As the subscription economy continues to advance at pace, businesses must actively seek out methods of invoice generation that are an accurate representation of prices and usage over a specific period of time.
NetSuite advanced subscription billing, or NetSuite SuiteBilling, empowers companies with tools to streamline their billing operations. It gives them real-time access to all facets of their financial activity.
SuiteBilling provides absolute transparency around the full gamut of billing activities, including:
- Consolidated invoicing.
- Automated rating processes.
- Numerous pricing models.
Benefits of NetSuite SuiteBilling
- Powerful rating engine for automation of usage/consumption billing
- Both standard and customer-specific pricing plans including pricing models in volume, tiered and flat formats
- Complete management of subscription lifecycles with flexibility for change orders
- Automatic renewals to streamline recurring subscription billing
- Seamless consolidation of charges from two or more subscriptions
Management and Renewal of Subscriptions
NetSUite SuiteBilling’s subscription model types range from evergreen to traditional time-based subscriptions like 12-month or 24-month. Changes to subscriptions involved in upselling, down selling, suspensions and terminations can be managed easily. Automated renewals help reduce revenue leakage.
Rating Models
With flexible options, businesses have the choice of billing their subscriptions as one-time fees or recurring charges. These can be done either in-advance or in-arrears. The availability of multiple rating models means businesses can create subscription types that capture setup fees, license counts and varying consumption rates simultaneously.
Billing processes become far more efficient when easy subscription set-up/maintenance and flexible rating models are combined this way.
Pricing Models
SuiteBilling offers support for multiple pricing models. This enables the possibility of billing customers in various ways, such as simple flat-rate billing cycles or more complex tiered/volume scenarios.
- Flat billing: customers are charged the same amount with every billing cycle.
- Volume billing: this is on the basis of consumption or entitlement. The charge is applied to the highest volume tier a customer reaches.
- Tiered billing: this is where the rate for every entitlement tier or unit of consumption is applied to a predetermined range. The overall final rated value comprises varying rates per unit to calculate the end amount to be charged.
Customer-specific Pricing and Discounts
With the NetSuite advanced subscription billing tools, you have the ability to create common pricing templates and custom scenarios so that customer-specific negotiations of deals and contracts can be supported. You can apply generic subscriptions for all customers, or those of a specific subset.
Alternatively, you can create custom subscriptions by altering existing subscription types or creating new ones from scratch. These enable you to develop unique pricing and contract agreements for your customers, including things like specific discount rules for each item in the description.
Change Orders
When you use SuiteBilling, you can schedule and automate subscription changes. By making change orders, you have the capability to schedule an instant or future alteration to features of your subscriptions like pricing or quantities.
Remove the requirements to manually track and monitor changes to customer subscriptions. SuiteBilling enables these changes to be recorded as soon as they take place. They will thus become active when they reach the effective date defined in the change order.
Change orders support pro-rating of invoice lines in order to capture changes in pricing and/or quantities over time based upon the set effective date. What’s more, backdated change orders for which the customer has already paid will generate a credit automatically.
Reporting
With reporting in real-time, you can gain swift and simple insights into the most common data for billing and finances. This includes things like total contract values, customer churn rates and monthly recurring revenue, enabling you to analyse and forecast effectively and identify problems very quickly.
Conclusion
Billing can tie up significant resource in a business, especially for those offering a variety of subscription models and pricing structures for different customers and services. NetSuite SuiteBilling aims to streamline and automate this system, which it succeeds at magnificently.
Not only does a more streamlined and automated billing process improve cash flow within a business, it also strengthens customer relationships and creates a win-win scenario for all involved.
Why choose Eventura to deliver your NetSuite Project?
As an official NetSuite partner, we have successfully delivered countless NetSuite implementations. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support.
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