We’ve been a bit heads down and hard at work in 2020, we wanted to do a quick look back at some of the new tools and improvements we’ve made over the past six months or so at Maxio as a refresher. So far, the feedback from you has been awesome.
Key Takeaways (TLDR)
Using the Commissions Calculator saves merchants over 10 hours per month
Merchants who have started using the Revenue Recognition Reporting have seen a dramatic reduction in revenue errors, thus saving them time and effort
Merchants are leveraging the Revenue Forecasting Tool to simplify their 2020 business planning Read below for a deeper dive into our three tools.
Commission Calculator
Calculating sales commissions in the SaaS world isn’t as easy as you might think.
Tracking sales rep performance over time can be complicated, especially given the scope of what reps can sell. SaaS products and services come with different price points, billing models, and frequencies. Reps are pitching fixed-price and metered offerings, upgrades, add-ons, bundles, and more, all at the same time.
After only four months from its initial introduction, Maxio’s merchants are leveraging the Commissions Calculator to optimize their processes, cut down their manual effort, and pay their sales reps faster! Key merchants are also providing valuable insights into what to include in the upcoming enhancement of the commissioning tool – highlighting capabilities that will make them even more efficient. When we are done commissions, we will have moved from an arduous error-prone process to a simple payment run.
Revenue Recognition Reporting
With ASC 606 and IFRS in full effect, revenue recognition reporting is an absolute must-have for SaaS businesses with global operations.
Since releasing our Revenue Recognition function in 2019, nearly 50% of all Maxio merchants have jumped on board and are staying compliant with Maxio’s Revenue Recognition Report. These merchants no longer need to break down revenues manually with work-intensive spreadsheets. Instead, they are generating reports that automatically populate monthly revenue data by product.
Revenue Forecasting Tool
Revenue forecasting is especially challenging when it comes to SaaS billing. Most businesses rely on internally built models and data tables that have to be updated manually. Forecasting in this way leaves the door open for errors and drains finance team capacity.
Just a few months after its launch, over 10% of Maxio merchants are using the Revenue Forecasting tool to plan out their year, modeling over 5,500 forecasting scenarios over the last 2 months. These merchants are leveraging the forecasting tool to pull information, including live, historical, and month-over-month performance figures, to support their analyses of specific revenue segments.
We’re Just Getting Started!
We’re full speed ahead on enhancing the Maxio platform to meet the unique needs of SaaS B2B businesses in an ever-evolving global marketplace.
Follow the Maxio blog to keep up to date on our progress. We’ve got a lot of exciting developments in the pipeline and can’t wait for you to see how they’ll transform your billing operations.