REDWOOD CITY, Calif. Zuora, Inc. (NYSE: ZUO), the leading cloud-based subscription management platform provider, today announced Real-Time Revenue for Zuora® Revenue. Now, with Real-Time Revenue, businesses can automatically recognise, reconcile, and analyse their revenue to more accurately close the books as early as day zero, while leveraging new instant insights to make strategic revenue decisions.
As companies adopt increasingly complex pricing models to incorporate a mix of subscriptions, one-time, and usage-based offers, the financial close process becomes more complex, prone to human error, and can span to weeks. Time wasted and additional risk also makes revenue forecasting challenging.
With Real-Time Revenue, companies can reduce end of financial period crunch times. A new Close Process Dashboard continuously reconciles revenue, immediately identifying and escalating any errors to be resolved. While the traditional reporting process produces obsolete data that could be weeks behind, with Zuora Revenue, new Revenue Analytics now appear instantly on a single page and are updated in real time to more accurately forecast, plus set and meet new revenue targets.
“Closing the books no longer needs to be a tedious process that only happens at the end of a financial period,” said Karthik Ramamoorthy, GM & VP of Products at Zuora. “With Zuora Revenue, real-time close and revenue reconciliation are finally possible. Financials can be updated as soon as a deal is booked.”
The Zuora suite now spans and completes a real-time connection from billing to collections to revenue. With a revenue recognition solution for any combination of subscription, one-time, and usage-based services, Zuora Revenue makes it simple for businesses to manage frequent changes in the subscription order-to-revenue process.
“Implementing Zuora Revenue reduced our time to close the books, and now with Real-Time Revenue, we expect to see even more significant time savings that will allow us to focus on higher value activities," said Luciana Maddalozzo, Revenue Accounting Ops Lead at Cisco Systems.
“Even today, too many organisations rely on manual and Excel-based revenue management processes. This lack of automation translates into hidden errors, re-statement of results and loss of confidence in financial statements,” said Andrew Dailey, Co-Founder and Managing Director at MGI Research. “Organisations must be proactive about innovating in revenue management, to create near real time, end-to-end visibility of the monetisation process.”