With NetSuite SuiteBilling in picture, NetSuite brings in a powerful native billing tool to automate billing and maintain sanity of billing operations with reduced manual efforts and interference.

Following Billing Models are covered in Oracle NetSuite – SuiteBilling.

7 NetSuite Billing Options 

1. Recurring NetSuite Billing Models

NetSuite Billing models which have a recurring schedule of per day, month, year and all recurring schedules with fixed intervals can be accommodated in NetSuite SuiteBilling.

Examples of each billing can be – Training and learning via LMS Subscriptions, Newsletters, Insurance Premiums, Commercial Rents

2. One-Time Fees

One-time payments without further ties to abide by the contract can also be covered by SuiteBilling. There is immediate recognition of revenue based on the date given for billing this service.

Examples of such can be Implementation Projects, License Purchase

3. Pay as You Go

This is also termed as Volume Based Billing Model. Thus, this model refers to the concept of usage.

For every quantity increased, the price may increase/decrease. The more the consumption, the more the bill or vice-versa.

There is no fixed amount attached to this model. The amount of the bill differs from consumption made.

Example – Cloud Storage rented by a company.

4. Tiered Usage

Tiered Usage is nothing but slab wise rating according to every specific range mentioned.

A regular and best example for this could be the Internet Connection utilized by the organization which is based on slab-based unit consumption.

Another example of this billing cycle is used by the Electricity and Telecommunication industries.

5. Evergreen Contracts

Evergreen contracts are contracts which remain the same over a period for their pricing and billing schedules.

Contracts which never have an end date defined as considered here. However, when no end date is defined, SuiteBilling considers 3 years as the default term which can later be further extended to next 3yrs and so.

Example of such an evergreen model can be the 999 year commercial lease.

Another nearest one could be life insurance premium amount.

6. Subscription Boxes

Subscription Industry is the most famous to use different billing structures. SuiteBilling is an epitome for this. OTT Subscription plans, AWS, Aggregator Platforms are all regular examples of these.

7. Prepaid Billing

SuiteBilling gives us an option to choose a bill in advance or to bill in arrears. This option is usually allowed for fixed recurring schedules attached as variable billing does not predict the consumption and usage in advance.

Thus, SuiteBilling is one such magic box which caters to a variety of businesses. Put in quantity, rate, amount, and we are done!

The billing cycle will auto-play as per your scheduled billing runs configured in the system!

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With ongoing services, there is a need for regular billing to handle daily sales. 

As people around the world use these easy-to-access mobile and desktop apps, NetSuite helps manage these transactions. It generates invoices based on the subscription agreements, all thanks to SuiteBilling!

What is SuiteBilling? 

NetSuite SuiteBilling is a comprehensive billing platform to bill recurring subscriptions.

This billing could be for any type of contract a company is entering into using the NetSuite Subscription Billing model.

SuiteBilling offers three pricing models—Flat, Volume, and Tiered—for non-inventory and service items, which can limit flexibility for leading industries in various sectors.

NetSuite Subscription Billing for Top Industries

1. Computer Software and IT Industries

The most prominently used SaaS concept, software companies are selling their valuable services like user training, license subscription, warranty and renewal cycles, change management and much more which is backed by the NetSuite SuiteBilling model for software and computer industries.

2. Internet and Mobile Services

The industry having products selling data plans along time and volume timelines, have a place with SuiteBilling Volume and Tiered Based pricing.

Regular mobile carrier changes with call plans too have a start and end date which is easily tapped in SuiteBilling.

3. Financial Services

Financial services like subscriptions to financial newsletters, share market trading apps, subscriptions to financial and banking apps for using the platform services are supported by SuiteBilling.

4. Transportation Services

These come handy while providing discounted rates to their loyal customers. Presenting a unique rate of travel – based on the seat numbers available, the volume of tickets booked in a particular period, SuiteBilling can be flash used here with enabling its Usage and Volume based billing.

5. Hospital, Healthcare Industries

Providing online consultations at flat prices, delivering medicines at doorstep, hospitals and health care are not far back from subscription listing for their patients.

This can be supported by SuiteBilling too.

6. Accounting Firms

Several companies today offer to provide tax filing and regular accounts maintenance cost for per day transactions. These companies follow volume-based pricing for their customers which can be tracked by SuiteBilling to regularize the income and avoid revenue leakage in manual processes.

7. Telecommunications and Entertainment Platforms

Apps like Spotify, Netflix and Prime are few to count on hand which have a subscription start and end date to provide valuable binge services on their platform. Similarly all telecommunications applications can be accommodated on the SuiteBilling Platform making billing easier.

Thus, SuiteBilling which comprises of Subscriptions and Subscription Plans is a great boost to existing Oracle NetSuite functionalities, giving its users a chance to subscribe to this billing model, which not only overcomes the problems of manual billing but guarantees smooth revenue recognition throughout the subscription tenure with its flexible pricing plans.

The post How to Use NetSuite Subscription Billing for Key Industries appeared first on OdeBlog.

Where the legacy NetSuite pricing model covers the basics of attaching a base price and subsequent quantity and online pricing to items –it lacks in handling huge volumes of billing and subscription processes with a unique start and end date for customers.

And that brings us to the Add-On Module of SuiteBilling which concentrates not only on different pricing but gives more insight into flexible billing schedules and automated invoicing providing real-time visibility into billing and financial activity.

Thus, SuiteBilling is a core billing functionality model for subscription-based businesses where pricing and billing go hand in hand based on actual consumption made by the customer in a metered manner!

SuiteBilling Pricing Models

SuiteBilling comes with a pre-defined set of Pricing Models supported by this system as follows:

Flat Model

Charge customers the same value in each billing cycle.

Example: Month on month rental charges for using an editing software irrespective of any other parameters attached to it.

Volume Model

Based on consumption and quantity involved in the transaction. This can also be called as quantity-based pricing. This is frequently used to increase sales for a period.

Example: Spotify charging $99 for a month however charging $799 for the entire year making the customer to evidently choose 12 months subscription over a monthly 1 month assuring the sales figure to boom every month.

Tiered Model

Where rate of each unit of consumption or entitlement tier id applied to a given range. The total end rate value is comprised of varying per unit rates to achieve the final amount to change.

Example: Electricity consumption based on units where the price per unit is governed by boundaries. Internet Data Packs giving access to Data based on the scales of unit’s usage.

Apart from the pricing varieties available for a customer to choose SuiteBilling homes these set of added advantages giving it an edge;

SuiteBilling Rating Models

SuiteBilling not only has pricing models, but also gives us an option to use the Rating Model. Whether we want billing subscriptions to be one-time charges, recurring fees or in-advance or in-arrears. This combination of easy subscription setup and maintenance along with flexible rating models significantly increases the billing process efficiency.

Billing Accounts

SuiteBilling allows multiple billing accounts for a single customer and sub-customer.

For example, a customer having franchises needs the license fee charged to the parent company and the service fees need to be billed to sub customers.

Change Orders

SuiteBilling allows you to schedule and automate changes to subscriptions meaning you don’t need to manually monitor and track customer subscription changes. Any alterations to prices and/or quantities can be made immediately or scheduled for a later time using a change order.

Revenue Recognition

SuiteBilling has the NetSuite’s Advanced Revenue Management linked within thus, there’s no requirement for additional software to accomplish this tricky area of accounting as it is compliant with revenue recognition rules.

Thus, SuiteBilling is a unique subscription billing tool which exclusively concentrates on customer billing and invoicing guarantying customer specific pricing and discounting leading to real time financial reporting of billing and financial data.

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