How to solve impossible billing challenges
In this episode of the Tekpon SaaS Podcast, host Cristian Dina invites Steve Keifer, the Chief Marketing Officer at Ordway, to discuss the company’s role in addressing the complex billing challenges faced by innovative business models. Ordway is a finance platform that provides solutions for technology-centric companies, including SaaS, cloud fintech, and marketplaces.
Keifer highlights the disconnect between entrepreneurs’ creative pricing strategies and the limitations of existing billing systems. While founders develop innovative business models and unique ways to monetize their products, they often overlook the practicality of measuring and billing for these ideas. As technology has progressively taken over various industries, companies are selling technology and offering financial services, such as payment processing, payroll services, loans, and marketing services. Therefore, turning customer contracts into revenue and financial statements becomes crucial for sustainable business operations.
Ordway offers four key solutions to tackle these challenges. Firstly, their billing system simplifies the complexity of generating invoices from customer contracts and consumption data. Secondly, their accounts receivable functionality ensures efficient collection of payments by accommodating diverse billing frequencies, payment terms, and methods. The third solution involves revenue recognition, which aligns with globally accepted accounting principles and tracks income, balance sheet, and cash flow statements. Finally, Ordway assists businesses in measuring key metrics essential for recurring revenue models, such as ARR, net retention, churn, and CAC.
In conclusion, the Tekpon SaaS Podcast episode with Steve Keifer sheds light on Ordway’s critical role in solving billing challenges for innovative business models. By offering a comprehensive finance platform, Ordway enables companies to turn customer contracts into revenue, ensuring accurate financial statements and sustainable business operations. The podcast episode provides valuable insights into the complexities of billing in the digital age and offers businesses a solution to overcome these obstacles.