An automated billing system entails numerous benefits. For those who either lost overview of the benefits or are still not fully convinced why automated billing is the key to success, we made an easy overview for you. All benefits are categorized into 3 areas; business benefits, financial benefits and technical benefits.
Despite Upodi being an automated billing service we strive to be as unbiased as allowed for when talking about benefits with automated billing.
The business benefits with an automated billing system is impossible to overlook.
Take a moment and think of today's most successful companies.
Probably, one of these mastodons popped into your mind: Amazon, Google, Netflix or Apple. What all these companies have in common is that they are supported by a subscription- and/or member based economy model. The point is not that all new businesses with an automated billing system can become the next Amazon or Netflix. The point is to show the importance of choosing a business model that secure Monthly Recurring Revenue (MRR).
The 3 main business benefits by an automated billing system are outlined below.
An automated billing system is extremely growth focused. Knowing your Annual or Monthly Recurring Revenue (ARR/MRR), Average Revenue per User (ARPU) and Churn Rate will make you able to predict future growth of your company many months ahead. Analyzing these numbers will provide you with valuable insights of your business’ health.
The metrics can thus guide you to do the necessary actions to keep your business on the growth path.
Upodi has an advanced reporting feature that provides you with all the data you need to know about the health and growth of your business.
The subscription business model is continuously developed based on the change in customer preferences.
Most likely customer preferences will continue to evolve and in 5-10 years we might see customers demanding new terms and conditions regarding subscription businesses.
It will thus be critical for a subscription business to have a flexible automated billing system adjusting to changing market forces and customer behaviour. With Upodi you get a flexible technology that eases adjustments in your subscriptions to benefit your position and make your business stand out in the crowd.
As soon as your business gain its momentum and orders start to flow you will feel the need for an automated billing system. The administrative tasks as order handling and invoicing will increase exponentially with the escalation in orders. Worst case scenario is forced rejection of orders due to limited resources.
With an automated billing system like Upodi, all administrative tasks related to orders are reduced to a minimum, and an unlimited number of orders can be processed every day. Besides that you will gain an increase in the accuracy of the order handling by eliminating the possibility of human errors.
With automated billing financial departments operate with metrics that predict future income. It opens up for a complete new way of working with finance in a business where cash flow is transparent and predictable.
The 3 main financial benefits by an automated billing system are outlined here.
The predictable nature of automated billing is what makes it so brilliant. Imagine the financial department at Netflix and the valuable knowledge they possess about their future income many months ahead. By analyzing metrics such as Churn Rate and ARPU Netflix are probably able to accurately predict their income in the next 3 months.
Then try to imagine a furniture shop with only unpredictable one-time-sales. Behind each sale is a huge workload for the sales team, and data to predict sales are difficult to obtain and analyze.
The knowledge the financial department at Netflix have compared to the furniture shop are massive and these financial benefits makes their business much more stable and strong.
With Upodi you can calculate predicted revenue to provide efficient and accurate revenue reporting. Upodi integrates with leading ERP and accounting solutions - making sure you're getting the numbers right, always.
For a subscription business customer retention is one of the keys to success. To keep the customers in your business, your automated billing system must be flawless and trustworthy. And for a customer to subscribe with their sensitive information in the first place the platform has to display authority and credibility.
Upodi is the solid foundation in your subscription business. We want to be your trusted partner and platform ensuring you’re getting the revenue you’ve earned and keeping the customers you’ve won.
When handling customers’ credit card data compliance with international standards is a must. For a company to handle this internally is both time consuming and expensive. A proficient automated billing system will spare you from all the hassle related to compliance.
Upodi maintains compliance with leading data protection and privacy laws applicable to cloud services. We help you comply with your specific requirements, by adhering to international and industry-specific compliance standards.
If you like the idea of preventing your business’ growth due to a heavy load of administrative tasks then an automated billing system won't be the right choice for your company. If you don't really fancy the idea of preventing your business’ growth, then read more on the 3 main technical benefits here.
An automated billing system must be flexible and adaptable to changing customer preferences. A code-friendly system with a user-friendly front- and backend is thus highly important.
Build by developers, we understand how to combine the strength of a scalable and secure SaaS platform, with a world-class API. In addition we maintain a set of software development kits (SDKs) to help you build on top of the standards of Upodi.
With automated billing there are no limits for how many orders your business can handle. The only limitation here is the supply at your warehouse if you deal with physical goods. If you are a SaaS with no physical product there are no limits. Your automated billing system must therefore be able to follow your growth and don’t be an impediment.
Upodi is a platform that grows with your company. On the technical side, it means we eliminate redundant software development by having API's and integrations ready for you to quickly integrate and share data with your current systems.
The documentation requirements when handling online billing varies from country to country.
Our comprehensive platform helps you comply with your country specific requirements. By adheering to international compliance standards, we give you all the technical documentation to be safe within GDPR, PCI and API - go to documentation corner.
Upodi helps you grow your SaaS and Subscription business. We do that by aiding you automate your subscription and on-demand billing. This makes SaaS accounting easy, because our system handles the bulk of the work for you. That way you can focus on growing your business, and let us handle the rest.