Automated billing software not only helps businesses in streamlining their invoicing process, but it eliminates errors that manual billing causes and helps in deriving valuable business insights that you can leverage for your overall growth.
Handling larger volumes of recurring customers through a manual billing process can be tedious, time-consuming, and might require extra resources. The manual billing process is also susceptible to inaccuracies and is not quite recommended for businesses handling a large volume of data to avoid errors. When a business offers subscription-based services, the processes including billing, invoicing, payments, and revenue recognition are almost impossible if are being carried out manually.
Businesses that offer usage-based or subscription-based services should definitely choose to go with recurring billing software to update and automate their billing systems. This will not only streamline the complete billing procedure but will also fully eradicate the probability of manual errors.
A lot of subscription-based businesses are already leveraging the benefits of their shift from manual billing to fully automated billing software. And it is certainly important and recommended for all the businesses dealing with a large volume of customer data that are still using the conventional billing software.
The points below may help you to clearly understand the importance of automated billing software –
1. Saves additional time and effort:
You lose a lot of time and effort if you look at each customer manually to determine its subscription plan and deploy its bill accordingly. Manual billing can further complicate the process for you and your customers when there is some change in the existing plans where you will have to track each new add-on, product removal, and customer update manually. In simple terms, working with more customers and continuing to use the manual invoicing system is not practical.
An automated billing software saves you precious time that you spend needlessly sending bills to customers and collecting payments on a recurring basis. Billing automation is the best option to go within these modern times. When you use this, you put instructions in place in advance and save your billing team a great deal of time and effort.
When you opt for an automated, self-serve system for your company’s billing requirements, you provide your customers the freedom of altering their preferences whenever they wish to. They can review their bills and make the payments themselves, saving your team time and effort.
2. Improve accuracy and eliminate errors
Recurring manual billing and invoicing processes increase the risk of human error and can result in several errors and inaccuracies in customers’ invoices. The more repetitive the manual activities are, the greater will be the risk of inaccuracies in the end results. Aside from the fact that errors are expensive, there are also long-term costs associated with declined customer satisfaction.
With the billing automation process, customer information or subscription plans are required to be entered into the system only once. This means that any time you update a new subscription, the information will always be accurate every time a customer is billed, no matter what number of customers you are serving.
Automation is about being able to drive and grow your business with confidence.
3. Improved understanding of the Major Subscription measures.
Each business must have a complete understanding of what is going on behind the scenes and what the data suggests. For SaaS (Software as a Service) and other subscription-based businesses, access to relevant reports is a critical component in monitoring business health.
The reporting features offered in the automated billing system can provide you with significant business information to project future revenues. You get to access reports that allow you to see what’s working and what isn’t and quickly fix it. This will assist businesses in making informed strategic decisions going forward.
4. Automated billing system can simplify the way payment collection is done.
Payment collection is easy when you use a modern recurring billing software like SAP BRIM. This is because it automates the entire invoicing and collections process for your business. It also helps small and large businesses in identifying and flagging customers that have due payments and sends out past due notices automatically. Once you start using a system that automates these processes, you will immediately get an idea about the customers’ payments that have not been received, so you can easily identify which clients you need to pay attention to.
Using traditional billing solutions can make it difficult for your company in handling partial payments and payments in various currencies. Tracking partially outstanding payments and converting international payments to your local currency will take up your time and energy if the number of customers you are handling is huge. Automated billing software like SAP BRIM can automate similar activities, saving your significant time and efforts and making payment collection a hassle-free task for you.
5. Improved relationships with customers.
Easy access to client accounts resulted in a better understanding of client behaviour, which resulted in the identification of turnover risks.
Recurring or r automated billing software is much more advanced, sending automated email notifications to the customers once payments are received, which is yet another way to that adds to your relationship with your customer.
No matter how much money a bill is for customers still enjoy receiving this little thank you from your company. As a matter of fact, a simple ‘Thank you’ note can increase your chances of being paid more.
6. Offers Improved security
Automated billing adds an extra layer of security and where certain tasks could only be allowed to certain people within the organization. When an automated billing system is used, it gives you total control over who can do what on your billing platform.
Most businesses have security as one of the major concern when looking for an automated billing system. SAP BRIM solution for Billing automation assures safety for its customers and is the best choice to go with if looking for an automated invoicing billing system.
SAP BRIM for Billing Automation:
Below are SAP BRIM advantages of the on-premise solution –
- Subscription-based products and use-based or recurring services are easily automated because it is automated.
- Deal with customer requirements with much more agility. With SAP BRIM, customer needs can be executed in an efficient and faster way
- SAP BRIM not only automates the entire billing procedure for your business but also processes the data quickly and efficiently.
- Offers rule-based and smart automation for billing, invoicing, and accounting processes
- Helps businesses with automated and highly efficient processing of large volumes of data
Manual billing processes are comparatively slow, inaccurate, and more prone to errors, and they do not offer the agility needed to innovate and compete. In order to position your large-scale business that offers subscription or usage-based services and succeed in this increasingly competitive landscape, having an automated billing system is crucial. Automated billing software is an often-overlooked component of a complete digital transformation. And unfortunately, a lot of businesses do not think of improving their billing procedure until some of their pain points have already appeared. But, as a business, it is important for you to maintain a healthy cash flow and keep your business performing at its best in terms of efficiency, security, and customer satisfaction. Go for SAP BRIM automated invoicing system as it is an essential development for your organisation to grow.