Salesforce Billing is an add-on package that inherits key records and information from Salesforce CPQ. When a sales representative finalizes a quote and orders it within Salesforce CPQ, Billing picks up the order record for invoicing, payment, and revenue recognition.
In this blog, CloudVandana will discuss the overview of Salesforce billing and the benefits to help and enhance organizations across the world.
Sales and finance are essential parts of any organization, so they should be well-integrated. So, managing these two sectors and making them flow seamlessly can be a tremendous challenge. So, to overcome these challenges, Salesforce, the #1CRM solution, has introduced various solutions that organizations should be aware of. Let’s dive into the details –
This is a CPQ add-on specialized in billing. In a single data source, it integrates invoices, payments, and income, which allows companies to manage and bill their customers for unified products depending on their subscription and usage. It can easily optimize the provision of services and the payment experience. In addition, it can improve both communication and collaboration between finance, sales, and other departments.
Opportunities, Quotes, and Contracts are the responsibility of the sales department as they actively affect the billing process. After completion of the sales process, it generates contracts and orders that allow invoicing to begin. So Salesforce Billing comes in this scenario, managing the orders, billing, and collection stages.
Features And Benefits Of Salesforce Billing
1. The add-on allows tracking of payment methods and routes, offering flexibility to the clients. It can be well-integrated with the main payment processors to schedule payment executions and automate invoice balances. The advanced accounts receivable features allow flexible allocations ringing more precision to the process.
2. Invoice Refunds and Adjustments are other important features that provide flexibility to manage adjustments to a customer’s balance or accounts while adding fees or credits to invoices, correcting errors, or canceling services.
3. Accounts Receivable feature provides a detailed view of accounts receivable. It offers reporting functions, and it can be customized as per the requirements of the organizations.
4. Notification of claims accelerates and automates the claims process before the collection of expired invoice balances.
So, from the above features, we can understand that this process can optimize the company’s pillars. It can provide reliable, accurate, and automated billing without any human error. It reduces the collection cycle, improving the cash flow. It allows users to establish subscriptions and recurring payments and manages all types of income, changes, and services. In addition, it allows quick and flexible billing adjustments for customers. It also provides a single-screen, interactive, simple, and intuitive interface.
Salesforce CPQ And Billing
Salesforce CPQ enables representatives to set up, price, and prorate line items on a quote. In addition, it helps to sell the right product bundles, control discounts, and automate approvals. After placing an order, billing inherits the key records and information from the CPQ to easily create the invoice and related transaction records.
Salesforce CPQ and Billing are created to work together and complement each other.
1. Through this integration, the billing process is streamlined, and the price is properly quoted. When the credits and discounts are properly applied, the billing process goes smoothly.
2. The integration can improve sales performance as the platform is designed to take advantage of the CRM AI engine. This process allows proper forecasting of revenue, annual contract value, etc.
3. It also enhances customer relationships by automating the billing records to the Salesforce profiles. It provides a 360-degree vision of each client, providing the necessary information every time.
There are various other benefits of this platform that users can experience after implementing Salesforce CPQ and billing to their workforce. Are you looking for a reputed Salesforce partner for a successful Salesforce implementation? Please feel free to contact CloudVandana and get the full ROI of your Salesforce investment.
Digital Marketing Manager at Cloudvandana Solutions