Subscription Management Platform Fusebill Announces Launch Of Milestone-Based Revenue Recognition Reporting
July 05, 2022 at 16:03
Fusebill is a subscription management and recurring billing system that aims to be the most flexible and powerful solution for all companies, big and small. The company recently announced that it is updating its already robust feature set to now include milestone-based revenue recognition which gives businesses the ability to recognize revenue on user-customizable, regular, or irregular, schedules. Readers can find out more about the entire Fusebill feature set by heading over to the link: https://sites.google.com/view/fusebill.
A spokesperson for the company talks about the latest update to the Fusebill software platform by saying, “Hitting milestones that a company sets for itself is the best way to raise funds from more investors, increase employee morale, and, if the company is already public, increase its profile on the stock market, returning dividends to shareholders and creating wealth for the owners. However, it can be hard to gauge the growth of a subscription-driven business when there is no way to track the progress it has made over a stipulated time. This becomes even more complicated when the revenue earned must be recognized over a time interval that is not standard. Here at Fusebill, our goal is to help subscription-based businesses unleash their full potential. Thus, bolstering our already feature-rich, flexible, and adaptable software to support milestone-based revenue recognition was a no-brainer. With our latest update, we have created a fully customizable system that will undoubtedly open a whole new world of revenue monitoring for our clients. It will allow decision-makers to accurately shift the tide of their business based on how it performed over the last quarter, month, week, or any custom time frame that they deem important. The possibilities are endless.”
Revenue recognition is a GAAP (Generally Accepted Accounting Principle) that lets a company determine, according to its internal requirements, the specific conditions in which revenue is recognized and how to account for it. Fusebill’s module for milestone-based revenue recognition gives companies the option to set custom intervals for revenue recognition. Moreover, the amount of revenue to be recognized at each interval can also be customized. There is no additional module to install or integration to set up. The enhanced revenue recognition module is built into the existing Fusebill platform and is available to all users, regardless of the plan that they are subscribed to.
Revenue recognition is extremely important for two critical reasons. Firstly, it allows companies who allow prorated subscriptions accurately determine their revenue based on the time that customers utilize them before they are canceled. Since the billing system is automated, prorated revenue streams help companies get what they are rightfully owed for the services that they are providing. Due to the introduction of Fusebill’s milestone-based revenue recognition, it is now more viable than ever for businesses to offer their customers prorated revenue subscriptions, increasing sign-ups and the revenue that they earn per customer. Second, accurate revenue recognition is needed to give stakeholders a snapshot of the financial health of the company at any given moment in time. Since the key accounting metrics are now going to be readily available on Fusebill’s platform, the increased transparency is going to help instill confidence in the company’s investors, boosting expansion efforts.
Fusebill is a ledger-based billing platform that was built from the ground up for enabling subscription businesses. It allows for the automatic sending of invoices, receiving payments, and now, with the latest update, accurate milestone-based revenue recognition. Fusebill integrates natively with popular accounting and bookkeeping software such as NetSuite and QuickBooks Online. It also exposes an API allowing its use with other proprietary systems. The software platform is fully ASC 606 compliant which means that it offers all four revenue recognition methods recommended by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB): immediate, manual, fixed interval, and now, milestones.
Readers can find out more about the Fusebill subscription management system by heading over to its website at the link: https://www.fusebill.com/platform/subscription-management-fusebill.
For more information about Fusebill, contact the company here:
232 Herzberg Rd Suite 203, Kanata, ON K2K 2A1, Canada