Billing software evaluation
Do you need a new billing solution for your subscriptions?
Is your current billing setup cost-efficient and reduces manual work with smart automation? Does it centralize data and connect tools for a full overview of your subscription lifecycle? And can it actively support your business strategy?
In our evaluation guide to find the best subscription billing software, we provide you with:
- advantages of billing automation & revenue analytics for strategic growth
- the right tools to identify needs and potential gaps in your current billing setup
- core functionalities of a billing software specifically for subscription businesses to determine your must-haves
- best practices for successful software migration
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Automation
Your manual invoice management costs too much
What you have: Manual invoice management usually happens organically, when a business is still small enough to process invoices personally and keep an eye on everything. However, manual invoice handling doesn’t scale, and it can cause severe security risks with a heightened error rate compared to automation.
The hidden costs of manual invoice management:
- Slower processing per invoice
- Higher error rates
- Low scalability in case of sudden growth
- Potential bottlenecks (if only one or a few employees are able to process billing)
- Less transparency into billing details causing potential compliance risks
What you need: If you face this issue, you want to look for a billing solution that will automate your subscription invoicing management and be able to scale with your business growth.
Scaling costs
Your current billing setup is too expensive
What you have: You might have implemented a billing solution that either used to be more cost-efficient before it hit a price increase/upgrade or it turned out to be too much for your actual business use cases.
- Some billing solutions can be used for free or at very low costs at the beginning but can get expensive once your business grows (e.g. higher invoice volums, user seats, etc.)
- In other cases, you might have subscribed to a costly solution thinking you would use it fully and then realized that your actual billing requirements are a lot less complex.
- Or you’ve built your own solution but have realized that it takes more and more resources to update it for new regulations, local requirements, keep it running or scale it to your growth.
What you need: In both cases you are looking for a cost-efficient billing solution that offers ways to save money (e.g. via control over payment fees or better variable rates for invoice processing). Additionally, lean billing solutions can reduce IT workload and often require less onboarding and training. They simply do what they have to do – nothing more, nothing less.
78%
of finance leaders have been surprised by hidden costs or unexpected price hikes from their financial software provider.*
Scaling up
Your current billing setup is not enough
What you have: At the beginning of many business stories, free software or very basic solutions can be perfect for your billing requirements. But adding subscriptions to your business model or expanding to other markets can soon increase requirements such as e-invoicing regulations, local tax, or require recurring billing functionalities that your standard billing software doesn’t cover.
What you need: In this case, you’re looking for a billing solution that covers not just your current requirements but will also enable you to grow your portfolio, change pricing strategies and re-structure your payment processes without having to switch all over again in a few years.
Integrating
Your current billing setup is siloed
What you have: You might have the perfect solution, but it doesn’t integrate into your tech stack, forcing you export and import reports to keep data synchronized and constantly checking for potential inconsistencies.
According to McKinsey, managers and professionals spent at least one day per week searching and gathering information. This is often due to systems that are not fully integrated with each other, so data isn’t consolidated but has to be extracted from every single tool.
What you need: You’re looking for a billing solution that easily integrates into your existing tech stack, provides standard plugins and an API First approach to support custom changes or webhooks.
40%
of solutions finance teams use are not fully integrated or entirely disconnected.*
Find the right billing solution for your subscription business
Our guide contains information a manual cost calculator, step-by-step guides to identify use cases, define must-have functionalities and evaluate vendors.