To get the most value from your subscription model, you’ll need advanced tools that go beyond the basics, helping you automate complex processes and tailor your offerings to different customer needs.
Subscription billing and subscription-based business models have become the standard for many industries, from SaaS technology companies to utilities, professional services , financial services and retail. The appeal lies in the consistent revenue stream they provide, as well as the opportunity to build long-term relationships with customers.
However, with these benefits come challenges, especially when it comes to managing subscriptions efficiently. For businesses running on Microsoft Dynamics ERP solutions like Business Central, having a robust subscription billing system is critical to scaling operations, improving customer satisfaction, and optimizing financial processes. For a while, customers have been limited to the core Business Central functionality. However, Microsoft has made steps to address this. For many customers, this will be enough, but for others with more complex needs, other questions might remain.
Microsoft Dynamics 365 Business Central provides several core subscription billing features designed to meet the basic needs of businesses. These include capabilities like contract management, automatic posting to accrual accounts, invoice previews, billing templates, and automatic deferrals. These features are undeniably useful, allowing businesses to automate many manual tasks and improve the efficiency of their billing cycles.
However, for businesses dealing with high transaction volumes, multiple customer segments, or sophisticated pricing models, the built-in features of Business Central may not be enough. Managing subscriptions requires flexibility, accuracy, and scalability, especially when companies want to enhance customer experiences and operational efficiency. To get the most value from your subscription model, you’ll need advanced tools that go beyond the basics, helping you automate complex processes and tailor your offerings to different customer needs. Let’s explore what these advanced features might look like.
Subscription management is multifaceted, and businesses need more than just foundational billing functions to thrive in a competitive market. In fact, research highlights key trends that reflect how much more sophisticated subscription models have become:
With these statistics in mind, here are the advanced subscription billing features that businesses should be looking for to stay ahead:
Automating personalized communications like billing reminders, renewal notices, and payment confirmations can make a huge difference in customer satisfaction and retention. Tailoring these messages based on customer preferences, subscription status, and engagement history helps build stronger relationships and ensures that customers feel valued throughout their subscription lifecycle.
Late payments are a common challenge, but with advanced accounts receivable automation, businesses can streamline payment collection and reduce delays. Features like automated dunning (payment reminders) and proactive billing alerts help reduce late payments while keeping customers informed about their account status.
Customers expect flexibility when it comes to payment options. Offering a self-service portal where they can easily manage their subscriptions, update payment details, and renew their services can significantly improve the user experience. Providing support for multiple payment methods—credit cards, ACH transfers, PayPal, etc.—is essential for reducing friction and ensuring timely payments.
Real-time reporting and analytics are crucial for subscription-based businesses. Advanced subscription billing solutions should offer comprehensive dashboards and financial reports that provide deep insights into revenue trends, customer behavior, and operational efficiency. With access to accurate, up-to-date data, CFOs and finance teams can make more informed decisions, ensuring long-term financial health and profitability.
With the growing complexity of subscription management, Binary Stream has developed an advanced subscription billing bundle designed to meet the needs of businesses looking to optimize their billing processes. This bundle provides all the essential features mentioned earlier, but with a focus on taking these functionalities to the next level. Here’s what you can expect from Binary Stream’s advanced subscription bundle.
