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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Feb 21, 2023 Thought Leadership

Revenue Leakage: Don’t Worry, Bill Happy Series

Leaks are never good news, wherever they are coming from. And the same principle applies when we're talking about leakage in billing. Revenue leakage is the slow, unintended, and often unnoticed loss of money due to minor errors or gaps in billing processes that result in customer underpayments (or missed payments). How Serious Is Revenue Leakage? Like that tiny drip from your pipes, it can do significant damage in short order. To put some numbers on it, MGI reports that 42 percent of companie…
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Feb 14, 2023 Product Insights

Usage and Rating: Don’t Worry, Bill Happy Series

For B2B and B2C businesses alike, the way you package and price your offerings profoundly impacts customer buying behavior. And today, more than ever, consumers are looking for two things in the way they buy: flexibility and value. This behavior means offering pricing models tailored to customer preferences and enabling them to pay for only what they need. To make these offerings feasible, we have to look at two elements: Usage: measuring how much of a product or service a customer consumesRat…
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Feb 07, 2023 Product Insights

Agile Monetization: Don’t Worry, Bill Happy Series

Progressive businesses constantly evolve their business models to increase revenue, grow customer bases, and strengthen their market share. And that's especially true in today's uncertain economy; for many companies, innovation is no longer about growth but survival. However, one key criterion can make or break even the most innovative business models: whether the business’s billing system is agile enough to quickly and efficiently roll out these new products, services, and pricing models. Cust…
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Jan 26, 2023 Thought Leadership

5 Ways Billing Can Make or Break the Customer Experience

As both B2B and B2C consumers demand more control, flexibility, and value from the brands they buy from, businesses that want to attract and retain loyal customers know just how important it is to create a frictionless experience through every step of the process. In a recent Forbes article, Gotransverse founder and CEO James Messer takes a deep dive into how billing can be used to create that seamless customer experience. “Customer billing also must accommodate new buying trends,” he says. “Ju…
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