Best Practice: Automate the Revenue Recovery Process

Credit cards are an extremely convenient way to pay for online purchases. However, subscription businesses can face challenges in successfully completing recurring payments via credit cards. This is because after the initial payment at signup, various factors can cause the recurring payments to fail. The most effective way to repair the transaction—and thereby “recover” this revenue which would have otherwise been lost—is to employ automated tools and processes.

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Ditch Those Spreadsheets and Improve Revenue Recognition

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.

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How a Dedicated Subscription Billing Platform Can Benefit Finance Teams

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accounting finance

As any subscription business knows, recurring billing is complex and presents many challenges that billing for a one-time purchase does not. Different billing models, mid-month upgrades and downgrades, add-on charges, etc. all add to the complexity.

From an accounting and finance standpoint, accurate reporting each month is complicated by these factors, each of which impacts billing and can complicate revenue recognition. And as a business scales, this complexity only increases. Another challenge for finance professionals is that most ERP and CRM systems are not designed to handle recurring revenue.

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Best Practice Guidelines for Year-End Closing the Books

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Best Practices accounting finance

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.

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