NetSuite SuiteBilling is an advanced billing management solution within the NetSuite ERP, designed to automate and simplify the handling of recurring payments. This powerful tool offers extensive flexibility by integrating flat-rate, tiered, and usage-based pricing models with promotional offers, volume discounts, and personalized customer rates. The support for diverse pricing models and intricate billing scenarios ensures the generation of accurate invoices is straightforward and efficient.
SuiteBilling also provides comprehensive control over the entire subscription lifecycle. From modifying subscriptions and prorating charges to consolidating multiple fees into a single invoice and automatically generating renewal invoices, this tool enhances customer retention and operational efficiency. Its robust capabilities, including multi-currency support and end-to-end revenue management, make it an indispensable asset for businesses managing complex billing requirements.
In today’s world, we have shifted to a subscription-based model for many sectors of business. Netflix is great example of subscription billing, but everything from professional services to telecommunications are adopting usage-based and subscription service contracts, further driving the need for software that can manage this requirement. Too much manual effort is being spent on this process, thus raising the internal costs.
Since the magic wand option is not realistic, clients need a way to accurately bill for subscription payments. NetSuite SuiteBilling readily provides customers (such as those in Telco, Services, or Marketing agencies to name a few) with everything they need to manage subscription billing. For example, users get access to:
NetSuite SuiteBilling enhances accuracy and saves time by fully automating the billing process. Companies can create subscriptions that capture setup fees, license counts, and variable consumption in one streamlined step, ensuring efficient billing operations.
SuiteBilling provides maximum flexibility in pricing and billing options to cater to various business needs. This includes the ability to set both standard and customer-specific price plans, incorporating volume-based, tiered, and flat-rate pricing models.
The robust rating engine allows for a combination of one-time, recurring, and usage-based charges, enabling consolidated invoicing for all types of subscriptions. This feature supports comprehensive billing management and enhances accuracy.
SuiteBilling makes it easy to manage the entire subscription lifecycle, from the creation of subscription items and orders to dynamic revenue and billing reports. This streamlined process helps businesses adapt to changes and maintain customer satisfaction.
By integrating billing with revenue management, SuiteBilling helps companies comply with accounting standards. This automation simplifies the revenue recognition process, ensuring timely and accurate financial reporting. ic pricing, optimizing revenue potential by tailoring pricing strategies to individual customer needs.
1. SuiteBilling supports multiple pricing models, making it possible to bill customers in a variety of ways, ranging from a simple flat rate each billing cycle to complex volume or tiered scenarios.
This customer-specific pricing allows for more accurate billing and less manual effort.
2. NetSuite SuiteBilling’s Rating Models give businesses the choice of billing subscriptions as either one-time charges or recurring fees, either in-advance or in-arrears. With multiple rating models, companies can create subscriptions that capture setup fees, license counts and variable consumption all in one step significantly increasing billing process efficiency.
Flexibility in contract billing models gives Software companies the ability to charge for multiple items and services with intersecting cost or cost models. Accurate billing promotes an improved DSO for our clients.
3. SuiteBilling supports subscription models from evergreen to traditional time-based (e.g. 1-year, 3-year). Changes to subscriptions such as upsell, down sell, suspend and terminate are easily managed. Revenue Leakage is reduced with automated renewals.
4. SuiteBilling allows organizations to schedule and automate changes to subscriptions. NetSuite clients have the ability to schedule an immediate or future dated change to pricing and/or quantities on subscriptions. With SuiteBilling, these changes can be recorded at the time they are identified and will be active upon reaching the effective date set on the change order. All change orders support pro-rating of invoice lines to capture pricing and/or quantity changes over a period of time based on the set effective date. Further, any backdated change orders, already billed to the customer, will automatically generate a credit.
5. SuiteBilling provides the ability to create both common pricing templates and customized scenarios to support customer specific deal negotiations and contracts. Generic subscriptions can be created and used for all customers or a specific subset. Customized subscriptions built off alterations to existing subscriptions, or net-new, enable users to create specific pricing and contract agreements for customers, including specific discounting rules per item in the subscription.
Outside of the SuiteBilling module, NetSuite natively offers many other solutions that help optimize a recurring revenue model. Standard functionality that accompanies NetSuite includes:
With the move to a subscription economy, businesses need a way to generate invoices that accurately reflect pricing and consumption over a defined period. NetSuite SuiteBilling helps companies streamline billing operations, providing real-time visibility into billing and financial activity. From consolidated invoicing, automated rating processes and support of multiple pricing models, SuiteBilling provides transparency around all billing activities.
If your business utilizes a subscription billing model, contact ScaleNorth today to learn how SuiteBilling can help you streamline operations while providing a more positive user experience.
