Highly configurable, cloud-based platform supports Class’s diverse subscription and consumption business models and integrates with its Salesforce and NetSuite systems
BillingPlatform, the leading global cloud-based monetization and billing solution provider, today announced it has signed a multi-year agreement with Class Limited, a leader in cloud-based wealth accounting solutions for accountants, administrators and advisors in Australia. After a thorough competitive review, Class selected BillingPlatform’s billing and monetization solution to automate and scale its existing billing processes featuring diverse subscription and consumption pricing models.
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Headquartered in Australia, Class offers a number of wealth accounting solutions, including Class Super for self-managed superannuation fund (SMSF) administration and Class Portfolio for investment portfolio accounting, administration and reporting. With 29% of all SMSFs administered by Class Super, it is the leading provider of cloud-based SMSF administration software. In fact, the company’s software is used to administer more than 180,000 accounts by more than 1,600 accounting and advisory practices with a total value of net SMSF assets of $260 billion Australian dollars. In addition, Class has expanded its business to also offer a range of complementary legal, accounting and corporate compliance documentation products.
As Class has expanded its business through internal development and acquisitions, its existing billing process was an obstacle to keeping pace with its accelerating growth. Using Salesforce for its CRM and NetSuite as its ERP, the Class finance team would pull data from both into a legacy system to calculate and issue bills based on the number and type of accounts under administration per month. This was a time consuming and increasingly complex process requiring data from multiple systems and then addressing variances for volume discounts or covering both SMSF and investment portfolio accounts, so the overall process did not scale well.
“Our mission is to enable accountants, administrators and advisors to automate manual workloads and drive higher levels of processing efficiency and scalability, so we knew our own growth had put us at an inflection point in terms of billing,” said Glenn Day, CFO at Class Limited. “While our billing worked, it was overly manual, time consuming and we wanted more flexibility, so we selected BillingPlatform to transform and modernize it to fuel our continued business growth, deliver better client service and redeploy our finance team’s time on more strategic activities.”
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BillingPlatform is the only billing solution on the market that enables enterprises to move beyond simple subscription or fixed-fee billing with the ability to monetize products with sophisticated usage and rating capabilities – including any combination of one-time charges, promotional offers, subscription, consumption, or hybrid-based billing – all on a single, next-generation cloud platform. This unparalleled flexibility puts enterprises in control of how they differentiate in the market and manage and grow their revenue.
“Class is a great example to showcase the flexibility of our platform to support a variety of pricing models across a range of product bundles while integrating seamlessly with their ERP, CRM and other core systems,” said Dennis Wall, CEO at BillingPlatform. “More importantly, Class underscores our success and momentum across key countries in Europe and Asia/Pacific as our modern approach to transforming the quote-to-cash process continues to differentiate us in the U.S. and abroad.”
With customers in communications, transportation, healthcare, retail, finance, software and other industries around the world, Class adds to BillingPlatform’s multiple deployments in Australia and comes on the heels of the company’s expanding international business and recent industry recognition. The company recently was named a Company of the Year in the International Business Awards and one of the fastest growing companies of 2020 as part of the annual University of Delaware Alfred Lerner College of Business & Economics and Horn Entrepreneurship Blue Hen 17&43 Awards. BillingPlatform also received its highest MGI 360™ rating from MGI Research, was named to the Constellation ShortList™ for Smart Services Digital Monetization Platforms in Q3 2020 for the fourth consecutive time and was named a Leader in the IDC MarketScape: Worldwide Subscription Management Applications 2019-2020 Vendor Assessment.
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