Finance organizations look beyond ERP for subscription billing,
collections and revenue automation
SAN MATEO, Calif.--(BUSINESS WIRE)--
Zuora,
Inc. (NYSE: ZUO), the leading cloud-based subscription management
platform provider, today announced its Winter ‘19 product release with a
focus on automation and usability across Zuora Billing, Zuora Collect,
and Zuora RevPro.
According to the Subscription
Economy Index™, subscription-based companies see revenue growing
between five and nine times faster than S&P 500 companies. Over the past
five years, Zuora customers saw a steady 307% increase in invoices,
resulting in more invoice adjustments, complex prorations, and other
downstream impacts on finance teams. With this rapid growth, finance
organizations must evolve to take on the increasing volume and
complexity that come with increased subscription transactions.
For companies with a legacy ERP system, this growth creates pains for
different roles in the finance organization:
-
Billing teams have to manually track and resolve issues for recurring
invoices, such as account updates, late fees, or expired payments
-
Collections agents need to chase down unpaid invoices and failed
payments, one at a time
-
Revenue accountants must manually reconcile the impact of complex
contract changes on revenue recognition
In the Subscription Economy, finance organizations must adopt a
new system and evolve billing, collections, and revenue operations
to eliminate manual redundancies and enable more efficient growth.
With the Winter ’19 Release, new capabilities added to Zuora’s product
portfolio bring greater automation to help finance teams increase
productivity:
-
Reduced time spent on billing tasks and complex account updates with
automated workflows
-
Easier collaboration amongst collection teams to resolve unpaid
invoices and at-risk accounts
-
More efficient month end close to meet ASC 606 revenue compliance
through disclosure reporting and intelligent exception handling
-
Faster turnaround to create new automated processes, such as applying
late fees, calculating usage, or previewing upcoming invoices, using
the enhanced workflow user interface
“This product release is all about helping finance teams save time and
reduce the errors that come from completing complex, redundant tasks
manually,” said Tom Krackeler, SVP of Product at Zuora. “We are
doubling down on customer usability and automation so that companies can
rapidly grow without putting a big burden on back-office teams,
processes, and systems.”
Zuora Billing Adds New Workflow Tools to Automate Processes
In the Subscription Economy, Billing Operation teams shift from drafting
one-off invoices to managing complex recurring invoices through
automation. The new Workflow tools enable users to:
-
Automate Billing Tasks: Automate complex billing processes such
as applying late fees to accounts, calculating usage by unique
devices, previewing bill runs, and more
-
Automate Custom Code: Execute custom code with AWS (Amazon Web
Services) Lambda automatically for any business use case
-
Create Workflows Fast: Build the most complex workflows in
minutes with a new intuitive UI that includes features such as
multiple paths and draggable connections between tasks
“Workflow has made life so much easier for us,” said Jason Gulledge,
Founder and VP of Development of StackPath. “Workflow is intelligent
and powerful, enabling my team to become even more efficient, while
improving customer experience for our end customers. I consider it an
absolute must have for anyone who uses Zuora.”
Zuora Collect Expands with New Collaboration Tools for Added
Visibility
Collections teams in the Subscription Economy shift from sending one-off
emails for delinquent accounts to leveraging tools that prevent revenue
leakage and involuntary churn. New capabilities in Zuora Collect enable
users to:
-
Generate Branded Account Statements: Schedule and send
recurring account statements to customers automatically to provide
them with their full account history
-
Collaborate on Delinquent Accounts: Capture and collaborate on
detailed notes for at-risk accounts amongst collections agents with
the Collections Window
“Zuora Collect has helped us reduce churn and freed up our sales team so
they can focus on new business,” said Margaret De Luna, President of
TheStreet.
Zuora RevPro Continues Focus on Revenue Automation and ASC 606
Compliance
In the Subscription Economy, Revenue Accountants shift from manually
reconciling revenue to actively driving revenue policies. New Zuora
RevPro capabilities enable users to:
-
Capture Revenue Anomalies: Capture and communicate revenue
anomalies while processing revenue to enable faster reconciliation
-
Manage Disclosure Aggregation: Process and performance
improvement to help customers generate key revenue reports required
for disclosure reporting under ASC 606 and close the books in a timely
fashion
About Zuora, Inc.
Zuora provides the leading cloud-based subscription management platform
that functions as a system of record for subscription businesses across
all industries. Powering the Subscription Economy®, the Zuora platform
was architected specifically for dynamic, recurring subscription
business models and acts as an intelligent subscription management hub
that automates and orchestrates the entire subscription order-to-cash
process, including billing and revenue recognition. Zuora serves more
than 900 companies around the world, including Box, Komatsu, Rogers,
Schneider Electric, Xplornet and Zendesk. Headquartered in Silicon
Valley, Zuora also operates offices in Atlanta, Boston, Denver, San
Francisco, London, Paris, Beijing, Sydney, Chennai and Tokyo. To learn
more about the Zuora platform, please visit www.zuora.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve a
number of risks, uncertainties and assumptions, including but not
limited to statements regarding the expected benefits of Zuora’s Winter
‘19 product releases, Zuora’s expectations regarding companies shifting
to subscription business models, and the expected growth and trends in
the market for subscription businesses. Any statements that are not
statements of historical fact may be deemed to be forward-looking
statements. Actual results could differ materially from those stated or
implied in forward-looking statements due to a number of factors,
including but not limited to, risks detailed in the "Risk Factors"
section of Zuora’s Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (SEC) on September 12, 2018, as well
as other documents that Zuora may file from time to time with the SEC.
The forward-looking statements in this press release are based on
current expectations as of the date of this press release and Zuora
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
This press release also includes market data and certain other
statistical information and estimates from industry analysts and/or
market research firms. Zuora believes these third party reports to be
reputable, but has not independently verified the underlying data
sources, methodologies or assumptions. Information that is based on
estimates, forecasts, projections, market research or similar
methodologies is inherently subject to uncertainties and actual events
or circumstances may differ materially from events and circumstances
reflected in this information.
© 2018 Zuora, Inc. All Rights Reserved. Zuora, Subscribed,
Subscription Economy, Powering the Subscription Economy, and
Subscription Economy Index are trademarks or registered trademarks
of Zuora, Inc. Other names and brands may be claimed as the property of
others. Nothing in this press release should be construed to the
contrary, or as an approval, endorsement or sponsorship by any third
parties of Zuora, Inc. or any aspect of this press release.
SOURCE: Zuora Financial
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181211005103/en/
Press Contact
Jayne Gonzalez
[email protected]
408-348-1087
Source: Zuora