With the advent of technology, we can now have a software solution for almost every business model. And why not? It is convenient, it streamlines processes, it cuts manual labor, it saves money and most importantly, it lessens the headaches of the business owners. The last pointer is enough to consider technology solution if you are running a business after all health is wealth.
In this post today, we will see how a subscription-based business model benefits from an appropriate software solution cut out for the business model specific to it. Let’s get started!
- Order management: For subscription-based businesses, order management requires a level higher attention as it is not something once ordered, delivered and over. It is for the long run. It involves regular delivery at the correct time, correct place, correct items and incorrect amount. A software can help you keep track of the orders against each individual subscriber and even easily record and inform when to deliver where and what which may involve multiple places for multiple days and multiple items and quantities, with any confusion.
- Time management: With software, you may set cut off time for ordering goods. Also, you can save and manage time by segregating deliver location wise, places, which ensure that you do not hover around the same place again and again just because of your linear format of record keeping in pen and paper.
- Synchronization: If you own a fairly well-sized business, you may have collaborators or labors to help you out in business in terms of delivery, payment collection, etc. A software solution that offers a mobile app for a realtime check on the go can help to keep all the collaborators and business owner in sync. There will be no chance of double delivery or double knocking for payment which is much of embarrassment for the subscriber who sometimes even get offended.
- Billing and Payment: Billing and payment tracking are important to be it whatever business model. However, for subscription-based business models, billing can pose a real challenge as there are amount to be considered that has been consumed over a period of time. There can be a cancellation, change of order, extra order. Keeping all the records properly for all the subscribers and presenting them a proper bill is something daunting. However, this step can be made easier and simpler by opting for a software solution, which keeps records day to day on your behalf and presents an updated bill any point of time with just a few clicks without any headache. Similarly, payments are also kept tracked and collated in the books of accounts to help out in time of audit.
- Tax Compliance: This is important to save you hassles and extra service cost at the end of the financial year. A tax compliant software solution keeps you sorted with rules and regulations of the government and makes tax filing easier like never before.
We will be back on another topic. Till then, stay tight to this space.