May 23, 2023
Thought Leadership
Capitalizing on a Positive Customer Billing Experience
With more consumers embracing self-service, the opportunities for personal customer interaction are dwindling. Online interactions must be self-explanatory and designed to deliver maximum customer satisfaction. Customers who are frustrated with a user interface or dissatisfied with an online transaction, including billing, stop being customers.
Billing is the one regular interaction you have with customers, so ensuring the billing experience is positive is crucial. With the rise in subscription…
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May 16, 2023
Thought Leadership
Gotransverse Helps You Collect Every Payment and Maintain a Positive Customer Experience
Is your collections process the best it can be? Every business has a problem with collections. Unpaid invoices are costly for many reasons. They require your finance team to spend time and resources trying to collect. Delinquent and unpaid invoices lead to revenue leakage that cuts into profits. When customers become frustrated due to payment challenges, they stop being customers. That’s why dunning is an ongoing concern for every business.
As companies grow and adapt subscription and consumpti…
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May 09, 2023
Thought Leadership
Fixing the Slow Drip of Revenue Leakage: "Is your billing system the best it can be?" Blog Series
Every business suffers from revenue leakage. You may suffer from creeping business expenses, cash flow delays, earnings delays, revenue barriers, and other issues that cost your business money. Improper billing is a common cause of revenue leakage. You may be under-billing, billing late, or making billing errors without a reliable billing system. Minimizing revenue leakage should be the goal of every business, but stopping the steady drip of lost revenue is more challenging than it sounds.
Unde…
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May 02, 2023
Thought Leadership
Understanding the Importance of Controlling Costs by Integrating Finance Processes
To kick off our new blog series, "Is your billing system the best it can be?", we address the importance of controlling costs by integrating a strategic finance process.
Controlling costs isn’t just the finance department's responsibility in any organization. As technology improves and revenue operations become more sophisticated, every department contributes to controlling costs and adding revenue. Businesses must integrate financial contributors and automate processes to reduce errors, speed …
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Apr 26, 2023
Thought Leadership
Understanding ASC 606 and What it Means for Recurring Revenue
Did you know ASC 606 has been in effect for five years now? In fact, the new accounting regulations for revenue recognition are part of US GAAP (Generally Accepted Accounting Principles) and went into effect in 2018 for public companies and 2019 for nonpublic organizations. The ASC 606 rules were created by the FASB (Financial Standards Accounting Board) to standardize revenue recognition for customer contracts, bringing US GAAP in line with the IFRS (International Financial Reporting Standards…
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Apr 19, 2023
Thought Leadership
How a Robust SaaS Billing Solution Can Save You Money
Money fuels business, and you need consistent, predictable income to keep your business going and growing. Maintaining cash flow is essential. To ensure a consistent income, you need a reliable billing solution. With the right billing system, issuing invoices can be efficient, painless, and, most importantly, accurate.
Too often, financial executives look at their billing solution as a necessary expense. Incorporating a strategic, agile billing solution when you consider how billing can save m…
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Apr 11, 2023
Thought Leadership
Revenue Recognition: Don't Worry, Bill Happy Series
Once your customer has paid for and received the product or service they ordered, the transaction's over, right? Well, almost. There's one last piece of the quote-to-cash process: revenue recognition. This step enables businesses to claim the money they earn to reinvest it in talent, product development, marketing, and other initiatives that continue to grow the business.
Let's look at what businesses need to know about this final, critical step.
Revenue Recognition 101
Revenue recognition is t…
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Mar 29, 2023
Thought Leadership
Quote-to-Cash Real-Time Billing Data: Don't Worry, Bill Happy Series
Agility and the capacity for lightning-speed innovation are critical in every industry as the continued digital transformation means companies—and their customers—are finding new opportunities and new competition in equal measure. Now more than ever, businesses need consistent access to relevant, accurate usage and billing data to help spot trends, highlight customer preferences, and guide the decisions that will keep them at the top of their markets. “Standard” reporting times are no longer fa…
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Mar 07, 2023
Thought Leadership
Gotransverse End-to-End Billing Solution: Don’t Worry, Bill Happy Series
On its face, the billing process may seem quick and easy: send the customer an invoice, collect the payment, and voilà! Well, not so fast. The transaction itself is just one small part of the equation. In reality, billing comprises the entire quote-to-cash process, including everything from presales discussions with potential customers to revenue recognition.For companies looking to adopt complex billing models to meet growing customer demand for usage-based and subscription purchasing, the f…
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Collections & Dunning: Don’t Worry, Bill Happy Series
We talk a lot on the Gotransverse blog about how to set up the billing systems that enable your business to grow revenue exponentially. But what about the process of actually collecting that revenue? This process—two processes, actually—is called collections and dunning. Here, we'll closely examine what this looks like and how Gotransverse makes it easy.
What Are Collections & Dunning?
Collections and dunning go hand in hand, but each serves a slightly different purpose:
Collections is the …
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