How SaaS Companies Maximize ROI with NetSuite?

Software companies live and die by recurring revenue. NetSuite can serve as the engine behind powering efficient billing, accounting, reporting and customer facing processes to accelerate growth. However, simply buying and installing the software delivers little without customizing it to serve the unique needs of your subscription operation. 

This blog reveals key ways SaaS firms maximize their return on investing in NetSuite by tailoring it to their industry, processes and desired outcomes. Follow these guiding principles to ensure your implementation and usage of NetSuite unlocks transformational gains that supercharge your growth and customer success.

Automate Customer Onboarding & Renewals with Workflows

Acquiring new customers marks only the first step in developing their lifetime value. Fluid onboarding experiences compel adoption while programmed renewal touchpoints maximize retention and upsells. NetSuite Workflow functionality allows creating rules-based engagement actions across the entire customer record lifecycle.

Savvy SaaS brands configure Workflows specific to customer subscription events. This enables:

• Automated renewal payment processing, adjustments, and invoices
• Emails and renewal quote generation at set intervals pre- and post-churn risk milestones
• Usage analytics reporting and alerts if utilization trends unfavorably
• Engagement and educational content drip campaigns based on lifecycle stage
• Dynamic offer creation and pricing changes based on behavior triggers
• Streamlined onboarding checklists guiding sales in proper setup steps

Customizing Workflows in this way handles repetitive customer account interactions in the background. It frees your team to focus on high-touch outreach unencumbered by manual data tracking.

Incorporate Multiple Payment Options

Always requiring customers to enter credit card details acts as a deterrent to completing transactions. Providing flexible online payment methods removes friction and speeds time to conversion and retention. NetSuite seamlessly integrates various payment processors and gateways to enable this capability, which SaaS sellers would be wise to offer.  

Choices buyers appreciate include:

• Credit Card
• PayPal
• ACH Payments
• Digital Wallets (Apple Pay/Google Pay)
• Prepaid/Gift Cards
• Manual Invoice Processing

Consumers and business teams alike gravitate to more choice versus one-size-fits all payment experiences. Configure multiple payment engines today and watch conversions climb.

Track MRR Retention Granularly with Dimensions

Not all revenue gets created equal when selling software. Calculating metrics like true margin, customer churn risk, and upsell potential requires peering intosubscription components making up monthly recurring revenue:

• Customer Type
• Geography
• Products/Editions
• Channel Partners
• Start Dates
• Contract Terms
• Sales Reps

Rather than just totalcontract value, analytics by each dimension uncovers trends in the above segmentations. Custom Dimensions in NetSuite empower this. Savvy SaaS sellers actively utilize dimensions to cut and dice their subscription income streams.

Business leaders gain insights to double down on what’s working and course correct underperforming segments. This analysis guides critical decisions around optimal pricing, packaging, promotion campaigns, channel vs direct sales resource allocation and territory planning.

Model Self-Service Billing Experiences

Empowering customers to manage their own account activities garners loyalty while tightening operations. When billing-related tasks require contacting your finance team, providing self-service options eases frustration. 

NetSuite’s SuiteBilling capabilities integrate directly into your self-service portal. Customers safely access their own real-time reporting on statements, invoices, payments, balances due plus one-click options. Consider activating self-service capabilities for: 

• Invoice Copies Downloads
• Payment Receipt Lookups 
• Automated Balances Outstanding Emails
• Payment Plan Proposals
• Credit Limit Modifications
• Payment Method Changes
• Paperless Settings Adjustments

Besides promoting retention over billing annoyances, self-service also markedly improves collections and cash flow with anywhere access. Reduce accounts receivable aging challenges by allowing 24×7 self-management.

Model Term-Based Pricing into Item Records

Most SaaS sellers today price and package services based on subscription terms not just flat one-time license fees. Setup your software SKUs in NetSuite to calculate costs dynamically based on contract duration. Common options include annual vs monthly billing at differing rates.

Rather than managing generic services, define specific Items for each special duration (1 month, 12 months, 24 months etc) with baked-in logic to charge the corresponding fee. Apply additional discounts or markup by term if desired.

Associate the various Items to renewable price books. Then enrollment automatically bills the correct amount per the selected frequency. No manual overrides needed thanks to rules-driven Items. Renewals sustain desired pricing integrity.

Extend Receivables Management to Collections Workflows

Even satisfied SaaS customers sometimes pay invoices late due to oversights in their own operations. Letting delays slide slowly erodes cash reserves as outstanding balances compound. NetSuite allows moving severely late accounts automatically from billing focused dunning strategies into smart collections workflows.

For high ticket contracts, also consider:

• Credit Review Notifications to Sales
• Incremental Credit Limit Decreases
• Followup Treatments Based on Days Delinquent 
• Routing to Separate Collections Teams
• Lock Down of Access to Services 
• Additional Late Fees Enforcement
• Forced Payment Method Updates

Don’t leave money trapped in uncollected receivables without visibility. Configure rules-driven reactions in NetSuite to apply proper accounts receivable treatments aimed at recovering owed amounts.

Why Choose SuiteRep for NetSuite Implementation 

SaaS companies who found success customizing NetSuite to meet subscription revenue management needs partner with SuiteRep for NetSuite implementation and enhancements. Our 200+ customers benefit from cloud business domain expertise accumulated implementing complex configurations on NetSuite exclusively the past decade.

Count on SuiteRep for strategic guidance identifying automation and NetSuite customization opportunities tailored to what makes SaaS sellers unique. Our solutions balance pragmatism and innovation thanks to real world practitioner experience accumulating millions in subscription sales.

Whether launching new SaaS divisions or maximizing output from an existing instance, SuiteRep serves as a trusted NetSuite advisor laser focused on your desired business outcomes. Schedule a free assessment today to discuss the possibilities for your software company.