If you are running a business that provides recurring services (delivery of baked office treats, cleaning once a week etc.), it is extremely important to keep everything under control. But nowadays thanks to neat online solutions like accounting software, payment processors etc. you can manage your contacts, reconcile bank statements, create invoices and record expenses with just a click whether you are in your office or on the go. And if you use recurring billing, this process can be further automated, so you can focus on what’s the most important: your job.
Recurring billing is not only more convenient for you, but for your clients as well – especially if you use subscription management software like Recurly, Chargify, Zoho Subscriptions or Braintree. Although this is not mandatory as online accounting software is equally capable of recurring billing, albeit not on such a professional level as subscription managers. No matter which solution you go with, there are various advantages.
First of all, your workflow becomes more simplified as you have to set up recurring billing once and the software takes care of it. With subscription billing solutions you can even give full control to your clients regarding how long they would like to use your services, what kind of payment method do they wish to use and whether they want to enjoy the benefits of coupons, discounts and free trials. Furthermore, due to the scalability of these systems you can simply modify your business plans when your business grows or you need more payment methods.
Speaking of those, both solutions work with online payment systems like PayPal or Stripe, but they are also capable of accepting wire transfers, checks or cash. And we haven’t even mentioned that just like online accounting solutions, subscription management software can keep track of all your transactions, create customized invoices for all your clients (if they need one), collect sales and use taxes and seamlessly integrate with other solutions.
You might be wondering why we talk that much about subscription management software. The reason is…
Even though subscription management solutions are perfect for recurring billing, they can’t take care of accounting, as it is the task of online accounting solutions. This is the reason why, for example, Chargify can integrate with Xero. In fact, if you have any kind of accounting solution, the integration of which is supported by subscription managers, the accounting process can be almost fully automated, resulting in more streamlined bookkeeping and more focus directed to the most important part of your business: selling your services/products.
Invoices, bank transactions info, tax components etc. are all imported into the accounting solution where you can see how your business performs (via a cashflow chart) and you can create neat business reports for tax purposes without any involvement by you (only your accountant). Furthermore, the same payment processing tools can also be integrated into online accounting solutions. Therefore, whenever a payment is made you can immediately see it in both accounts.
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