Whether you own a brick-and-mortar store or run an eCommerce website, business owners cannot eliminate the process of invoicing. As a business scales up, invoicing and payment collection can become time-consuming. Besides that, many organizations still rely on manual billing processes, which are erroneous and inefficient.
The paradigm shift in customers’ buying patterns and digitization is driving the need for automation. While automation is already being used in manufacturing, supply chains, marketing, etc., companies should use it to streamline a business’s transactional processes. With the advent of recurring billing solutions, automating billing systems can improve cash flow and provide more growth opportunities.
What is Automated Billing Software?
In simple terms, automated billing software automates the entire process of invoicing and accounts payables. Automated billing systems create invoices, collect payments, send reminders to customers, and manage approvals and provisioning. Ultimately, it optimizes the billing process and ensures greater efficiency.
Why Do Organizations Need an Automated Billing Solution?
Automated billing solutions are the need of the hour for businesses that manage a large and diverse customer base or provide a wide range of products and services. Around 17% of US adults abandon a cart due to the long and complicated checkout process. And if organizations deliver poor customer service, most Americans don’t buy the product.
Digital transformation is driving subscription-based and recurring revenue models. But to support these models as well as deliver excellent customer service, organizations need billing software that ensures efficiency and makes the cash flow predictable. By deploying automated software, organizations can remove the element of human error and scale up effectively.
Finance professionals no longer have to worry about complex transactional processes and focus on strategic business decisions and growth. Further, with an easily traceable audit trail, they can easily manage regulatory compliance and service fees. All of this accelerates invoice processing time, eliminates the risks of manual errors, and reduces your operational costs.
Nonetheless, choosing the right automation platform for your business needs and processes is essential when implementing an automated billing system. Here are some features that you should check when introducing automation in your billing system.
You can automatically pay supplier invoices and streamline accounts payable with automated invoicing. The software extracts data from the invoice and seamlessly transmits it to the ERP system, enabling payments to be made in minutes.
Pre-integrated Design for Broadband, OTT, DTH, and IPTV
Irrespective of the industry, it is imperative that you choose a subscription billing platform that is easy to integrate and can be scaled when you expand your business into different operations. Pre-integrated designs ensure an easy and fast setup that saves time and keeps implementation hassles at bay. Further, the platform should be adaptable to multiple billing processes and complex subscription deals.
Analytics and Reporting
Billing platforms also provide insightful data about customers. This data can help companies understand demographics, customer profiles, plans, payment failures, and conduct performance analyses. They also access metrics such as churn, MRR, LTV, and ARPU to analyze business trends for appropriate decision-making.
Flexible Products and Pricing
If your automated billing solution doesn’t offer flexible products and pricing, companies cannot thoroughly enjoy the benefits of automation. The best-automated solution provides unlimited subscription models and customized rate cards to accommodate customers’ business growth.
Support Multi-currency and Payment Gateways
Expanding into different regions can be pretty challenging in terms of financial operations. A recurring billing system that supports multi-currency and payment gateways is essential. It should offer online payment integration with popular payment gateways and easy billing in different currencies. Further, companies can bill throughout the globe while being tax compliant.
Automated Renewals and Payments
Keeping track of renewals and payments is time-consuming, especially when done manually. Subscription-based billing ensures automated renewals and payments with just a reminder notification to customers.
Effective Customer Service
Companies should implement a recurring billing solution that is an end-to-end solution for flexible contract management. With customer care and self-care portals, you can capture customer preferences, interactions, and transactions to promote content tailored to the users’ interests.
An automated billing software ensures lower operational costs and increased revenue flow. Magnaquest Sure has all these features, making it the one-stop solution for your subscription needs. With Sure’s simplicity and flexibility, businesses can meet the complex needs of customers and help them walk on the path of growth. Explore Sure’s various features here.