Subscription and billing management

Need: An updated billing management process to improve customer experience.

Description: An organisation wants to transform its billing management process due to receiving complaints from customers who are receiving billing mistakes. The Accounts Receivable team currently use spreadsheets to track which customers need to be billed and when. With customers being billed on different weekly and monthly cycles, the use of spreadsheets to organise data often causes human error.  In addition, the organisation must also create invoices and email them to customers manually which increases risk around security measures.

Strategy: Financial Transformation

Solution: Integrating a Cloud Accounting tool with a subscription billing solution will completely transform the billing management process for this organisation. With a seamless integration, the organisation will be equipped with a powerful payment infrastructure that will bill clients automatically. A subscription billing solution will also reduce risk and improve security for the organisation, by storing the details of contracts and personal information outside of traditional spreadsheets, that can often be lost or stolen.

Benefits

• Billing accuracy is greatly improved due to automation of billing schedules.
• Invoices are delivered to the client in a timely manor and due to accuracy complaints and queries are reduced.
• Revenue recognition is accounted for due to posting alongside the billing transactions.