Billing software allows you to track the products and services your customers use, generate and send invoices with, and receive payments. However, some billing platforms are capable of much more. They can automate the repetitive tasks your finance team struggles with on a daily basis.
If you manage a software as a service (SaaS) company you’ll need additional billing functionality depending on the products you sell, your pricing models and customer preferences. You’ll need a billing solution that lets you bill based on various payment schedules – monthly, semi-annually, annually or custom. When coupons, discounts and promotions are offered, your billing system needs to automatically account for them against the applicable products for the duration of the offer. And finally, the added complexity inherent to SaaS-based companies requires more robust reporting capabilities to measure metrics such as annual recurring revenue (ARR), monthly recurring revenue (MRR), churn percentages, reactivation rates, profitability and projected future revenue.
Since billing software requirements vary depending on your company size as well as your industry – we’ve provided a comprehensive guide to help you choose the billing software solution that will keep your company running at peak performance.