Frequently, solutions for recurring billing or subscription billing find themselves in the midst of your business, often maintaining a less-than-ideal relationship with surrounding processes. This holds true for nearly every business incorporating a recurring billing component, an increasingly common practice. As the recurring billing model evolves with innovative approaches, it tends to introduce heightened complexity, exacerbating subscription billing pains for many companies.
As we speed toward subscription billing ubiquity, something has to give. There has to be a simpler, compliant solution that does not involve an application that sits outside of an ERP system. After all, billing is the central hub where the invoices, compensation, and revenue recognition information lives, right? Simple stuff.
In an article posted on ZDNet, Jim McGeever, CFO of NetSuite states, “You cannot manage the full range of required functionality and integrate it fully into the workflow without using a platform approach. We think this is a significant differentiator where customers want to automate the process but still demand as much flexibility as possible.”
Considering Mr. McGeever has a challenging subscription billing landscape to work with at NetSuite, we should take his insight seriously. SEC compliance is surely a concern for many businesses that have adopted a recurring billing model but not all require such a ‘premium’ solution.
Where does that leave the mid-sized businesses with subscription billing pains?
360 Cloud Solutions provides a NetSuite module that automates subscription billing very simply utilizing the functionality native to the NetSuite platform. As Mr. McGeever suggests, 360 has, in fact, utilized the platform approach. And the solution can be configured to automate the most complex recurring billing models.
What is central to successfully implementing any business changing solution is the approach. An agile, flexible approach increases the frequency of interaction and deliverables while increasing the likelihood of success. A close relationship with the business team builds the foundation of a long and value-driven relationship. 360 Cloud Solutions’ customers have employed 360 Contract Billing to propel their subscription business, gain visibility into customer billing activity, reduce costs, and eliminate manual errors—making their business stronger.
Curious to learn more? Build a custom 360 Subscription Billing demo today!