Enhancing the subscription management functionality in Microsoft Dynamics 365 for Finance and Operations
Binary Stream Software, a global software and services firm focusing on subscription management, consolidation accounting, and lease administration, announced an agreement with Microsoft for the exclusive licensing of Subscription Billing Suite for Dynamics 365 Finance. This enables Microsoft to enhance its procure-to-pay and revenue and expense recognition functionality.
Subscription-based services are rapidly growing in different industries, and organizations face unprecedented billing and pricing challenges. With this licensing agreement, Microsoft adds a proven solution for managing complex pricing and billing scenarios that enables compliance with global accounting standards such as ASC 606 and IFRS 15.
“Companies are demanding an end-to-end integration of their entire enterprise that allows for immediate responsiveness to customer trends and enables compliance with global accounting standards,” according to Lak Chahal, President and CEO at Binary Stream. He adds, “This licensing agreement will greatly enhance and support the subscription management capabilities of Microsoft Dynamics 365 Finance and its growing user base. It will also enable us to continue working closely with both Microsoft and the partner channel and use our expertise in the space.”
These new, advanced features will help Dynamics 365 Finance meet the growing need for complex billing such as usage-based or tiered models, as well as extend the platform’s reporting capabilities for companies with recurring revenue.
“The combination of Subscription Billing Suite and Microsoft Dynamics 365 Finance creates a compelling cloud solution that is in demand across a wide range of industries” notes Jasbir Jaswal, Director of Development and Professional Services at Binary Stream. “Binary Stream will continue to develop industry leading solutions for the Microsoft Dynamics 365 platforms and leverage more of Microsoft’s advancements to support companies around the world.”
Georg Glantschnig, General Manager, Microsoft Dynamics 365, Microsoft adds, “With the addition of Binary Stream’s Subscription Billing Suite, Microsoft Dynamics 365 for Finance and Operations continues to grow as a comprehensive cloud solution for enterprises with complex business models.”