A sale is just a milestone and not an end in the customer journey when a customer places an order or signs a contract. Everything that happens next, from service provisioning, billing and invoicing to Tax collection and revenue recognition, is critical to earning and recognizing the revenue from that sale. What’s more, the post-purchase experience—positive or negative—can shape how your customers perceive the value and the ease of doing business and whether they come back for more.
Revenue Management: why you need it
The goal of revenue management, as with most business processes is a smooth workflow that maximizes efficiency and in particular is to ensure you’re capturing all the opportunities that are available to you. Without it, some of the possible consequences include:
- Lost revenue—Failed, late or missed payments can become difficult or impossible to collect, leading to less revenue for the business.
- Wasted time—In addition to time spent chasing or retrying payments, businesses can spend as much as 200–300 hours a month on making their books compliant with accrual accounting rules.
- Frustration—Customers are rightly upset by having their access or subscription services interrupted, receiving excessive or inaccurate bills, or being forced to pay via inconvenient methods.
With a unified, automated revenue management solution, speed up the billing, invoicing, and revenue recognition process; close your books faster; and gain the flexibility to experiment with new pricing models, new payment options, and expand into additional geographies.
Build vs. Buy
Developing your own software for billing, invoicing and revenue recognition in-house is always an option. However, research reveals that the complexity of those solutions—and the engineering costs of building and maintaining them—is often greater than it seems. You may start out with a system that fits your current business model, only to find as you try to scale that it’s inflexible and prone to breaking. And, building software in-house takes time and resources that could be better spent on growing your business.
With a new generation of developer centric API first billing tools available from leading fintech platforms, like Stripe, that can be customized to meet every business need, the SaaS model hasn’t been more exciting. These tools offer out of the box wide range of payment option and flexibility of the platform to configure and customize billing and revenue recognition
The Simpler Solution – Constanci Advantage
We at Constanci provide Billing, Invoicing, and Revenue Recognition solutions through our partnership with Stripe. Together, these tools can speed up your digital transformation easily and cost-effectively, with no need to build a solution yourself.
Constanci’s solutions are built on Stripe platform leveraging payment, billing, invoice, and revenue recognition applications. Our solutions allow you to:
- Unlock all the revenue opportunities with efficient product catalog and price books that support a variety of pricing plans from flat rate pricing, metered or usage based pricing, tiered pricing, and more—as well as business models such as direct ecommerce, sales assisted, and channel sales
- Best practice workflow across CRM, storefronts, and billing to support complex billing logic such as free trials and discounts to coterminous sales from upsell and add ons, one-off invoices to recurring subscriptions, renewal terms, billing frequencies, and ramps
- Increase monetization through application fees, marketplace sales and streamlined revenue splits
- Streamline the order-to-cash process and provide a better customer experience with simple, consolidated billing and invoicing and integrated provisioning
- Accurate revenue recognition that complies with accounting standard for complex discounting models, bundled sales, revenue performance obligations
- Automate accounting processes to close your books faster and more accurately with integration to financial systems
- Recover more revenue and decrease involuntary churn with smart retries on failed payments and automated reminders for missed or overdue payments and smart dispute management
- Create and send invoices without code in minutes via the Stripe Dashboard
- Lower payment processing fees and accept all payment options such as credit and debit cards, wallets, apple and google pay, and others. Accept additional B2B payment methods such as wire transfers and ACH in the US,and other popular payment methods globally like Bacs Direct Debit and SEPA Direct Debit
Whether you operate a SaaS platform, a subscription-based business, or just need a better way to invoice your B2B customers, you can’t go wrong with our Revenue Management services —and as a Stripe partner, we’re here to help you integrate it with all your existing ERP, accounting, and CRM systems so you can focus on growing your business.
Ready to learn more about unified revenue management for your organization? Set up a free consultation with us now.