Binary Stream Software Team On B2B Billing Microsoft

Microsoft, Binary Stream Software Team On B2B Billing

June 23, 2021 at 01:51AM

Microsoft is rolling out a new Subscription Billing Suite for Dynamics 365 Finance, intended to help offset difficulty with billing and price changes for companies, a press release said Tuesday (June 22).

The work will be in partnership with Binary Stream Software, which works in subscription management, consolidation accounting and lease administration.

Companies have expanding complex billing needs, with needs like usage-based or tiered-based models. The new features of Dynamics 365 Finance will help meet those needs as well as broaden the reporting capabilities of the system that’s already in place for recurring revenue.

The release noted, as subscription-based services keep growing, this update will help Microsoft comply with global accounting standards like ASC 606 and IFRS 15.

“Companies are demanding an end-to-end integration of their entire enterprise that allows for immediate responsiveness to customer trends and enables compliance with global accounting standards,” said Lak Chahal, president and CEO at Binary Stream, according to the press release. “This licensing agreement will greatly enhance and support the subscription management capabilities of Microsoft Dynamics 365 Finance and its growing user base. It will also enable us to continue working closely with both Microsoft and the partner channel and use our expertise in the space.”

Georg Glantschnig, General Manager, Microsoft Dynamics 365, Microsoft, said the new partnership would allow the company “to grow as a comprehensive cloud solution for enterprises with complex business models.”

PYMNTS reported on the profitability of subscription models, especially as the Software-as-a-Service (SaaS) model has taken off. The report notes that companies can now pay in more automated models, while service providers are able to access more reliable revenue.

However, there also comes a new risk of payments not going through correctly. Automation only recovers around 15 to 20 percent of failed payments, according to Gravy CEO Casey Graham, who spoke to PYMNTS. He said this necessitates a more personalized approach, such as reaching out to customers to avoid mistakes.