Today's guest post comes from Fusebill's chief bean counter, Cathy Smith. Cathy and her team have helped shape Fusebill so that our customers' accountants will be happy. Fusebill was designed by accountants. That’s right, beancounters had input. As a result, Fusebill has features that make our lives easy.
Here're Cathy's Top 4 reasons that Fusebill makes accountants happy.
Fusebill Automates Your Billing
Fusebill eliminates your manual billing processes and reduces errors. It reduces the end of the month headaches of calculating bills and sending invoices. Our recent client estimated that they had three clerks producing manual bills - and still reported up to $6,000 per month was lost through billing errors. Fusebill platform remembers who to invoice or charge on what day. It takes care of calculating and sending recurring invoices and charging customer's credit cards. Monthly, quarterly and annual billing periods are all supported, with pricing models ranging from simple monthly charges to complex usage based price structures.
Fusebill Accurately Tracks Accounting Ledgers
Fusebill platform tracks accounts receivable (AR), collections, revenue, deferred revenue, discounts, write-offs, and taxes all in separate ledgers. It monitors and displays results on the executive dashboard where you can drill into details and finance reports or export the details for further analysis.
Fusebill Tracks Revenue and Deferred Revenue
Subscription based companies know that revenue from a subscriber's payment is recognized over the life of the subscription period, while one-time charges can be recognized when charged. Fusebill tracks both earned and deferred revenue at a customer level so you know how much of a subscription has been earned in a billing period. This allows cccountants to see how much of their revenues is about to be earned (the liability to provide future services). This makes financial reporting easier, and also can be used as a tool to determine refunding for a customers who cancel mid-subscription.
No one likes to think about taxes, so let’s get them right. Fusebill allows the flexibility to tax clients based on billing address and then customize the way taxes apply to any particular customer (to manage exemptions) or price component (to manage differing tax treatments for different products). Reporting by individual tax rule allows you to complete your paperwork quickly and on time, so you can get back to not thinking about taxes. All transactions can be easily exported to a exel form for future audit.
At Fusebill, we are always happy to chat and answer any questions you may have about how Fusebill works from an accounting perspective.