Every business wants to improve efficiency and reduce errors. Automating repetitive tasks and removing manual effort are the quickest steps toward these ends. However, identifying the parts of your business to automate can be a challenge. An easy way to start is by identifying processes that are repeated on weekly or monthly intervals.
More companies are moving to an automated billing system because of its cost savings and ease of use. Automated billing provides a reporting mechanism to track the performance of your business. It provides the flexibility to offer a multitude of subscription plans and automatic renewal of subscriptions. Lastly, automated billing produces operational efficiencies, eliminating the need for manual billing practices.
Common examples of efficient billing solutions include the following tasks:
Invoicing & Payment Processing
Automated billing systems can help enterprises accelerate cash flow through invoicing and payment processing automation. Configure workflows to automatically send invoices and collect payments, so that you can save time in business operations.
Automated billing systems enable finance teams to create workflows built around sequences of events and actions. Easily orchestrate workflow timing or create automated workflows based on triggers by configuring the billing process to suit your business.
New guidelines require global businesses to recognize revenue as performance obligations are fulfilled, not upfront. Automated billing systems’ revenue recognition calculates the recognition schedule automatically so that you can avoid costly errors related to noncompliance.
Analyze Key Indicators
By creating automated workflows, analyzing key indicators becomes easier. The ability to integrate with other financial systems allows for the consolidation of data for better record tracking. These integrations include real time data updates.
Managing billing manually can lead to mistakes such as missed calculations. The time and effort spent correcting these mistakes can be costly. Automated billing adds both speed and efficiency into business processes.
Reduce Repetitive Tasks and Build Retention
BillingPlatform can streamline your internal operations and improve communications with your customers, building the relationships necessary for retention. By creating customer loyalty through high performance and positive experiences, BillingPlatform promotes long-term partnerships with your customer. With our data collection and reporting features, you can gain insights that enable every part of your company, from product development to customer success.
Selecting and implementing powerful automation processes to improve customer retention can be complex, so we created our Comprehensive Guide to Automated Billing Processes. This whitepaper helps break down the challenges companies face creating automated billing and the benefits, strategies, and features BillingPlatform offers to help overcome them. You can download the guide and learn more by clicking here.