Ditch all the spreadsheets and manual typing. Integrate Alunta and e-conomic instead. It saves time, minimizes errors – and makes everyday life easier and more fun when working with service agreements or subscriptions.
Recurring billing automation
One of the primary benefits of using a subscription management system integrated with e-conomic is the automation of recurring billing. Many companies that offer subscriptions face the challenge of having to invoice their customers on a regular basis – whether monthly, quarterly or annually. With an integrated solution, invoices can be generated and sent automatically without manual intervention. This saves time and reduces the risk of errors, such as forgotten invoices or double billing. In addition, the system can handle different billing models, such as fixed subscriptions, consumption-based services or combinations of these. This makes it possible to scale and adapt the billing processes as the company grows.
Improved payment management and overview
Another major benefit is improved payment management. Since invoices are generated automatically and synchronized with e-conomic, following up on missed payments is also easier to handle. Many subscription management systems have features that allow you to set up automatic reminders for overdue payments, which increases the likelihood of timely payments and reduces the workload for accounting. Integration with e-conomic means that all payments, including any late payments or objections, can be easily tracked and reconciled in real time. Accountants therefore always have access to up-to-date data without having to import or export information between systems, reducing the risk of errors and saving time.
Better customer management
A third benefit of an integrated system is improved customer management. By combining subscription data with accounting data in e-conomic, you can get a comprehensive overview of each customer’s history, including their billing and payment information. This makes it easier for the customer service department to help with inquiries, as all relevant data is collected in one place. Customers can also get updated information about their subscriptions, remaining payments or upcoming invoices. In addition, you can quickly and accurately identify which customers are about to expire their subscription or who may need a change in their subscription plan. This makes it possible to work proactively with customer retention and customer satisfaction. In relation to customers; it might be of interest to see this article about how churn impacts your subscription business and how you can ensure loyal customers that pay for a long time.
Increased compliance and reduction of errors
When invoicing and subscription management is done manually, there is a greater risk of errors – for example, incorrect amounts, missing invoices or incorrect VAT calculations. An automated and integrated solution ensures that invoices are always in accordance with applicable rules and tax regulations. In e-conomic, the system can automatically take into account different VAT rates and country-specific requirements, which minimizes the risk of compliance-related issues. Our own integration with accounting software were some of the initial steps on our journey towards automation. Read the full story here.
Scalability and flexibility
An integrated solution also offers scalability, which is crucial for growing businesses. As a company expands its subscription base, it can easily add new customers or subscription types without having to change existing processes. The flexibility that comes with a specialized system makes it possible to adjust subscription plans, prices and billing intervals as needed. By having a tight integration with e-conomic, the company can also benefit from the flexibility that e-conomic offers in reporting and financial management. This means that reports can be pulled that combine data from both the subscription management system and the accounting department, providing a more nuanced picture of the company’s financial situation and growth potential.
Conclusion: Give Alunta a try!
Using a subscription management system integrated with e-conomic can create significant efficiency gains for companies. Automation of invoicing, improved payment management, better customer management and increased scalability are just some of the benefits such a solution offers. At the same time, the risk of errors is reduced and companies can easily comply with applicable regulations and laws, which is essential for sound business operations. Not fully sure yet? Check out our suggestions for how to create the most value with subscriptions.
