Learn about the new subscription billing tools now in D365 Finance
Microsoft is adding new subscription billing tools to Microsoft Dynamics 365 Finance through a new licensing agreement with Binary Stream Software. This adds a comprehensive solution for pricing, billing, invoicing, and recognition to D365 Finance – at last! If you ever came across the order type Subscription (sic!), you know what I am referring to…
Binary Stream's Subscription Billing Suite provides procure-to-pay and revenue and expense recognition capabilities that enable compliance with ASC 606 and IFRS 15 accounting standards.
The capabilities include tools to manage complex pricing and billing such as usage-based or tiered models and added reporting capabilities for companies with recurring revenue, according to Binary Stream.
Features and Benefits of the Subscription Billing Suite
- Recurring billing and pricing management
- Compliance and recognition
- Reporting and analytics
- Set different billing schedules per line item on a single contract while eliminating the need for multiple accounting systems
- Automate contract renewals and termination to reduce manual processes and mitigate data entry errors
- Customize your contracts to fit your customer’s needs using a wide range of contract billing options including flat, consumption, tiered, and more
- Create automatic recognition schedules as deferred or expenses as they posted to comply with all revenue recognition standards and audit requirements
- Detail deferral schedules by transaction, reversal, or applied credits for improved forecasting and streamlined period-end reporting
- Determine precise deferrals and prevent future period postings across one or multiple accounts along with a predefined deferral schedule.
I really look forward to taking this for a spin, as I always found the true Subscription billing missing in D365 Finance. Recurring free text invoices was a help, still nowhere near complete with even simple things like placeholders for period names, etc. is missing.
As the Subscription Billing Suite was formerly (is?) available for purchase via AppSource, you might be familiar with the excellent features already.