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5 Signs When a Billing System Cannot Keep Up With New Business Models

May 12, 2020 11:00:00 AM

Your business is agile, is your billing system - Look for these Signs

Is your billing system as agile as your business. 5 Signs to look forYour business is ever-changing in the fast-paced world, and technology is opening up new business opportunities at exponential speed. Anything-as-a-service, servitization, multi-supplier propositions, just to mention a few. Your company wants to be part of it, and you want to capitalize on the innovation. Great, just ensure your old billing system is not holding you back.

Based on our conversations with clients and partners, we summarized 5 signs you might need to look for to improve your billing capabilities to delight your customers. And of course, some tips to solve these headaches.

1. Your Billing and Accounts Receivables Department Is Growing

So is the number of Excel files that are used by the billing and AR department, and the manual data collection needed to correct billing. These are sure signs why they need to create flexible workarounds to your current billing system to get the right invoice in front of the customer.

An agile billing system can cover all billing rules your business needs and it eliminates manual work. 

2. Your clients complain about their invoices

This is typically due to a mismatch between the invoice and the products and services delivered. The bill might be unclear, or they might be wrongly billed. But in either way, it leaves you with more work to find errors, explain or correct the invoice. 

To capture all billing items correctly, start at the root of the problem: ensure your billing system can cover all billing items from day one.

3. Your CFO has a hard time at the executive meeting

 A broken billing process leads to no real-time visibility for service profitability. How do we monetize this service correctly? It might be difficult to roll out, plan, and execute on new services. New business initiatives are not possible to implement in the current billing environment.

Often, the monetization is not taken into account when new services are developed. Make it part of the solution, by adopting an agile billing platform that can easily be configured for the new offering.

4. Your billing process gets delays, and bills stay open longer

It will take your team longer to find all the line items needed to complete the invoice. Or, they might miss a few, leading to revenue leakage. Clients will complain, you will need to correct, send credit notes, rebill…. At the end of the day, your bills will be paid later.

The invoice is a moment of truth in the client relationship. A clear, lovable bill creates confidence and trust. Make sure the client can recognize the line items on the invoice and bill with a sufficient level of detail. It will propel your business forward.

5. You are not able to set customer-specific pricing.

Your client has specific demands, and your commercial team wants to close the opportunity and deliver what your client needs. But you cannot work out how to invoice this in your current system. How can you combine specific pricing with standardized billing practices? 

A good agile billing system helps you plan ahead and gives you a grip on the business as well as the freedom to operate for your commercial team.

Agile billing: flexible billing to fit your needs

How can you get your new business demands covered without having to do a major IT system overhaul? By adopting a future proof agile billing system, that -no matter what happens- can cope with the business models you apply to meet your future demand from your clients. Sounds complex? That is what Good Sign has been doing since it was founded, helping clients deal with billing challenges easily and comfortably. As a result, we now have one of the most agile billing offers on the market.

Take us to the test

If you feel your billing needs will outgrow your current billing solution, or if you are just curious to learn how Good Sign does things differently, feel free to take us to the test! We will gladly take on your challenge and prove to you it can be done, and that the new world is here sooner than you might think.

Read more about Service digtalization: https://www.goodsignsolutions.com/blog/how-to-bring-new-services-quickly-to-market

Good Sign

We at Good Sign help our customers solve existing pain points in monetizing service contracts and managing subscriptions and pay-per-use services. We help companies freely grow scalable services.

Feel free to contact us and let’s have a chat on how we can support your company.

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Marc Wullings
Written by Marc Wullings

Marc is active with our global and local customers in the Benelux and Western Europe. He blogs about the topics that come up in discussions with our clients and partners.

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