The first part of the so-called sales lifecycle is the configuring of a customized product package as well as generating a price quote for the package. Salesforce commerce cloud-based Configure-Price-Quote or CPQ software was initially developed for managing this part.
As a result of this standard CPQ software for small businesses, Salesforce customers have also found great success in supercharging digital transformations. However, the popular Salesforce’s mid-tier CPQ offering leaves out one considerable portion of the sales lifecycle.
When customers choose Salesforce CPQ, they are not able to use Salesforce to bill the customer. That is why Salesforce is now offering a higher tier which we call Salesforce Billing. It excellently manages the full sales lifecycle, right from multi-channel configure price quote to cash.
Quote management in Salesforce will be much easier with Salesforce Billing when you’ll have quote subscriptions with CPQ and Salesforce forms quotes.
Salesforce Billing’s importance
Salesforce Billing has enabled businesses to leave their legacy accounting systems as well as ERP workflows in favor of Salesforce’s end-to-end solution. It has helped in bringing operational outcomes to the business. It is so different as all pricing logic and pricing data flow through Salesforce’s powerful ecosystem directly.
Because pricing logic and pricing data flow from CRM platform to Salesforce Billing, the price that has been quoted to a customer will automatically become the price applied to order as well as billed to a customer.
Let us now explore some key benefits of Salesforce Billing supporting company success through driving digital transformation in the organization and for desired business outcomes.
1) Generation of bills without errors and with more reliability:
Sales representatives cannot be held accountable for generating accurate quotes with a traditional and siloed ERP order management system. In cases when the quote issued by them has flaws or misses some vital information, it goes to the finance team that then starts working on the backend to rectify deficiencies.
Customer service will then start handling frustrated customers. Such issues can be better taken care of when we have Salesforce billing integration. When you integrate billing into the Salesforce CPQ billing solution, you will find that the sales team is guided automatically for the process of preparing quotes and generating orders.
The rules and logic you set up will make sure that the sales team will not forget filling critical data and will not make avoidable mistakes with Salesforce CPQ and billing.
2) Usage- and subscription-based products will become simple to the bill:
We have traditional ERPs, but they are for managing orders as well as revenue from single transactions. They are not for revenue related to subscription- and usage-based products. But as we can see, customers will pay on what they are using. They pay subscription pricing which intentionally gets changed over time.
With usage- and subscription-based billing, organizations need to accommodate a complete host of special circumstances: upgrades, renewals, prorations, trial periods, add-ons, one-time setup fees, and so on.
So we come to Salesforce Billing, which is expressly designed for the management of all such complex bill needs. This is a powerful system that calculates any needed sales automatically. Recurring billing Salesforce is great support for organizations. CPQ and billing can do great together.
3) The ability to offer flexible billing arrangements to each customer:
Sometimes we find that customers often come with some kind of billing exception. While some of them would want to be billed at some specific intervals, others would want it on certain dates.
Many others would wish for instalment payments. You may even need to attach individual bill notes to an account during such circumstances.
Salesforce subscription billing and the Salesforce billing module come into play and resolve such issues as well. Salesforce offers numerous options regarding how businesses bill their customers. This is also when the organization manages the billing process.
The concept of Salesforce Billing will also give you several applications that will help with payment processing, adding multiple kinds of options for billing to your payment processor.
4) Making business intelligence more insightful and accurate:
Salesforce’s standard CPQ uses the power of artificial intelligence for the generation of key business insights into all configuration and quoting processes. You can turbo-charge your business intelligence with Salesforce Billing. It automatically feeds billing data to your Salesforce artificial intelligence engine.
The concept of Salesforce Billing further helps improve accuracy of your cash-flow forecasts and with business outcome metrics. It helps achieve desired key business outcomes. This then helps you improve budgeting as well as planning across your organization, which will deliver business outcomes that were desired.
5) Strengthening relationships with customers:
Traditional ERP systems only looked into managing ordering and billing. They were not meant to manage customer relationships. This is a disadvantage because it caters those who were already familiar with finances.
Now, Salesforce Billing ultimately helps increase customer retention and growing revenue. It forms a part of the wider Salesforce ecosystem. That refers to customers’ billing records being automatically linked to Salesforce’s profiles of those customers.
Sales and customer service teams are now able to readily access those profiles. This further provides the whole organization with a comprehensive and 360-degree customer view.
One can also create a self-service portal with Salesforce, allowing customers to resolve issues related to bills.
Businesses need digital transformation for billing processes
This is an urgent need. Several businesses have admitted to being unable to pay suppliers in time. When you are able to fight the competition and when you upgrade to B2B commerce Salesforce Billing, you will notice that you can generate reliable bills and have a better B2B subscription–all withoutmaking errors that were unavoidable otherwise.
A CPQ billing system with Salesforce Billing will help in delivering business outcomes that were desired and increase revenue growth.
Furthermore, you will be able to streamline and simplify the usage- and subscription-based billing processes. The use of Salesforce Billing will improve preciseness and the insightfulness of business intelligence and help benefit the ecommerce business.
It’s a great ecommerce solution with huge ecommerce functions. That will finally help you build stronger and lasting relationships with customers.
Docmation is the perfect Salesforce consulting partner and an industry leader when it comes to Salesforce B2B ecommerce, CPQ, and billing. This award-winning organization will drive growth and success at any scale.