SuiteBilling: Simple SaaS Subscription Billing in NetSuite
October 26, 2022
SuiteBilling by NetSuite is a module that has been built to cater for the needs of companies who bill their clients on a subscription basis
Over the past 15 years, we have seen a shift in how many companies have moved to structure their billing models to capitalize on the value of having repeat customers rather than relying on higher one-time payments. . In 2022, many industries, including entertainment companies such as Netflix and Stan, health and fitness companies such as Peloton, and even food distribution businesses such as HelloFresh and Marley Spoon are making the most of subscription pricing. However, this billing model started in the Software as a Service space, and has long proved a challenge when it comes to accounting for, and automating subscription billing.
NetSuite SuiteBilling Explained
NetSuite is the world's leading provider of cloud-based business software solutions. NetSuite helps organizations of all sizes manage their finances, operations, and customer relations in the cloud. SuiteBilling is a powerful, yet flexible subscription billing engine that is built into NetSuite. It gives organizations the ability to automate and manage their subscription-based revenue streams with ease.
There are many benefits to using NetSuite's SuiteBilling over other subscription billing solutions on the market, such as:
Seamless Flow of Billing Information
SuiteBilling is seamlessly integrated with the rest of NetSuite's powerful suite of business software solutions. This means that organizations can manage their entire business in one place, from financials and accounting to customer relationship management (CRM) and order management.
Configurable Billing Engine
Second, SuiteBilling is highly configurable, so it can be easily customized to fit the unique needs of any organization. NetSuite clients can work with an experienced NetSuite Solution Provider to configure this module to suit the needs of your SaaS business's unique billing requirements.
Built for the SaaS Industry
Finally, SuiteBilling comes with a robust set of features that are designed to help organizations streamline their subscription billing process. For example, SuiteBilling includes automated recurring billing, usage-based billing, and prorated billing meaning you can be sure you have the flexibility you need to manage any billing scenario.
In this article, we will take a closer look at how NetSuite's SuiteBilling can simplify and automate your SaaS company's subscription billing. We will also provide some tips on how to get the most out of this powerful tool.
How SuiteBilling Can Simplify and Automate Your SaaS Company's Subscription Billing
Some of the key features and benefits that make SuiteBilling so powerful for SaaS companies include:
Automated Recurring Billing
With SuiteBilling, you can easily set up recurring billing for your customers. This means that customers will be automatically billed on a regular basis for the products and services they have subscribed to. This can take the form of weekly, monthly, quarterly, or annual billing.
Another great feature of SuiteBilling is usage-based billing. With this type of billing, organizations can charge their customers based on the amount of resources they consume. This is a great way to ensure that you are only billing your customers for what they actually use.
Prorated billing is another handy feature of SuiteBilling. With prorated billing, organizations can charge their customers based on the actual number of days they used a product or service. This is a great way to avoid billing discrepancies and to make sure that accounts that have only used the service for part of a billing period are invoiced correctly.
Improved Accuracy and Visibility
NetSuite's subscription billing solution provides real-time visibility into customer
subscription data, which helps improve billing accuracy and prevents billing mistakes. When SaaS Companies use NetSuite, they can set default billing rules based on a customer's subscription tier. If a client's subscription changes, this information can be updated automatically through NetSuite's integration options.
Faster Invoicing and Cash Collection
NetSuite's subscription billing solution automates the entire invoicing process, from creating and sending invoices, to initiating payment requests/debits. NetSuite can also be integrated into your billing platform to ensure that invoice and payment information and requests are synchronized in real time.
Increased Customer Satisfaction
NetSuite makes it easy for customers to view their subscription data and make changes to their subscription plans. This increases customer satisfaction and reduces customer churn by providing transparent information about historical and future purchase data.
Improved Financial Forecasting
With NetSuite SaaS companies can gain real-time visibility into their recurring revenue streams, which helps improve financial forecasting accuracy. This is because NetSuite's subscription billing solution captures data about each customer's subscription plan, usage patterns, and invoicing history which can be used to accurately model cash flow projects across multiple date ranges.
In summary, NetSuite's subscription billing solution helps SaaS companies by automating the entire recurring revenue process. This allows SaaS companies to focus on their core product and business, while NetSuite takes care of the billing and complex rev rec accounting requirements.
If you are a SaaS company and you are looking for a subscription billing solution that can simplify and automate your billing process, then you should definitely consider NetSuite's SuiteBilling solution.
About CEBA Solutions
CEBA Solutions is a NetSuite implementation and development partner that specializes in helping SaaS companies maximize the power of NetSuite. We have helped a list of growing SaaS companies streamline their subscription billing process with NetSuite's SuiteBilling solution as well as our own customizations specifically designed for the needs of the SaaS industry.
Zabe is a hands-on company Founder and President with expertise across multiple verticals to include business development, operations, distribution, finance, logistics, manufacturing, and the eCommerce industry.
With over 20 years of experience in the industry, Zabe works to support growing businesses by helping integrate digital and software solutions to optimize their operations and save them money. Together, we help companies manage core business processes with a single, fully integrated system covering Enterprise Resource Planning (ERP), financials, Client Relationship Management (CRM), procurement, warehousing, eCommerce, inventory, third-party logistics (3PL), and much more.