For businesses which rely on recurring revenue, financial reporting is a very convoluted process. Subscription billing involves accounting for changes, including upgrades, downgrades, plan changes, etc. All these changes can complicate the process of producing financial reports, especially as manual exception-handling is often required. This complexity limits the ability of subscription businesses to scale their finance function and diverts resources away from analysis and reporting.
Recurly makes it easy for finance and accounting teams to implement operations that scale. Our integrations with QuickBooks Online, Xero, and NetSuite let you automate the transfer of data from Recurly into those systems, reducing the need for manual effort along with the potential for errors which manual efforts can introduce. With automation comes greater accuracy.
Automating Tax Compliance
Finance and accounting teams are also responsible for sales and uses taxes—both domestic and international. These taxes need to be calculated, included on invoices, reported on, and remitted to the appropriate entity, whether to another country or to a national, state, or local government, wherever such taxes are applicable.
Recurly provides easy-to-configure sales and use-tax tools which automate the remittance of the tax. Automating this process not only saves time, effort, and resources, it also improves compliance with all international, state, and local tax laws.
Accounting and finance teams know that billing and collections are a key concern: cash in the door keeps the business running. Recurly’s decline management technology significantly improves collections. Recurly's Account Updater service monitors subscribers' credit cards for changes and makes updates automatically, improving transaction success rates.
Recurly's Revenue Optimization Engine is a new, sophisticated technology that uses advanced statistical models and machine learning to power our dynamic retry logic—logic that is optimized for each individual transaction.
Most businesses improve collections from establishing a consistent, optimized dunning process to alert their subscribers of past-due invoices. Recurly gives our customers the flexibility to tailor their dunning strategy to their unique business needs, for optimum results. We’ve also separated the dunning process from the retry process as we’ve found this improves results, since the factors that determine an optimized retry process are different from those that determine the most effective dunning schedule.
As a subscription business ourself, Recurly understands the challenges and issues finance and accounting teams face in working with recurring revenue, and we’re committed to developing the tools that will help to streamline processes, increase accuracy, and support high-velocity growth.
To learn more about how Recurly supports finance teams,visit this page. Or talk to a Recurly expert at (844) 732-8759.