Billings is the amount of money you’re currently owed and yet to collect.
And if you run a SaaS business, it’s an essential element of tracking revenue.
There may be several billings amounts over the course of a contract, or it could all be billed at one time.
For example, if you’re rendered a service in January worth $10,000, where payment is due quarterly, the total billings for January would be $2,500.
SaaS businesses using manual billing processes lose revenue due to errors and other leakages. The inefficiencies typical in manual billing range from delayed payment requests to lack of a system for reminding customers about upcoming payments to higher chances of fraud by unscrupulous customers.
Accurate reporting and insights are essential for the success of a SaaS business. With a reliable SaaS billings system, business owners can review and compare revenue inflows and outflows, track customer activity, access recurring revenue analytics, and many other metrics