If you are a business owner or manager who offers subscription-based products or services, you know how complex and challenging it can be to manage your billing and revenue recognition processes. You need to handle different billing models, such as recurring, one-time, or usage-based, and comply with various accounting standards, such as ASC 606 or IFRS 15. You also need to ensure accuracy, efficiency, and customer satisfaction in your billing and revenue recognition cycles.
The answer is NetSuite Suite Billing, a cloud-based solution that integrates billing and revenue management in one platform. Suite Billing helps you streamline and automate your billing and revenue recognition processes, from the moment you create a subscription to the moment you recognize revenue. Suite Billing offers the following benefits:
- Flexible billing: Suite Billing allows you to create and manage different billing models, such as recurring, one-time, or usage-based, and customize them according to your business needs and customer preferences. You can also create and apply sophisticated pricing and rating rules, such as discounts, tiers, bundles, or promotions. Suite Billing also supports flexible billing schedules, such as monthly, quarterly, or annually, and automated invoicing and payment processing.
- Easy revenue recognition: Suite Billing integrates with NetSuite Advanced Revenue Management (Essentials) and Advanced Revenue Management (Revenue Allocation), which help you comply with accounting standards such as ASC 606 or IFRS 15. Suite Billing automatically generates revenue elements and revenue arrangements for each subscription line, and applies the appropriate revenue recognition rules and allocation methods. You can also create revenue plans, journal entries, forecasts, and reports with ease.
- Real-time visibility: Suite Billing provides you with real-time visibility into your billing and revenue recognition data, across your entire subscription lifecycle. You can access dashboards, reports, and analytics that show you key metrics and insights, such as billed revenue, deferred revenue, recognized revenue, renewal rates, churn rates, customer lifetime value, and more. You can also drill down into the details of each subscription line, invoice line, revenue element, or revenue arrangement.
- Customer satisfaction: Suite Billing helps you improve your customer satisfaction and loyalty by providing them with accurate, timely, and transparent billing and revenue recognition information. You can also offer them multiple options for buying, fulfilling, and returning their subscriptions across different channels and platforms. You can also communicate with them effectively through email notifications, reminders, statements, and self-service portals.