A Complete Guide to NetSuite SuiteBilling

Invoice-related challenges are common in all types of businesses, whether service-oriented or sale of goods. It is crucial to have a reliable and proactive solution to effectively meet various business requirements. These solutions extend beyond mere billing and encompass tasks such as recording bill payments, settlements, cancellations, scheduling, and more. Automation plays a vital role in managing these tasks, particularly in subscription management. Opting for a trustworthy billing solution is the most optimal and secure approach in addressing these scenarios.

What is NetSuite SuiteBilling?

NetSuite SuiteBilling streamlines and automates the handling and billing of recurring subscriptions. It allows you to incorporate flat, tiered, and consumption-based choices along with promotions, volume discounts, and customer-specific rates, providing utmost flexibility.

With support for various pricing models and intricate rating scenarios, it facilitates the generation of precise invoices. SuiteBilling empowers you to oversee the complete subscription lifecycle, enabling modifications, proration of billing, consolidation of multiple charges on a single invoice, and the automatic generation of renewal invoices for enhanced retention.

Features of SuiteBilling

Subscription Administration

SuiteBilling accommodates various subscription models, ranging from continuous to conventional time-based plans, like one- or three-year terms. Managing alterations to subscriptions, including upsells, downsells, suspensions, and terminations, is straightforward. It minimizes revenue loss through automated renewals, allowing for the automatic application of a percentage price increase to a customer’s renewal pricing. These increases can be configured during subscription creation or renewal and offer the flexibility to calculate percentage uplift at a line-item level.

Pricing Models

Accommodate a variety of rate structures, spanning from straightforward flat rates to intricate volume and tiered scenarios featuring minimum and maximum thresholds. Implement standard or customer-specific pricing strategies to optimize revenue.

Rating Engine

An efficient charge calculation system enables the incorporation of one-time, recurring, and usage-based fees. Create subscriptions effortlessly, encompassing setup charges, license counts, and consumption, all consolidated on a single invoice.

Invoice Scheduling

Set up Invoices for the future in real-time. Automatically charge subscribers when free trials end or adjust rates upon expiration of discounts.

Subscription Modifications

Effortlessly address customer requests to alter their subscriptions. Upsell additional services or downgrade customers to lower pricing tiers. SuiteBilling automatically adjusts future invoices, ensuring precise billing.

Subscriber Self-Service

NetSuite’s SuiteCommerce MyAccount portal grants customers secure account access, allowing them to manage account details, view order history, modify subscriptions, and settle invoices.

Recurring Revenue Recognition

It aids companies in adhering to accounting standards for ASC 606 and IFRS 15 compliance, ensuring timely financial reporting.

Reporting

Real-time reporting offers convenient access to billing and financial data, encompassing monthly recurring revenue, total contract value, and customer churn. Analyze revenue, pricing, and consumption data across various dimensions to optimize the profitability of usage-based subscriptions.

SaaS Metrics Dashboard

The SaaS Metrics Dashboard provides a comprehensible view of key metrics and a 12-month rolling forecast, projecting revenue based on the current customer base. Monitor crucial metrics like annual recurring revenue (ARR), monthly recurring revenue (MRR), and churn rate at an enterprise-wide, individual-subsidiary, or cross-subsidiary level. Dive into metrics for in-depth insights and supplementary information.