Take Charge of Your Contract Billing and Run with It

By Paul Johnson
CPA, CGMA, MBA

As your subscription business grows and changes, so do your contracts. However, that means your billing and revenue recognition changes too.

bearded young business professional working at his computer on a contract

When it comes to aligning your contract pricing and billing schedules to your complex business model, you shouldn’t have to suffer under ill-fitting accounting software options just because your contracts become more complex.

To retain control over your subscription and contract billing to fit your business, consider modern options designed to accommodate the way your company works.

Sage Intacct, a best-in-class cloud-based financial management solution gives endless pricing and billing schedules for subscription and contract-focused businesses to create their invoicing around their contracts, instead of the other way around.

AUTOMATION

The easiest and simplest way to stay on the fast track to business growth is to remove productivity bottlenecks due to manual processes, by automating those areas of weakness.

Billing: Whether you need regular period billing, with milestones, or nonlinear, Sage Intacct’s wide array of billing options allows you to tailor automated pricing and frequency to fit your business, and speed your billing processes.

Renewals: Set up contracts in Sage Intacct to automatically trigger renewals as contract end dates approach.

Contract Modifications: Accounting for add-ons, cancellations and changes to existing contracts can be set for automation to free your accounting teams without missing important contract details.

FLEXIBLE OPTIONS

Not all subscription and contract pricing is alike. Having more pricing options means you can streamline your billing with a faster setup process.

Set Your Own Designations: Price per thousand, minimum flat fees, usage pricing and discount tiers are all options you can set within Sage Intacct for reduced billing errors, and a faster billing process.

Flexible Models: Fixed pricing can be set with a simple amount, or a combination of options in quantity, rate, multiplier or discount.

group of employees laughing at their desk

FEATURES FOR CONTROL AND SPEED

Small details, systems disconnection and dated reports generated from on-premises systems all add manual labor and hours to your teams’ workload and hold back growth. Sage Intacct supports contract and subscription businesses with unique features that cater to complexity.

Integration: Because Sage Intacct integrates well with Salesforce, your quote-to-cash process moves more quickly as data from Salesforce travels seamlessly to Sage Intacct for stronger collaboration, greater accuracy, and a faster moving sales funnel.

Visibility: Get deep insights into every area of your accounting for contracts billing and deferred revenues, and a 24/7/365 open window into your key metrics from your dashboard.

Compliance: Sage Intacct is the first software solution its kind specifically designed to support ASC 606 compliance, and make revenue recognition easier for subscription and contract-based businesses.

Is your contract billing wearing on your accounting teams? Take charge.

Give us a call – we want to help simplify the process.

5 Strategies to Cure the Pains of Rapid Growth

By Paul Johnson
CPA, CGMA, MBA

Rapid growth is a both a blessing and a curse for services companies. Company growth is exciting, but as a result, your teams are knee-deep in new tasks, a fair amount of chaos, and one too many headaches.

Here’s 5 powerful strategies your company can take to ease the pains of growth, and scale success.

automation

#1: Automation Strategy – For Increasing Workloads

During rapid growth, teams often experience lots more work, and to quickly get from point A to point B, finance teams often turn to spreadsheets, data entry, and manual re-keying data into disconnected in-house systems.

Companies with heavy manual entry situations benefit the most from automation, to ensure accuracy and keep team workload capacities within reasonable volumes.

#2: Real-Time Visibility Strategy – For Project Profitability Insights

Companies that face growing complexities in their offerings, often face complexities in their metrics too.

Change happens fast, and finance teams that bring real-time visibility into their dashboards and metrics reporting can rest easy that they’re not missing a beat when it comes to fast-changing revenues and profits.

#3: Streamlining and Integration Strategy – For Disconnected or Isolated Internal Systems

Sometimes as companies scramble during fast growth, finance has a hard time syncing up with the company’s other isolated in-house software solutions.

As a result, teams re-key data manually in multiple systems, and departments remain disconnected. As companies grow their client base, it’s just as important to find solutions that streamline and integrate systems to keep data flowing seamlessly and accurately between teams.

automation

#4: Automated Global Consolidation Strategy – For Globally Growing Companies

With multiple entities, currencies or locations, global consolidations add a significant burden of time, effort and resources to financial teams.

Companies going global, can initiate an automated global consolidation strategy with software that can run global consolidations with one click, to boost accuracy and save time.

#5: Open and Integrated Software Strategy – For Companies Seeking Scalability

None of us has a crystal ball, so how do you know which software will be the best for your company down the road?

Think open and integrative. Consider software that plays well with other software solutions, and has flexibility in an open, cloud-based design.

A best-in-class cloud financial management solution like Sage Intacct offers a high degree of customization and automation, real-time visibility with customizable dashboards, one-click global consolidations.

If your finance team is looking to boost their success strategies as the company moves through rapid growth, we can help!

Give us a call to find out how we can help you choose a better fitting system that will grow with your company for the long haul.