Supercharging Your Order-to-Cash Processes with NetSuite’s 360 Subscription Billing
Efficient and automated billing processes are crucial for maintaining steady revenue and reducing operational costs. In a recent webinar hosted by Meridian Business, Jeff Kendall, Enablement Manager for 360 Subscription Billing, shared how this solution leverages NetSuite functionalities to enhance the order-to-cash processes.
Seamless Integration and Streamlined Experience
360 Subscription Billing, a Built-for-NetSuite SuiteApp, runs natively and requires no integration with NetSuite, allowing businesses to manage all billing and revenue processes within a single platform, eliminating additional technology stack overhead.
Flexible and Scalable Billing
The application supports multiple billing frequencies (monthly, quarterly, annually, plus others) and contract terms, accommodating various business models and scaling with growing businesses. It enables flexible start times and proration for contracts and subscriptions.
Automated Revenue Recognition
Integration with NetSuite’s Advanced Revenue Management (ARM) module automates revenue recognition, ensuring compliance with accounting standards, reducing manual intervention, and providing accurate financial reporting.
Enhanced Customer and Contract Management
360 Subscription Billing enhances customer and contract management with custom fields and records, designating contacts for invoices and renewals, and creating site records to manage license locations. This ensures organized and detailed customer interaction records.
Robust BI Tools and Dashboards
The solution includes BI tools and customizable dashboards leveraging NetSuite’s saved search and reporting functionalities, allowing users to visualize key metrics and gain insights into the recurring revenue sales cycle.
CRM and Payment Processor Integration
The solution integrates with external CRM systems like Salesforce CPQ and payment processors such as Versapay, facilitating automated deposit collection and payment processing, and enabling full synchronization of the sales process.
Simplified Order Management and Fulfillment
360 Subscription Billing flows with the conversion of opportunities to estimates and sales orders, supporting the creation of purchase orders, fulfillment records, and contract records, ensuring efficient tracking and management of sales transactions.
Versatile Use Cases
SaaS Businesses: Automates subscription billing, handles multi-year contracts, and manages escalations.
VAR Businesses: Combines inventory items, one-time charges, and maintenance contracts on a single order.
Managed Service Providers: Manages service contracts, logs case histories, and handles overage billing.
Robust Renewal and Upsell Management
The solution manages contract renewals and upsell opportunities, setting up auto-renewals, applying automatic escalations, generating new sales transactions, maximizing revenue and maintaining long-term customer relationships.
360 Subscription Billing offers a comprehensive solution for automating and optimizing order-to-cash processes. By leveraging its flexible billing options, automated revenue recognition, enhanced customer management, and robust reporting tools, businesses can increase revenue, improve cash flow, and achieve significant cost savings. For more information, reach out to our team for a tailored demonstration.
