Billing can be complex and time-consuming to manage. From generating invoices to tracking payments, it can be an arduous task that drains valuable resources and causes unnecessary headaches.
Simplifying your billing with ZoneBilling for NetSuite can help you optimise your financial operations. ZoneBilling can improve your billing, including order-to-cash processes and revenue allocation. This results in fewer errors, better efficiency and ultimately increased revenue.
Here, we take a look at why it’s important to streamline your billing and explore the benefits of using ZoneBilling with NetSuite.
The Importance of Streamlining Your Billing
Companies face a number of challenges when it comes to managing billing processes.
Many businesses rely on manual processes for billing, which can be time-consuming and error-prone. Manual billing can mean delays in invoicing and payment processing, as well as errors and inconsistencies in your financial and customer data.
For companies that offer multiple pricing models or have a large number of customers, billing processes can be especially complex. It can be difficult to keep track of invoices, payments and subscriptions.
The billing and collections processes can be convoluted and lengthy, especially for businesses that offer subscription-based services or have customers in different countries. Managing pricing models and plans, and then processing payments made in multiple currencies and using differing payment methods can be time-consuming.
It is a complicated affair to track customers that are on different pricing models, and whose contract renewals are coming up at different times. If you are managing this with spreadsheets that hold information on your users, their contact details, prices and contract dates, there is a huge risk that your data can be compromised. A simple error in sorting it, for example, could mean your data becomes completely flawed, which may affect all your customers.
Any error in processing invoices or sending renewal reminders can cause issues. Poor billing execution like this can lead to customer dissatisfaction. If a customer receives an invoice from you that is difficult to understand or has an error, they will likely be annoyed or frustrated. Not only that, but they will then need to query the invoice and this can lead to a delay in payment, which will impact your cash flow and revenue.
Customers can also be put off if they are billed for a subscription service they no longer want, but which hasn’t been successfully cancelled. This can lead to poor online reviews and damage to your reputation.
Introducing ZoneBilling for NetSuite
Created by Zone & Co, the ZoneBilling app makes it easier than ever to streamline your billing processes. The app extends the capabilities of NetSuite and as it is part of the SuiteApp family, it is fully approved for use with NetSuite.
ZoneBilling allows you to effectively manage your clients’ complex contracts and subscriptions – all within NetSuite itself. There’s no need to integrate with different platforms, manually import data from other systems or cross-check information on paper. ZoneBilling is a native SuiteApp, built specifically for NetSuite, which provides a unified platform for all your billing – from the order-to-cash process through to revenue allocation.
Because ZoneBilling works with many types of business model, you can structure your contracts, products and revenue in the way that is best for your business, without worrying that your billing system can handle it. It is versatile in supporting many pricing models, including one-time charges, recurring payments and usage-based billing. In this way, you can sell many types of product via just a single customer contract. You can sell software-as-a-service, licenses, platform users, hardware and usage-based products.
The ZoneBilling app does everything for you automatically. It calculates the correct pricing, billing cadence, usage rating and invoice consolidation. It automatically handles billing and revenue adjustment for upsells or downsells, cancellations, contract changes and extensions. So, your staff don’t need to make manual adjustments or cancel and rebook contracts.
By automatically syncing your billing and contract data with revenue, you can defer, forecast and post revenue entries. ZoneBilling allows you to auto-merge and reallocate revenue using retrospective or prospective methods The app is fully compliant with accounting standards, including ASC606 and IFRS15. It comprises flexible revenue recognition rules, such as straight line and upfront, as well as event-based rules like fulfilment, milestone and percent complete.
ZoneBilling provides you with better visibility into your finances. With its enhanced reporting capabilities, you can generate detailed financial reports that give insights into key metrics such as revenue, customer churn and invoice aging. This gives you critical information on which to make data-driven decisions and to base strategic and tactical approaches that will optimise your financial operations for better results.
ZoneBilling is beneficial for forecasting and planning too. The granular detail it provides is vital for any business but is particularly useful for companies that are seeking investment. The insight into future financial information that it provides is invaluable in proving your future revenue and subscription levels.
ZoneBilling also offers a range of other useful features, such as customisable invoice templates, automatic payment reminders and integrated payment gateways. These further simplify your billing processes and reduce the number of errors you might make. Plus, they give your customers a more seamless and convenient billing experience, driving their loyalty.
With its customisable pricing plans and automatic renewals functionality, ZoneBilling is a powerful and flexible billing solution for NetSuite that makes it easier for you to sell subscriptions and contracts. You can leverage your customer relationship management software and your ‘configure, price, quote’ (CPQ) tools to send renewal contracts into NetSuite. Or you can let NetSuite auto-renew your contracts for you. ZoneBilling supports a number of subscription options: evergreen, extensions, new contract lines and entirely new subscriptions. You can create renewal templates to schedule uplifts, change terms, and escalations and de-escalations in quantity, price, discount and rate. ZoneBilling also supports an integration to the Bureau of Labor to store Consumer Price Index (CPI) rates within NetSuite. Finally, there is reporting and alerts functionality for reminders about upcoming renewals.
ZoneBilling is a centralised, automated and streamlined system that will enable your staff to spend less time on your order-to-revenue processes, saving your business money.
NoBlue has partnered with Zone & Co, bringing you its range of useful NetSuite apps, including ZoneBilling, to help you get the most out of your NetSuite system.
To find out how you can streamline your financial operations, reduce costs and improve customer satisfaction with ZoneBilling, or to add the app to your NetSuite system today, contact us for pricing or to place your order.