may be considered risky that can lead to inaccurate revenue recognition, late and incorrect invoicing, there is no visibility into the monthly Recurring revenue, renewable, automated vending cart and churn that equates to having the organization management dedicate more resources to more monitoring and integrations that can maximize cost substantially.
Business companies are these days responding to market demand simply by providing more services based on pay-as-you-go. While this will allow companies to come up with service offering which uniquely meet the demands and/or requirements of their existing customers. It therefore creates complex Billing scenarios, which need to be efficiently managed. With most subscription-based businesses, it is insufficient to control and manage one-time transactions. Typically, it all about monetizing ongoing and mutual relationships with customers.
NetSuite is in fact the industry’s only cloud-business suite, which offers Recurring Billing integration with enterprise/accounting resource planning (ERP), e-commerce capabilities, and customer relationship management. This can enhance Billing accuracy by removing manual processes, centralizing key information of the business, offering visibility into metrics, which drive more recurring revenue business, and fostering inter-departmental collaboration.
Integration of this Recurring Billing solution allows you to create and execute your strategies of subscription management. With this module, it is easier to customize templates to automate the process of invoices creation based on service contracts and license agreements. In addition, with the functionality of built-in analytics of NetSuite, you can easily track certain KPIs for Billings, bookings, customer satisfaction and many more, to ensure your business has all insights it needs in optimizing Recurring revenue, forecasting, Billing and customer satisfaction.
Benefits of NetSuite Recurring Billing Model
- This model has discount plans and custom pricing that offers the most effective mix of services mainly to target customers
- Recurring Billing business model supports automated invoicing. This means that it updates the general ledger and integrates revenue recognition automatically
- Multiple renewable options is also another benefits of this Recurring Billing solution that brings cross-selling and up-sell opportunities
- It contains flexible proration to align invoice particulars with the right prorated charges
- Multiple perpetual Billing for timely payment collection and accurate Billing
- Improves customer experience with the most effective management of subscription based services
- Integration of Recurring with ERP, e-commerce and CRM and revenue recognition particularly with Recurring Billing
- Automation of usage-based and complex Recurring Billing processes
- Comprehensive analytics through multiple touch-points and flexible billing that adapts to charging business needs.
Key Capabilities of NetSuite Recurring Billing Module
The module enables companies to effectively manage comprehensive billing frequencies, billing plans that support complex discounting, policies and pricing, easy to configure Billing terms, has optional invoicing in arrears, flexibility to transfer or move customers across available pricing plans, and proration of several types of renewal options, early termination penalties and contracts.
Improved Pricing Plan and Billing Management
NetSuite Recurring Billing solution makes it easy and simple to create Billing schedules to support several types of sales in the business. For instance, it is simple and easy to specify pricing, policies, discounting as well as other criteria, and set up billing plans based mainly on installments, or that need a certain amount of money for initial payment.
Providers or companies that offer services such as file sharing, content access, utilities, or telecommunications basically need to support customized and complex Billing plans, but cannot afford to waste their time creating custom bills. In that case, this Recurring Billing platform for NetSuite allows all Billing based on Ratable Usage Measures (RUMs). This is a fundamental unit, which is based on charge calculation. Its examples include text messages, bytes (loud storage), and phone minutes used, just to mention a few.
Usage-based Billing also enables perfect rate pricing usually on historical usage-based on custom date ranges, trailing periods, or all usage which occurred within the subscription. It also supports maximum or minimum threshold charges on the basis of usage. Additionally, this kind of billing solution enables multiple ways of recording usage through import with CSV or API file and supports included overage and usage charges. Lastly, it supports Billing that is based on cumulative tiered rate, flat rate, volume pricing, cumulative rate, and volume rate.
Billing Reporting and Analytics
For successful Recurring revenue-based business, customer renewals are very important and necessary. NetSuite SuiteAnalytics basically gives real-time insights into key metrics as support calls, monthly Recurring revenue, and total active customers for the identification of Billing and cross-sell consolidation opportunities with the company’s existing customers improve customer satisfaction and eliminate weaknesses.
NetSuite also offers Suite Analytics as the perfect, standard feature to give business organization the power of analysis, reporting, and built-in real-time dashboards – integrated into the ERP, ecommerce, CRM or Billing application which employees almost daily. It is therefore not necessary to use IT to deal with separate complexities of various reporting tools, data warehousing or BI cubes.
Conclusively, NetSuite Recurring Billing is the best solution for business organizations, which have revenue models and subscription-based services.