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. Here’s Cathy’s Top 4 reasons that Fusebill makes accountants happy.
Fusebill was designed by accountants. That’s right, beancounters had input. As a result, Fusebill has features that make our lives easy:
- Fusebill eliminates your manual billing processes and reduces errors. Fusebill eliminates the month end headaches of calculating bills and sending invoices – and eliminates the errors that creep into any manual process. A recent client estimated that they had three clerks producing manual bills – and still felt up to $6,000 per month was lost through billing errors. Fusebill remembers who to invoice or charge on what day. We take care of calculating and sending the recurring invoices and charging customer credit cards. Monthly, quarterly and annual billing periods are all supported, with pricing models ranging from simple monthly charges through complex usage based price structures.
- Fusebill Accurately Tracks Accounting Ledgers. We track accounts receivable (AR), collections, revenue, deferred revenue, discounts, writeoffs and taxes all in separate ledgers. Monitor results through our Executive Dashboard – drill into details using our Finance Reports – export the details for further analysis or to another system.
- Fusebill Tracks Revenue and deferred revenue. Subscription based companies know that the revenue from a subscriber’s payment is recognized over the life of that subscription – while one time charges, for example, 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. Accountants can see how much of their revenues have yet to be earned (the liability to provide future services). This makes financial reporting easier, and also can be used as a tool to determine how much to consider refunding a customer who cancels mid-subscription.
- Taxes. 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 easily be exported to form an audit log.
If you’ve got questions about how Fusebill works from an accounting perspective, just let me know at 1-888-519-1425.