NetSuite’s Invoice and Billing Management Software - SuiteBilling
What is SuiteBilling?
In simple terms, SuiteBilling is NetSuite’s solution for subscription billing and management. The highly sophisticated NetSuite module enables a business to manage subscription billing or recurring revenue while taking into account consumption, pricing models, and change orders.
SuiteBilling provides many benefits to a business, some of which we will discuss in this blog, however, at 3EN we believe that its best feature is automation.
SuiteBilling’s ability to automate billing operations (which also accurately reflects pricing) is second to none and enables businesses that use this module to increase the efficiency of one of the most integral processes they have.
However, while we hold automation high up in the benefits list, that should not take away from the other rewards you can reap from using this module, and some are too good to just skim over…
Pricing and Discounting
When developing this module, NetSuite understood the need for flexibility around pricing and billing models, and how important this would be to their customers.
SuiteBilling supports a variety of models for recurring billing, such as Flat Rate, Volume, and Tiered. Not only do you have the ability to configure the system for how to bill, but you also have the ability to set customer-specific pricing or apply discounts.
Renewal Management
If you have experience manually renewing customer contracts, then highlighting the fact that SuiteBilling manages automated renewals should be enough to pique your interest. Reducing revenue leakage, and the risk of manually renewing a contract provides an unquestionable benefit to any business.
Change Orders
With the current market, we all understand the need to be flexible, but flexibility around contracts can often lead to missed billing, confusion regarding start and end dates, or even customer credits. Using SuiteBilling will enable you to schedule and automate changes to subscriptions, with all change orders supporting the pro-rating of invoice lines to capture these changes. This means you can be confident of your planned revenue while providing unwavering service to your clients.
So… Why use SuiteBilling?
With costs rising, keeping your cash flow healthy is more important than ever. The process automation provided by SuiteBilling is second to none. Therefore, using SuiteBilling leads to a more simplified billing process, resulting in fewer delayed payments and a more robust customer relationship. We truly believe that adding this module to your NetSuite instance (if applicable!) will support your business in cash flow management and more efficient billing operations.
Enhancements
An added benefit is that NetSuite are still working on SuiteBilling, taking into account customer requirements, and implementing enhancements to the module. This is great news to anyone who already has SuiteBilling or thinking about using it.
Suitebilling has even been mentioned in the latest Release Preview (2023.1) with the new feature to “Define Percentage Uplift for Subscription lines” which can automatically apply a percentage uplift to a customer’s renewal price. The renewal uplift can be defined on a template and assigned to all customer’s renewal prices making it simple to ensure your renewal prices are all consistent.
What is also available in this latest release is Minimum and Maximum amounts to the Price Plan records which offer flexibility to set an overall minimum or maximum value to be charged to the customer
Interested?
Give your account manager a nudge or ask them about Suitebilling, we can provide you with more information, and arrange a discussion with one of our consultants on what is needed to get started with Suite billing.
If you have any questions regarding SuiteBilling, or any other functionality within NetSuite, we would be more than happy to hear from you and offer our support. Please get in touch with your Account Manager, or if you haven’t yet been introduced to us, contact us at engage@3en.cloud.