The integration abilities of NetSuite are probably one of the most important features that it can offer to SaaS businesses. As mentioned, SaaS businesses are capable to offer most of the core business functions within their internal system. Where they fall behind is the integration of the billing, invoicing and all financial matters of the business. NetSuite is highly flexible and can be integrated to work alongside internal customer information databases to take on automated recurring billing and management of global operations that may work with different currencies in different regions.
2. Billing and Invoice Management
NetSuite's billing and invoice management solution offers automation of invoicing and billing tasks. Where business owners may manage entire subscription lifecycles, through modifying subscriptions, prorate billing, consolidating multiple charges on a single invoice, and auto-generate renewals that will improve customer retention and improve customer service. With a billing schedule feature, businesses may schedule for future, real-time, and back-dated invoices. Automate billing at the end of free trials or rate increases for when discounts expire. When the billing process is automated, invoicing becomes more accurate which in return, accelerates payments and improves cash flow. Consolidated billing creates trust and transparency among customers by stating every charge on an invoice. In addition, discounts drive returning customers and automated renewals. Working alongside accounting functions, recurring revenue can be automated and managed accurately and remain compliant to standards.
3. NetSuite OneWorld
NetSuite OneWorld can also be an add-in, which can manage operations across multiple locations easily. With this support business owners can eliminate the need to use multiple solutions and integrate NetSuite OneWorld is a specialized module that has global operations, it provides real-time data at all levels to ensure that executives have access to data at any time. Furthermore, NetSuite OneWorld can adjust for different currencies, languages, taxation, and legal compliance at local levels, and handle regional and global business consolidation.
Business as usual is a concept of the past. SaaS businesses are changing the way we operate and communicate within organizations. A software company has more than just its core business processes to take care of, a crucial component is the way that financials are handled. Such as billing & invoicing, and accounting & financials. A SaaS business can have a customer base potentially anywhere in the world which means that a management team would greatly benefit from an integrated solution to make their operations seamless.
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