Stripea financial infrastructure platform for companies, has announced the expansion of its Revenue & Finance Automation Package to give businesses power throughout the lifecycle of their cash flow. To the coordinate billing, tax, reporting and data services in a modern stack, the finance and revenue automation suite from Stripe eliminates the inefficiencies of legacy financial tools and supports revenue growth.
With the release of Revenue Reporting and the important updates of Stripe Billing and Stripe Tax Stripe aims to bring the same user-first approach to back-office operations that you brought to payments. The finance and revenue automation suite empowers finance teams to do more in less time, while freeing them up to focus on the areas that matter most to their business.
The challenges facing finance leaders
While the Internet has been a boon to productivity, the gains have been mixed. Common financial processes like billing, taxes, and quarterly reports remain painfully inefficient and manual. They are also usually distributed in a dozen or more software tools. The result: a third of finance leaders reopen their books at least once a quarter due to accounting errorsand half spend 10 hours a month manually correcting discrepancies.
Stripe’s suite alleviates those burdens by equipping finance leaders with revenue management tools that are as sophisticated as the businesses they run. The suite automates manual work and improves accuracy throughout the cash flow lifecycle, from payments and billing to tax, reporting and reconciliation.
Fast growing companies like Open AI they no longer need to cobble together as many integrations from multiple software vendors; instead, a single integration with Stripe works. They can start with Stripe for payments or subscriptions; then, as they grow, they can easily switch to other finance and revenue automation products to support jobs like invoice and VAT quotes. The companies established as The Atlantic they can also use these products to streamline their administrative processes.
This is how finance should work for any modern business.
“For years, our users have asked Stripe to help them run a more efficient financial operation, plagued by fewer daily frustrations.“, said Vivek Sharma, Head of Finance and Revenue Automation at Stripe. “We can’t send you Advil every month, but we can take care of your headaches. Stripe’s finance and revenue automation suite is designed to be a seamless, one-stop-shop for forward-thinking finance teams”.
A unified approach to financial and revenue management
The Finance & Revenue Automation Package includes Billing and Strip Billing to acquire customers and earn revenue; Stripe Tax, Revenue Recognition and (as of today) Revenue Reporting to collect sales tax, report income and close the books; and Stripe Data Pipeline and Stripe Sigma for data analysis.
These products use Stripe’s industry-leading payment architecture to increase revenue on behalf of its users. Stripe’s automated revenue recovery features brought Stripe businesses an additional $3.8 billion in revenue in 2022 by reducing customer churn and payment failures. Billing has been adopted by hundreds of thousands of companies, including Slack, Atlassian, Deliveroo, and Figma.
“We are excited to work with Stripe to monetize our flagship products.”, said Peter Welinder, Vice President of OpenAI Products and Partnerships. “Beyond payments, Stripe helps us with everything from recurring billing and tax compliance to automating our financial operations.”.
Today’s expansion includes:
- A new tool for income reports (beta), which gives finance leaders a better snapshot of key financial metrics, including monthly recurring revenue, customer growth by activity, and revenue by product, and provides automated financial statements for cash accounting businesses;
- Stripe Tax API with multi-processor support, which allows businesses to manage taxes on any transaction, including those not processed by Stripe (available in more than 40 countries);
- Stripe Tax support for additional location-specific tax requirements, such as the Chicago lease tax, which is required for certain businesses selling SaaS in the City of Chicago; the EU Import Single Window (IOSS), which is required for businesses selling physical goods in the EU; and US location reports to facilitate filing even with vastly different state filing requirements;
- Revenue retention and recovery automations no code , which allow finance teams to create custom triggers and actions, such as receiving notifications that an invoice is due or automatically sending an email to confirm that a subscription has been cancelled, to improve cash flow and increase revenue;
- The ability to set underwriting schedules in Stripe Dashboard, allowing users to model complex subscriptions with various trial periods and prices and automate those changes over time. Stripe developed this functionality as part of a multi-year effort to support the business needs of Atlassian, and it is now generally available;
- A new Salesforce CPQ Connectorwhich allows sales teams to create a new Stripe-powered subscription for a customer directly within Salesforce;
- conciliation capabilities to help businesses compare order-level data from their systems of record with Stripe’s bank deposits and transactions, providing clear visibility into cash collections and ensuring account balances.
Tango is a SaaS platform that makes it easy for anyone to create a how-to guide. Use Stripe’s finance and revenue automation suite to create a billing system that tightly integrates with all your essential financial data and scales naturally as your business grows.
“Building flexible billing methods on our own would have been very expensive, and the engineering hours are really valuable. Stripe allowed us to quickly expand our high-end business and meet the needs of enterprise customers who have complex sales processes.”said Dan Giovacchini, co-founder of Tango.