Neely Sachal, Marketing, Synthesis Systems
Is your billing system delivering these benefits to your Subscription Business?
Efficiency is the most crucial aspect of any billing management system. The quicker your business sends out accurate invoices to clients, the faster you can expect to be paid. Automated invoicing solutions have significantly reduced the time and effort it takes to generate invoices, so organisations can now avoid unnecessary delays that can put businesses at stake.
If you are already using a billing management system or planning for one, do ensure that they deliver these five key benefits:
Billing systems do more than just enable you to print and send invoices or receive payments. With these solutions, you can easily create custom templates that can be modified in a few clicks. This can be very useful when you have different clients whose invoices need to be in a specific format. The customization can be based on geography, compliance, industry and other regulatory requirements.
In the subscription world, billing systems need to be integrated with your IT infrastructure and other systems, such as CRM, inventory, accounting, financial, customer support and marketing systems. For instance, it can be integrated with the inventory management system to receive real-time updates about sales and inventory levels. As soon as sales take place and bills become due, the system automatically updates with necessary information. Similarly, integration with the accounting system tracks the overall finances.
You don’t get a second chance in subscription business. A billing system must accurately and automatically calculate all your costs, taxes and discounts to generate bills. All you need to do is input the numbers, and the rest should be handled by the system. Since there is very little manual effort needed, chances of human error are reduced, which saves you a lot of time and money.
This is perhaps one of the biggest benefits, depending upon the role you are playing at an organization. Whether it is a snapshot of your business performance or detailed reports about your cash flows and clients, a billing system should be able to provide both and much more. The dashboard of your system can be used to generate and view these reports to make the entire process more convenient and enhance transparency.
Curb Revenue Leakage
Subscription businesses lose millions of dollars if they don’t automate simple things such as recovering failed credit card payments, cancellation management and subscription management. Billing systems can automate all such processes to ensure the known leakage is minimal. E.g. The failed credit card payments can be solved through dunning management and setting up retry schedules.
Whether you have already made the switch to an automated billing management system or plan to do so, make sure you are not missing out on key benefits that can help you grow faster. Talk to our experts who can help you select the right billing management system. Or, if you are already using one, we can help you maximize the ROI from your billing systems!