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
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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