By Glenn Hofmann, Kraft NetSuite Practice Director
We at Kraft Enterprise Systems, LLC (KES), are pleased to announce the launch of Billfinity, a simple, yet powerful vertical software solution for businesses that bill and account for recurring revenue using NetSuite. NetSuite is an industry-leading Enterprise Resource Planning (ERP) solution with “outside-the-box” features and functionality. As a certified NetSuite Solution Provider, our team at KES has built a reputation on our ability to extend and enhance core NetSuite functionality through custom scripts and workflows. Previously, these enhancements have exclusively been part of custom solutions for specific clients, meaning these capabilities were not available for the larger NetSuite community. In 2017, KES made the strategic decision to begin developing solutions for a broader customer base by creating productized solutions known as NetSuite “SuiteApps.”
KES identified one particular area within NetSuite that presented a considerable opportunity to help small and medium-sized businesses (SMBs): recurring billing for subscription-driven companies. The standard version of NetSuite allows for billing schedules, and certain add-ons allow for contract management. But we have heard from our clients and observed in the market at-large that there is a significant need for simplified recurring billing management. Our team already has extensive experience with recurring billing software and a deep understanding of NetSuite Advanced Revenue Recognition, so we decided to design and develop our own recurring billing solution, Billfinity.
Billfinity’s principal function is bringing powerful recurring billing management capabilities to the SMB market without the burden of a complex contract management system. The primary features of Billfinity include the ability to:
- Automatically create ongoing subscriptions from sales activity and allow for easy ongoing updates/adjustments to subscriptions without requiring any other contract modifications.
- Easily define any number of billing terms (monthly, quarterly, annually, etc.) with smart logic to account for month-end dates, leap years, etc.
- Define the default type of renewal transaction to create at billing (sales order or direct-to-invoice) along with the ability to generate these transactions at any specified number of days in advance of renewal.
- Automatically create payment records and apply them to invoices created as part of the renewal process, as long as credit card information for the customer is stored (fully PCI compliant).
- Fully utilize the NetSuite Advanced Revenue Recognition Management feature, with all revenue recognition schedules being automatically created (yet easily modified) based on term.
- Perform extensive MRR/ARR reporting and forecasting
We made the decision to keep Billfinity as a limited-release product in 2017, testing the app with a small group of existing clients to make sure that this solution for recurring billing management met their needs and our standards of performance. After rigorous beta testing, Billfinity v1 was released to our first group of clients, who have responded quite positively. We are now in the process of deploying it to our second group of clients, and we are confident that they, too, will find Billfinity to be an optimal solution.
It is an exciting time at KES as we kick off 2018 with the planned general release of Billfinity to the full NetSuite community. If you are interested in learning more about NetSuite, Billfinity, or the other software solutions and services we can provide to assist your business, please do not hesitate to give us a call.