Chargebee, the leading subscription management platform, announced it has acquired collections management platform numberz and launched Chargebee Receivables.
Subscription businesses will now be able to smartly automate their entire receivables process from purchase to payment, in addition to managing subscription products and invoices, leading to better data collections and insights for more confident decision-making.
“Over the last year, we have focused on strategic acquisitions that grow our platform and solve a wide range of customer problems by building a unified solution that connects data points from all aspects of the business,” said Krish Subramanian, CEO and co-founder of Chargebee. “With the acquisition of numberz, we are focused on solving bottlenecks that often occur due to clunky Accounts Receivable systems that leave collections delayed and bills unpaid. When businesses are growing at a fast rate, it’s critical that decision-makers have full visibility into receivables so they have clarity into available working capital needed for growth.”
Chargebee Receivables helps finance leaders reimagine this critical workflow. Integrating with the existing ERP and accounting solutions, Chargebee Receivables will also provide finance leaders better visibility and control of their receivables and improve their own customer experience.
“Implementing Receivables has created a lot of visibility and efficiency within the system. The coverage of each credit controller has increased by roughly 33% - they are able to serve more customers, more effectively. The increase in efficiency of our teams is also helping us run the department operations profitably without increasing the team size,” said Nitin Gupta, CFO of Konica Minolta.
On average, it takes about 72 days for the world’s fastest-growing SaaS companies to get paid on their invoices according to internal analysis of the Cloud Index Report. This is particularly significant in comparison to an average US company, getting paid in 45 days. Contrary to popular perception, the biggest reasons for late payments are neither customer intent nor the customer’s own cash flow issues. These challenges arise due to the seller’s internal process inefficiencies that persist despite the usage of ERPs or Accounting solutions, which account for as high as 50-60% of the delays.
With the addition of numberz, Chargebee Receivables ensures that customers are billed on time, with total accuracy, all while keeping customers engaged and informed by offering incentives for them to quickly and easily pay on time. Working together, users can manage the entire order-to-cash process with minimal effort, freeing up energy to focus on reporting and exceptional customer service.
"We are excited to be a part of Chargebee and to add Accounts Receivable Management capabilities that help finance leaders better manage their entire order-to-cash cycle, aid business growth and unlock massive value,” said Aditya Tulsian, Co-Founder and CEO of numberz. “The shared vision, values and the people-first approach of Chargebee made this an ideal ‘home’ - not just for the business but for the entire team,” added Rajeev Chari, co-founder and COO of numberz.
The numberz team joins Chargebee in various offices and remotely across India, including the addition of executive team members to Chargebee’s leadership team. The acquisition comes directly on the heels of the recent additions of Brightback and RevLock to Chargebee, and a new round of funding co-led by Sequoia and Tiger Global, signalling rapid product and talent growth for growing global startup Chargebee.