Today, we announced FinancialForce Billing Central to the market!
Billing Central complements existing FinancialForce billing models by adding a sophisticated and easy-to-use subscription and usage based billing application, which is fully integrated with the FinancialForce Revenue Management suite and Salesforce CRM.
We’ve entered the era of “everything-as-a-service” business models that require constant visibility into a customer’s lifecycle. Because Billing Central centralizes customer billing on a single platform that sales, services, customer support and customer success staff are using, organizations can adapt to the way customers want to consume “as a service” and how they will be charged for it.
Once considered as a mundane function, billing has become a key part of companies’ customer success and retention strategy. Offering flexible billing options, Billing Central presents one invoice across multiple contracts, and shares the Invoice and Payment information in a customer facing portal, all leading to a more productive and efficient customer experience which ultimately helps with the customer loyalty and renewals.
Billing Central automates increasingly complex subscription contracts while improving the associated revenue recognition calculation and tracking.
As an example, the sample contract below includes a mix of one-off, recurring and variable charges, with tiered based pricing and different billing terms on the lines. Anyone tasked to prepare a manual proforma invoice “as of future date” on this contract would probably have a bad day. With Billing Central, it is now two clicks away!
With this full automation, FinancialForce customers can take advantage of innovative and new ways of pricing, bundling and billing their product & services in order to optimize their revenue opportunity and offer the flexibility that their customers expect, most importantly, without adding more work or people on the staff.
Full integration with Salesforce CRM
The full integration with Salesforce CRM generates spectacular benefits when it comes to implementation, billing model changes, adapting to the new revenue recognition rules, producing real time reporting, and providing deeper revenue analytics.
Moreover, the Audit and Control are dramatically improved by chasing out manual billing and spreadsheets for revenue recognition. A fully integrated solution should decrease fees and the time needed for the audit review of the revenue numbers.
In the meantime, this FinancialForce Revenue Management architecture diagram illustrates the FinancialForce solution, it’s modularity, the integration with SalesForce CRM and how our Reporting tools just sitting on one repository of consistent and accurate Revenue data!
Beyond (usage) subscriptions, our vision for Billing Central is to centralize all the revenue streams from Sales Order Fulfillment or/and Project Billing, unifying billing flows into one single place, presenting one invoice to the customer across all contracts as needed.