In the best of circumstances, financial reporting can be a complicated and sometimes difficult task. Accuracy is critical but not always easy to achieve. Subscription-based businesses face added challenges in accurately recognizing revenue. The business may have different billing models with different terms, have numerous customer upgrades and downgrades that need to be accurately calculated, along with many other customer events each month which affect billing. And many high-velocity B2C companies will process a huge volume of transactions throughout the month. All this makes for a complicated daily revenue-recognition process.Continue Reading
Technology has revolutionized many aspects of business, perhaps none more so than the accounting industry which has gained incredible efficiencies. New accounting software reduces workloads, increases productivity, and improves accuracy and access to real-time data.Continue Reading
Application program interfaces—more commonly known as APIs—are increasingly important for building efficient business processes. This is because they allow developers to tailor systems to optimize business processes. They’re also a quantum leap from yesterday's enterprise software tools, which were built and delivered as-is and required endless customization to actually use effectively.Continue Reading
For consumers and retailers, the end of the year means holiday shopping, parties, eating too much, and sleeping too little. For another segment of the population, the end of the year heralds another less festive activity: closing the books.
An organization’s year-end closing procedures, the accuracy of the results and the insights they provide are vital to its long-term success and stability. Following are some best practice guidelines* to keep in mind when preparing to close the books, to help ensure a successful result.
In order to give our customers access to best-in-class applications in both subscription billing and accounting, Recurly has integrated with QuickBooks Online. Our integration will give you the ability to accelerate your month-end close process, automate your revenue accounting flow, and eliminate manual processes.
The QuickBooks brand is synonymous with entry-level business accounting and bookkeeping. While the QuickBook brand may be perceived as entry-level, anecdotal evidence, however, suggests that QuickBooks is used by companies with as much as $20M-$40M in revenue—underlining the stickiness of accounting software.Continue Reading
At Recurly, we’re dedicated to creating best-in-class subscription management tools for our customers. One aspect of subscription management that is particularly meaningful, and challenging, to our customers is ensuring that they are able to properly account for their subscription revenue and close the books quickly and accurately each month.
We’re excited to announce that, beginning today, we’ve taken a significant step to help our customers meet that goal. Recurly now offers revenue recognition functionality that will allow subscription-based businesses to speed up their month-end accounting and reporting processes by creating a revenue amortization schedule for each transaction in Recurly. This allows merchants to break out deferred and recognized revenue each month, which saves a tremendous amount of time when closing the books.Continue Reading
Growing and maintaining customer relationships is core to the success of every business. Modern customer relationship management tools make it easy to communicate with your customers, build loyalty, and bolster their lifetime value. However, these tools are most useful when they give a clear and complete view of the customer.Continue Reading
Integrating critical systems is an effective way to extend the functionality of those systems, eliminate silos of data and improve data accuracy. Integrated systems also create efficiencies and provide a more complete view of processes and results, ultimately maximizing the value of IT investments.Continue Reading
For subscription businesses, standard accounting processes related to recurring payments, such as recognizing revenue and compiling monthly financial reports, are less straightforward than those related to non-recurring payments. Recurly’s new integration with NetSuite can help simplify some of the complexity that subscription businesses face in terms of processing recurring or individual invoices and payments. Recurly’s integration with NetSuite will also improve operations and reporting, increase transparency, and ensure auditability and compliance. Different types of subscription businesses face varied financial reporting challenges.Continue Reading