Following this announcement, Stripe’s revenue and finance automation platform is set to eliminate the inefficiencies of legacy finance tools and to support revenue growth by coordinating billing, reporting, tax, and data services in a modern stack.
The company upgraded its Stripe billing and Stripe Tax solutions and launched the Stripe Revenue Reporting sales tax calculations, designed for transactions on and off the Stripe platform.
By launching Revenue Reporting and upgrading other services, Stripe prioritises bringing the same users-first approach to back-office performances that are brought to payments. Furthermore, its revenue and finance automation suite will allow finance teams and firms to do their work in a faster and more efficient way and to focus on the areas that are important for their firms.
Stripe will also aim to provide its suite of services in order to equip finance companies with revenue management tools that will automate the manual work of employees, and is set to improve accuracy across the cash flow life cycle. This focuses on multiple areas, from payments and billing to tax, reporting, and reconciliation.
Businesses will have the possibility to use Stripe’s platform for payments or subscriptions, then, along with their development, they can switch to other revenue and finance automation products in order to support work, such as VAT or billing quotes. Established businesses will also benefit from these solutions, having the capability to streamline their back-office processes.
The revenue and finance automation suite incorporates Billing and Stripe Invoicing in order to acquire clients and earn revenue. The Stripe Tax service, along with the Revenue Recognition, and Revenue Reporting can be used by companies for collecting sales tax, closing the books, as well as reporting revenue. Furthermore, the Stripe Data Pipeline and Stripe Sigma are set to be leveraged for data analysis.
All of their products use Stripe’s payment architecture for growing revenue on their customers’ behalf.
The new Revenue Reporting tool was designed to provide finance leaders with an improved snapshot of key financial metrics, such as monthly recurring revenue, revenue by product, and customer growth by activity, as well as to offer automated accounting statements for cash-accounting businesses and companies.
The Stripe Tax API gives users multiprocessor support, enabling them to manage tax on any transaction, such as those not processed by Stripe. It is available in multiple countries and with multiple currencies as well. Stripe Tax will offer additional location-specific tax requirements and demands, while the new Salesforce CPQ connector will allow sales teams to design Stripe-powered subscriptions for a client directly within Salesforce.
Stripe Dashboard offers users the ability to set subscription schedules and model them with various trial and pricing periods, as well as automate those changes over time.
Moreover, customers can benefit from no-code revenue recovery and retention automation, which enables teams to create personalised triggers and actions, including ones like receiving notifications on an overdue invoice or automatically sending an email to confirm that a subscription has been cancelled.
The automatic reconciliation capabilities are set to offer businesses the needed support for comparing order-level data from their systems of record with Stripe transactions and bank deposits. Following this, companies will be provided clear visibility into cash collection and the assurance that accounts are balanced.
Tango was designed as a SaaS platform that uses Stripe’s revenue and finance automation suite for creating a billing system that integrates with all of its needed finance data.
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