Did you know that, according to Elite Content Marketer, the revenue of SaaS enterprises passed the $100 billion run rate in 2019’s first quarter? Additionally, this market has a continued growth of around 30% every year.
If you work in an accounting or finance role at a SaaS company, you know how important it is to use the latest software and services so you continue to grow your company.
However, with so many options out there, it can get overwhelming to choose the right software and services.
Fortunately, with Netsuite SuiteBilling, you get many benefits through this subscription billing service. In this article, we’ll review all these benefits.
Finally, you can decide if Netsuite Billing is right for you and improve your SaaS company’s billing processes. Read on to learn more.
1. Flexible Pricing Models
By working with a SuiteBilling consultant, you get flexible pricing models. First of all, there’s the Flat Pricing option, where the subscription services make it possible to bill your customer the same amount for each billing cycle.
There’s also the consumption-based type of billing.
With this billing type, the amount you charge is based on the entitlement or consumption where the tier unit rate that’s the highest volume is applied to the whole quantity you’ll charge.
Tiered pricing is also available. Through this payment method, the rate for each entitlement tier or consumption unit is applied to a range that’s given.
Then, the final amount you’ll charge is calculated by creating a whole end rate that’s made up of per-unit rates that vary.
2. Flexible Rating Models
In addition to the pricing models, the rating models are flexible. You can invoice your customers in arrears, in advance, or all at once. This makes it possible to have a recurring revenue if you prefer, or a more complex revenue model.
You can also configure customer subscriptions with consumption, setup fees, and license counts.
You can do this in one quick step, making it easy to use multiple types of rating models.
3. Multiple Billing Accounts for Your Customers
With this advanced revenue management system, you can also charge the same customer or sub-customer with multiple billing accounts. For example, say you have a customer who owns a multitude of franchises.
They might need to charge a separate fee to pay for the parent company license fee change, while their sub-customers might have to be charged separately for service fees.
This will make the charging of different types of bills much easier for your SaaS company.
4. Easy to Change Orders
When you’re making a subscription revenue through your customers’ subscriptions, it can get tricky to make changes in your customers’ subscriptions. There’s a lot of time and effort that goes into manually tracking and monitoring subscription changes.
Fortunately, with Netsuite Suitebilling, changes to subscriptions are scheduled and automated.
Any quantity or price alterations can be scheduled later or made immediately the moment your customer makes this change. This streamlines the process, which means better customer relations and fewer cash-flow issues.
5. Revenue Recognition Services
One of the most complex issues you have to deal with when managing your company’s billing is revenue recognition services. For this reason, many SaaS companies have to reach out to other services or use additional software to be compliant with these rules.
But if you have Netsuite SuiteBilling, you won’t have to deal with this challenge.
Netsuite SuiteBilling comes with Netsuite’s Advanced Revenue Management, so you won’t have to worry about these issues anymore.
6. Transparent Billing Process
Whether the billing you’re doing is usage-based or based on a customer-specific price, you can make your billing process transparent with SuiteBilling. This is because it provides your customers with a full breakdown of the invoice you send them.
Because this makes it possible for your customers to see exactly what they’re paying for, they’ll have an improved billing experience with you. This will make it more likely that they’ll continue to work with you.
7. Reduced Invoicing Time
Because of the automated processes and simplified ways of keeping track of customer subscriptions, you’ll have reduced invoicing time with Netsuite SuiteBilling. As a result, you can spend more time focusing on your business.
This will have a positive impact on the ROI of investing in this solution, as you’ll be able to make more money by working with the time you’ve saved.
8. Fewer Invoicing Errors
One of the biggest problems SaaS companies come across when billing their clients for their services is invoicing errors. Even if you’ve trained your sales team to the best of your abilities, they could make invoicing errors that cost you money.
Their errors could also cause customer frustration, which could result in lost subscriptions.
With a solution like Netsuite SuiteBilling, however, you’ll have fewer invoicing errors. This will save you both time searching for errors, and money from the loss of customers.
9. Less Manual Data Entry
Another benefit of using Netsuite SuiteBilling is less manual data entry. Instead of having your sales team input every detail of subscriptions related to each customer, most of this process will be automated.
They’ll have the solution in front of them, making it possible to easily select options instead of having to put everything in manually.
This will save your company time, making processes speedier, which will be appreciated by your customers.
Additionally, your sales team will spend more time completing fulfilling parts of the job, instead of the monotony of manual data entry. This will make them more likely to stay on your team instead of looking for a job elsewhere.
10. Available Support
When you’re searching for an accounting solution, you need to hire a company that has support available. This way, if you come across any billing issues, you won’t have to wait to hear back, slowing down your sales, client communications, and cash flow.
With Netsuite SuiteBilling, you have constant support available. Additionally, they’ll have a consultant you can contact who knows your SaaS company’s specific needs.
11. Suite Analytics Workbook
With the newest version of Netsuite SuiteBilling, you also get the Suite Analytics Workbook. You can use it to simplify revenue that occurs monthly, providing you with workbook and dataset templates as well as the record.
The standard workbook template can be used for renewal revenue, downsell, upsell, churn, and recurring revenue analytics for all your client subscriptions.
By modifying the dataset and workbook templates, you can customize your views with filters and data. This makes it easier to understand the changes you’re making and what they’ll look like once they’ve gone through.
You can also see the data in pivot, chart, or table form—whichever visualization is easiest for you.
Additionally, you can compare details and revenue trends through customizable views. These include Current Month Recurring Revenue, Monthly Recurring Revenue Year-over-Year, and Recurring Revenue Sources.
They also include Top 10 Performing Items Last Month and Upcoming Renewals.
12. Customer-Specific Discounting and Pricing Options
With Netsuite SuiteBilling, you also get customer-specific discounting and pricing options. This means you can create customized discounts and pricing options in addition to your more regular subscriptions.
As a result, your customers will be happier, as you’ll be providing them with a payment plan that truly works for them.
Additionally, things will be simpler on your end. Instead of having to make all the calculations yourself, the Netsuite SuiteBilling software will work everything out for you.
As a result, you can make the sale and get the money without having to worry about the complex details of the customer-specific price you’ve given.
13. Real-Time Reporting
Netsuite SuiteBilling also provides real-time reporting of information regarding financial and common billing data, such as customer churn, total contract value, and monthly recurring revenue. As a result, you’ll have the analytics you need to improve your sales efforts.
Need More Information About Netsuite SuiteBilling?
Now that you’ve learned about the effective ways a Netsuite SuiteBilling consultant can help your SaaS business, you might need additional information. Maybe you want to learn about how the service works, or maybe you want to learn how to sign up for this service.
Whatever information you need, we can help. At White Glove Consulting Group LLC, we’re experts when it comes to Netsuite SuiteBilling.
Additionally, if you’re looking for subscription billing solutions and consultants, we can help. Simply visit our website now.