In response to the subscription economics trends, the FASB and IASB have tightened up the standards for revenue recognition. As a result, many businesses are now being forced to tackle high volume subscription billing along with ASC606 and/or IFRS15 revenue recognition compliance.
Now, more than ever, revenue is being audited for compliance to make sure what is recognized aligns properly with what is being billed. Keeping the two separate but also in sync across your multi-element subscription contracts can be demanding. While the need to standardize revenue recognition practices and increase stakeholder transparency is justified, a survey by PWC and FERF found that a majority of finance teams feel implementing the standards will be very difficult and anticipate a significant impact to accounting policies, internal controls, business processes, and IT systems. In a nutshell: disjointed systems and manually-managed spreadsheets aren’t going to cut it anymore. Ensuring ASC606 compliance, along with other revenue recognition standards, is critical for accurate visibility and insight into business performance. But to do so in a streamlined and efficient way, finance leaders should seek a unified and scalable technology solution.
Enter 360 Subscription Billing—a Built for NetSuite Native SuiteApp designed specifically to keep subscription-based companies compliant by synchronizing NetSuite’s Advanced Revenue Recognition module with automated subscription billing.
Automated revenue recognition for subscription models
360 Subscription Billing easily automates recurring and subscription billing processes—simple to complex—and integrates seamlessly with NetSuite’s Revenue Recognition and Advanced Revenue Management modules. Ensure ASC606 compliance and a positive customer experience with automated revenue recognition, high-volume invoice processing, custom terms and frequencies, co-terming and more.
Automated renewals helps to increase retention, sustain revenue, and reduce manual administrative labor. Your Sales & Account Management teams can proactively seek approval for additional contract terms to avoid billing interruptions.
Start in NetSuite, Stay in NetSuite
360 Subscription Billing is a “Built for NetSuite” Native SuiteApp for automating and managing recurring and subscription billing. The tightly-integrated platform eliminates the need for third-party integrations.
360 Subscription Billing gives you more visibility into your business and the data you need to make smarter and more informed decisions through integrated NetSuite analytics and KPIs.
Keep Changes Compliant
Whether temporary adjustments like promotions or special offers or ongoing changes like upsells or downsells, automated billing proration keeps you compliant and frees your team from manual adjustments.
Make revenue recognition compliance easy with 360 Subscription Billing
360 Cloud Solutions has been a 5-Star NetSuite Solution Provider since 2002. With a deep understanding of how customers leverage NetSuite to grow their businesses and stay compliant, we created 360 Subscription Billing—one of the few “Built for NetSuite” Native SuiteApps for managing recurring and subscription billing.
Let’s Get Growing
Sound familiar? 360 Cloud Solutions can help.
Fill out the form with details and we’ll be in touch shortly.