These new tools will help your finance and accounting teams increase their productivity across subscription billing, collections, and revenue recognition efforts.
What does that mean for you?
- Reduced time spent on billing tasks and account updates with automated workflows
- Easier collaboration amongst collection teams to resolve unpaid invoices and at-risk accounts
- More efficient month-end close to meet ASC 606 revenue compliance through disclosure reporting and intelligent exception handling
- Enhanced user interface to create automated process flows, such as applying late fees, calculating usage, or previewing upcoming invoices
With subscription-based companies growing revenue 5 times faster than S&P 500 company revenues (according to the latest Subscription Economy Index™), we’re concurrently seeing an increase in volume of customer transactions. In fact, over the past 5 years, our customers have seen a 307% increase in invoices, resulting in more invoice adjustments, complex prorations, and other downstream impacts on finance.
Due to this increased invoice volume, we see finance teams often struggle to keep up as they manually:
- Update accounts for billing issues, late fees, or expired payment methods
- Chase down unpaid invoices and failed payments
- Process the impact of complex contract changes on billing and revenue recognition
That’s why we’re investing in billing, collections, and revenue automation to help our customers eliminate manual redundancies and drive more efficient growth.
“This product release is all about helping finance teams save time and reduce the errors that come from completing complex, redundant tasks manually,” said Tom Krackeler, SVP of Product at Zuora. “We are doubling down on customer usability and automation so that companies can rapidly grow without putting a big burden on back-office teams, processes, and systems.”
Our newest product features include:
Zuora Billing Adds New Automation Capabilities With Workflow
Workflow automates business processes and customer journeys in Zuora.
- Automate Billing Tasks: Automate complex billing processes such as applying late fees to accounts, calculating usage by unique devices, previewing bill runs, and more.
- Automate Custom Code: Execute custom code with AWS (Amazon Web Services) Lambda automatically for any business use case.
- Create Workflows Fast: Build the most complex workflows in minutes with a new intuitive UI that includes features such as multiple paths and draggable connections between tasks.
“Workflow has made life so much easier for us,” said Jason Gulledge, Founder and VP of Development of StackPath. “Workflow is intelligent and powerful, enabling my team to become even more efficient, while improving customer experience for our end customers. I consider it an absolute must have for anyone who uses Zuora.”
Zuora Widens Add-On Products with Enhancements to Zuora Collect
Zuora Collect automates the complexities of collections to reduce revenue leakage and involuntary churn.
- Generate Branded Account Statements: Schedule and send recurring account statements to customers automatically to provide them with their full account history.
- Collaborate on Delinquent Accounts: Capture and collaborate on detailed notes for at-risk accounts amongst collections agents with the Collections Window.
“Zuora Collect has helped us reduce churn and freed up our sales team so they can focus on new business,” said Margaret De Luna, President of TheStreet.
Zuora RevPro Continues Focus on User Delight and ASC 606 Product Leadership
Zuora RevPro provides revenue automation and seamless compliance under ASC 606 standards.
- Disclosure Aggregation: Process and performance improvement to help customers generate key revenue reports required for disclosure reporting under ASC 606 and close the books in a timely fashion.
- Revenue Anomalies: Capture and communicate revenue anomalies while processing revenue to enable faster reconciliation.
We’re excited to bring these new features to you so you can automate more and work less — just in time for the holidays!
For more information about our Winter ‘19 launch, reach out to your account manager or talk to sales.