What is SuiteBilling?
If you are a current NetSuite user or have found yourself researching NetSuite, you may have seen ‘SuiteBilling’ mentioned. SuiteBilling is a fairly recent NetSuite product to be released within the UK & Europe and because of that, we find a lot of businesses are unaware of the benefits SuiteBilling can add to NetSuite.
Like all NetSuite products, SuiteBilling is seamlessly integrated with the rest of the functionality within the NetSuite core products, and additional modules, such as Advanced Revenue Management. It will look and work just like part of your native ERP system, allowing a holistic view of all your business operations.
While the less focused billing products, such as NetSuite Core Product or Advanced Financials, allow billing schedules, multiple price levels and different types of billing (charge based, milestone billing etc.), SuiteBilling is a more powerful and sophisticated way of allowing businesses with more advanced billing requirements, to carry out their billing within their ERP system.
SuiteBilling is designed to resolve problems around contract management with your customers, providing automation on renewals and up-sells. SuiteBilling introduces Subscriptions, allowing you to create flexible contracts for your customers.
A subscription plan is a collection of items/transaction lines. Each of these can be optional or mandated by the plan. Per line, a subscription plan has the flexibility to honour separate billing modes; One-Time, Recurring and Usage.
Associated to each subscription plan is a price book. The price book outlines how you will generate charges, and for how much, when a subscription is processed using the billing features in NetSuite.
Below are some of the features SuiteBilling could offer your business
SuiteBilling supports multiple pricing strategies. Options for pricing include flat rates, fixed amounts, tiered and volume pricing. Subscriptions can support multiple price books enabling granular control on your pricing for specific currencies. Recent additions to the core product now see time-based pricing. This feature allows you to set up free trials, or pricing to be phased based on the time elapsed through the contract.
Allowing your invoice to represent one-time, in-advance, or in-arrears charges on one customer subscription, meaning you can captures items such as set-up fees and license counts in one step. In addition to this, consumption-based charges allow you to charge customers based on their usage of a particular service.
Billing accounts allow you to have separate sub-accounts for a single customer. Whilst the customer record provides the overall financial position of a customer, billing accounts allow your customer to have multiple contracts with you against different accounts, each with their own contracts, managed independently, and without the need to have separate customer records.
SuiteBilling allows you to schedule and automate changes to subscriptions. This means you can schedule an immediate or future change to pricing or items within a subscription, eliminating the need to manually track each individual subscription.
SuiteBilling is built with Advanced Revenue Management at the forefront. This affords you the ability to create revenue arrangements derived from your contractual obligations.
SuiteBilling could add efficiency, automation, and visibility to each billing cycle and subscription within your business. If these features and benefits sound like music to your ears so far, get in touch with the team at 3EN to discuss SuiteBilling and how we can help you move forward with some revolutionary changes to your billing cycles.