Sweet subscription news for Oracle NetSuite users
Is your company one of the estimated 31,000 companies that rely on Oracle NetSuite? If so, we've got some news for you that will make subscription, billing, and payments a whole lot easier.
We’ve launched a new integration between Oracle NetSuite and the Recurly subscription management platform. Quick to implement, the integration synchronizes your Recurly customer accounts to your NetSuite customer records, your records, and transaction data. The combination connects Recurly’s subscription and billing capabilities and revenue recognition tool with NetSuite's financial management solution through a one-way integration from Recurly to Netsuite.
Read on or watch the video highlights.
What does NetSuite Revenue Recognition do?
This accounting and finance tool automates the accounting principle of identifying and accounting for revenue when it occurs. NetSuite's revenue recognition creates financial reports involved with recurring revenue, streamlining the work involved with recurring revenues.
(Yes, to use this integration, you must be on NetSuite Oneworld or Standard editions and have at least one unused Recurly API per subdomain.) NetSuite Revenue Recognition takes on the work of identifying recurring revenue and automating revenue forecasting, scheduling, and reporting.
This financial management tool in Oracle’s NetSuite ERP also makes compliance a snap with standardized allocation processing and real-time financial reporting, all in one enterprise planning solution.
Now imagine the possibilities when you combine your downstream ERP platform with your billing info and customer data from Recurly.
The juice: How the Recurly Netsuite integration works
You can bring together your financial management platform with the same platform you use to raise customer retention rates and manage your subscription business.
Highlights of the new integration include:
Predefined, out-of-the-box setup means you can launch the integration quickly, getting up and running faster with no integration headaches.
Near real-time data
Every hour, Recurly sends updated data to Oracle NetSuite, ensuring you have the most current data surrounding the health of your subscription business.
Operate a bit differently? The integration supports custom fields so you can support specific business processes and workflows.
Best of both worlds
Leverage NetSuite's revenue recognition module with Recurly billing data to further automate revenue scheduling, allocation, and reporting.
The key benefits to the new integration
If that all sounds good, but you want more details, here's the juice:
It's a one-way sync process from Recurly to Oracle NetSuite.
You can sync the following Recurly data:
Item Plans, Add-Ons, and Setup Fees
Payments & Refund transactions
Custom fields for Accounts, Invoices, and Subscriptions
It runs hourly by default, syncing the unsynced.
You can leverage Recurly or the standard NetSuite revenue recognition module (must be enabled).
You have the ability to prevent failed payments from flowing into Netsuite.
Experience easier management of shared data with external id flexibility
And much more!
Error handling with Recurly Support
Your team gets full Recurly support once you’re fully onboarded with your integration and coordinating your sync process to get your customer base from Recurly into NetSuite.
You’ll have access to a Recurly Support representative who knows all the details of your integration and how your business works so that any support tickets can be managed at the speed of your business.
What our current users are saying
Here’s what some of the integration’s early adopters are saying:
The integration between Oracle NetSuite and Recurly takes the best of both solutions—NetSuite’s recurring revenue capabilities with Recurly’s powerful subscription billing platform. It’s a powerful combination that gives us increased visibility of our subscription business.
We were able to roll out the integration between Oracle NetSuite and Recurly rapidly within four weeks—and the near real-time data synchronization gives our teams the data they need to serve customers quickly and accurately.
Integration is one of the promises—and expectations—of modern cloud technology, and the Recurly and NetSuite integration is a shining example. Ultimately, the data sharing between these two powerful platforms will help you build trust and transparency with your customers, improving customer retention rates and increasing satisfaction levels—and that's pretty sweet.
How the Recurly Netsuite integration can improve your customer retention rate
Revenue accounting and customer retention may seem unrelated until you consider the connection they have in your customers' billing info.
Syncing your Recurly accounts to your NetSuite instance will improve your customer retention rate by streamlining your accounting work and highlighting new customer service opportunities related to your billing processes. Failed payments are more than credit card issues; they create a bad experience for your customer. However, there are plenty of reasons why a payment may fail–meanwhile any of those reasons can lead to losing that customer.
At the heart of every business is the flow of revenue.
Specifically, recurring revenue when you're a subscription-based business. Every billing cycle, subscriber payments arrive, and the generally accepted accounting principles mandate that revenues get recognized on your business's income statement when revenue is realized and earned–which may not be in the same period of time subscriber payments came in. Your accounts receivable team will be the first to tell you that collecting active subscription fees isn't the same thing as collecting revenue from contracts.
When you link your NetSuite with the Recurly integration, your loyal customers get the benefit of Recurly automated retries and advanced account updating to anticipate any card changes. Further, an automated dunning process sets your customer expectations and keeps them met–which is at the heart of a successful subscription model.
Out of all the customer retention strategies you can employ, syncing your NetSuite to a smart subscription management system takes the least amount of effort for the long-term gains you'll see in your customer retention rates.
And that's a pretty sweet deal overall.
If you're interested in learning more, please reach out to your account manager or request a demo.