Binary Stream’s billing and revenue recognition suite is an end-to-end solution designed to handle any complex billing scenario you can throw at it while ensuring that the accounting of any revenue and expense deferrals is done quickly and accurately. As with all Binary Stream products the suite is built right within Microsoft Dynamics ERP and can be used on-premise or in the Cloud.
Available individually or as part of a suite, Advanced Recurring Contract Billing (ARCB) and Advanced Revenue & Expense Deferrals (ARED) give you the power to:
- Handle any type of billing including subscription charges (recurring monthly, annually or at any frequency); one-time fees such as for initial set-up; metered or usage-based fees such as time or amount consumed; prices that change based upon volume or tiers; and many other methods.
- Automate the import of billing data and contracts from other systems or create flexible billing schedules in ARCB (including multiple schedules/contracts per customer) that support line-level details such as multiple billing types per customer or item; differing billing frequencies and differing start/end dates; built-in price escalations, and user-defined fields.
- Ensure that you get paid on time every time by automating the recurring invoicing process and allowing your customers to self-serve through a payment portal.
- Maintain complete accuracy while processing hundreds or hundreds of thousands of monthly invoices. ARCB can create over 50,000 invoices in under 15 minutes.
- Stay on top of your firm’s financial performance in real-time with insightful reports including monthly recurring revenue, periodic revenue recognition, new contract sales, total contract revenue, waterfall reports or create your own custom reports.
- Accurately forecast revenues and expenses, and quickly produce your GL reconciliation to satisfy audit requirements.
- If you are in a business like software publishing and have support or maintenance contracts with your clients, automatically calculate the annual fees and store, track, and align the billing dates.
- Efficiently build and track thousands of deferral schedules at the line item level and with complete control over the timing of posting recognition entries to the sub-ledger and the GL.
- Manage schedules including cancellations, reclassifications and adjustments with ease. Change deferral schedule start dates and recalculate utility.
- Set up deferred revenue and expense accounts by customer, item and vendor. Track contract information separate from deferral schedules.
By eliminating the use of error-prone spreadsheets and time-consuming manual processes, Binary Stream customers spend much less time processing invoices, complete period-end closing days sooner, stop billing errors that lead to lost revenue, and ensure compliance with GAAP, IFRS, FASB, ASU 606, SOP 97-2, and other accounting standards.