Managing contracts is often challenging for subscription-based organizations and SaaS companies. Between time-consuming, manual processes and complex compliance standards, your team may be left feeling overwhelmed. With Sage Intacct, subscription billing, contract billing, and recurring billing services just got easier. The flexible software adapts to your specific needs and provides real-time visibility into revenue insights with advanced automation capabilities. You can perform forecast reporting on your billing, cash, and different levels of revenue and expense forecasting, guiding your business to make strategic financial decisions with real-time access to revenue details. Its multi-dimensional reporting functions provide you with full visibility into your contracts- from invoices, billing schedules, contract details, contract line details, payments, and more. Below discusses 6 key benefits of implementing Sage Intacct’s Contract and Subscription Billing module that eliminates labor-intensive manual calculations with built-in complete reporting and forecasting capabilities.
1. Ensures Complete Compliance with ASC606
Meeting the complex revenue recognition requirements of ASC606 can be challenging for your finance team. Sage Intacct offers the only ASC 606 cloud accounting and billing solution, automating all activities to comply with current accounting guidelines. You can eliminate the stress for your team by guaranteeing complete ASC606 compliance with comprehensive, automated revenue recognition built in.
2. Salesforce Native Integrations
Sage Intacct’s native integrations ensures everyone in your organization is up to date on financial relationships with customers. By seamlessly integrating with Salesforce CRM, you can enter customer and contract information in Salesforce to synchronize with your business financials in real-time. Keep billing templates and subscription schedules in your financial system, while giving salespeople complete visibility into billing and payments information. You can initiate contracts from Salesforce and seamlessly move subscription billing information, saving your business time and reducing manual errors.
3. Align Revenue Recognition with Expense Allocations
With Sage Intacct, you can simplify revenue management by flexibly configuring expense allocations to match or differ from your revenue recognition terms. The system’s flexible templates and schedules allow you to adjust invoicing, billing, and recognize revenue differently depending on your specific needs.
4. Subscription Management Functionality
Managing subscription billing manually is a complicated process. Sage Intacct’s advanced system allows you to streamline contract and subscription billing lifecycles, automate pricing and billing models, and integrate your billing with automated revenue recognition. With consolidated billing and invoicing, not only can you automate revenue recognition, but invoicing for contracts whether they are monthly, quarterly, semiannually, annually, etc. The contract and subscription billing software adapts to your needs and makes subscription management easier and more efficient for your business.
5. Advanced Workflows
With Sage Intacct, you can automate workflows with advanced contract, billing, and revenue management capabilities. With today’s competitive landscape, it is essential for SaaS and subscription businesses to offer a variety of billing models to meet varying customer needs. Sage Intacct’s comprehensive system accommodates evergreen, usage, enterprise, and hybrid billing models as part of its solution. The advanced workflow allows you to create additional transactions as needed, define transaction flow, and general ledger posting.
Multi-Element Arrangements (MEA) are also supported, and can offer Audit trails, separate book processing, specific execution and effective dates, as well as flexibility in the allocations that are executed.
6. Automating Revenue Reallocation and Eliminate Spreadsheets
Without a solution that provides advanced automation, many organizations rely on Excel spreadsheets to manage revenue, which is time-consuming and error prone. Sage Intacct will automatically and correctly reallocate the revenue for you when creating a contract or updating an active contract, creating a more efficient, accurate process. Your team can focus on core business activities opposed to spending hours working on tedious spreadsheets.
Sage Intacct was built to meet the billing, accounting and reporting needs for professional services and subscription-based organizations. Gain real-time visibility into revenue details with advanced reporting and automation and eliminate time-consuming processes to focus on what matters most- running your business and enabling growth.
CompuData is a proud Sage Intacct Partner and has helped our clients implement Sage products across the nation for over 30 years. To learn more about our Sage Intacct expertise and how we can help your organization increase business performance with comprehensive contract management, visit here.