Taija has discussed the common pain points in recurring revenue monetization in a video blog series.
This time she talks about the challenges in providing a single source of truth for the services billed. Transparent truth for the customers. Transparent truth for the IFRS and GAAP compliance.
The video is for you, if you offer subscriptions, pay-per-use, or contract-based services. And also when your company is looking to join the significant as-a-service business transformation.
Delight Your Customers With Transparent Billing
Watch the video:
Most certainly, your customers are happy if they received accurate and clear invoices with transparency from invoice lines to what has been billed.
And your own organization will benefit from having a full traceability from original service entitlement or event data to invoice lines and accounting transactions.
Ease OF Mind When You Know That There Are No Compliance Issues
With an automated process, you can handle revenue recognition according to the tightening accounting standards ASC606 and IFRS15 without manual effort.
You can reach a single source of truth, when all your customer contract rules are digitalized and the provided services are collected online from source data with time stamps in place.
The Signs That Indicate Potential Issues With Transparency And Compliance
- If you still have manual steps in the gathering and consolidating of data, and processing data, some important information is lost during the process.
- If there is no single source of truth for the recurring billing, not within the company, not to share with the customers, not sharable with auditors
- if there are many different data snapshots or excel spreadsheets that information is pulled from whenever in need to assure billing, sort out complaints or record in bookkeeping.
Having Transparency OR Compliance As A Pain Point In Your Recurring Business?
We can help you. Our Good Sign Software links service entitlement and event data collection to billable items and automates all pricing rules, all billing rules, and all revenue recognition rules in your recurring revenue business.
You will have a single source of truth.
And what is more: Good Sign receives data of billable services all throughout the billing period. So you can even track your upcoming recurring revenue during the month. Also before it is billed. Feel free to take us to the test!
the top 5 pain points in recurring revenue
At Good Sign, we have identified 5 most common pain points. Based on our experience, businesses usually find that at least 2 of these pains apply to their recurring revenue businesses. Often 3 or 4 of these pains exist.
Watch all the episodes of the top 5 pain points series:
Let us know and get a chance to win a 500€ Gift Card
TAKE US TO THE TEST
So, if your invoices are not lovable in the eyes of your customer, or you need to use a lot of time in shaping invoices, sorting out billing complaints, or challenge us at Good Sign.
Test how our pricing and billing automation can solve your billing problems improving your accuracy as well as your customer satisfaction! Give us a call!
We help our customers solve existing pain points in pricing, billing and monetizing of service contracts and managing subscriptions and pay-per-use services. We help companies freely grow scalable services.
Feel free to contact us and let’s have a chat on how we can support your company.