Feeling pressure to automate revenue accounting at scale and go live in record time to meet the new standards deadlines? Get a head start by watching this RevPro user panel session video and learning our key implementation takeaways from customers who have “been there and done that.”
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"https://zuorainternprd.wpengine.com/people/aaron-burns/" ["menu_order"]=> int(0) ["post_type"]=> string(6) "person" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } } ["resouce_selection_type"]=> string(11) "hand_select" ["selectable_resources"]=> array(3) { [0]=> object(WP_Post)#10996 (24) { ["ID"]=> int(49294) ["post_author"]=> string(2) "64" ["post_date"]=> string(19) "2018-04-25 09:40:04" ["post_date_gmt"]=> string(19) "2018-04-25 16:40:04" ["post_content"]=> string(3684) "By Taha Doctor, Director Technical Revenue, Zuora Growing up in a family of accountants, I spent my childhood learning the importance of double entry system, T-accounts, reconciliations, and the satisfaction of the trial balance tying up perfectly at the end of the month. This was an era when financials were still handwritten in massive bound books called Ledgers. When colour coding only existed if an accountant had multiple coloured pens and when sharing a document with a colleague meant hiring a courier to transport heavy boxes of files. Then came the age of Excel and everything changed. With the ability to automate re-calculations, create beautiful graphs & charts in a few clicks, and the death of handwritten ledgers, the lives of accountants became a little bit easier. I’ve spent my career working in Excel, and even all these years later, I still find it fun and challenging. (Nerd Alert!) Mastering new short cuts, pivot tables, macros, colour functions -- there’s always something new to learn. I’m amazed that I still meet people in the industry who are innovating with Excel in ways I never thought possible. But as complexities rise, these Excel sheets are getting larger and less manageable. Multiple tabs, long formulas, links to other Excel sheets, inability to track changes, crashes when more than one person is working on a file at the same time, and version control can rapidly turn a simple spreadsheet into a complicated beast. As a leader, what keeps me awake at night is the risk that I am signing off on financials based on Excel sheets. Sheets created by my predecessors that link to various other Excel sheets that I don’t have control over. Sheets that have multiple, complicated formulas. Sheets that are manually worked on by more than one person inputting data and making calculations. Sheets that need to be created again and again every month. And finally, sheets that someone needs to post as journal entries into the ERP. With so much room for error in these processes, I have to wonder: Maybe Excel can’t do it alone anymore. Maybe we need another technology to help automate the accounting of revenue. Over the last ten years, I’ve looked at accounting as an auditor, an accountant, and a revenue leader. Through each of these lenses, the challenges of Excel are equally painful -- and with the new revenue recognition standard (IFRS 15) I believe they will only become more complex. I will be exploring all of this in a series of posts on the Zuora blog and Academy as well as posting on LinkedIn (follow me here!). These posts will discuss the challenges mentioned above and how automating accounting of revenue has the power to eliminate Excel complexities and give us back valuable time to innovate. If you're in EMEA, sign up for our inaugural Lunch & Learn event - Wednesday, April 25th at 12 Noon BST. And download our ebook Why spreadsheets aren't enough for RevRec" ["post_title"]=> string(58) "A Case for Revenue Accounting Automation: Excel and Beyond" ["post_excerpt"]=> string(198) "Taha Doctor, Director Technical Revenue at Zuora explores the new shift in accounting revenue automation and its power to eliminate Excel complexities and give people back valuable time to innovate." 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The investment by more and more companies across all industries and around the globe in building meaningful relationships with their customers is starting to pay dividends for our world as we know it. Smart companies no longer sell products to consumers they may not even know. They are building products and services around their customers, providing ongoing value in order to build and strengthen their relationships and ultimately grow with their customers. There’s new evidence that the shift is paying off big for businesses -- as subscription businesses are already growing 9X faster than the S&P 500, according to the Subscription Economy Index (SEI). But the benefits of that stickier customer relationship go beyond increased revenue and consumer satisfaction. They are empowering businesses to tackle global challenges from reducing global energy use to influencing smarter city planning to raising support for refugees and more. As we look ahead to 2018, here are six examples of subscription businesses that are taking on global challenges with the power of their community of customers behind them.Traditional automotive companies like Ford are moving beyond simply selling cars. They are reinventing themselves around the service of transportation, or MaaS (mobility as a service). Ford is innovating in cities and beyond with subscription models and alternative transportation solutions -- like Ford GoBikes and shuttle service Chariot -- that make more sense in congested urban centers. With rapidly increasing urban populations, these types of mobility experiments aren’t just an exercise in automotive companies maintaining their relevance. They’re a necessity. As Ford leans in to its own digital transformation, it’s helping inform the design of our cities of tomorrow.
- Ford - Improving city infrastructure through transit innovation
In an era dominated by real and imagined threats of “fake news,” there’s more need than ever for quality journalism that upholds the highest values of journalistic integrity. Journalism has infamously faced some challenges in the ongoing shift from print to digital. Throughout this transformation, traditional publications have increasingly experimented with paywalls and other pricing structures to encourage paid subscriptions. That is why we celebrated in November 2017 when the Financial Times announced that they had surpassed 900,000 paying subscribers. In 2018, we predict we’ll see more quality publications experimenting with pricing and packaging in support of their mission to provide real news that matters.
- Financial Times - Upholding journalistic integrity
We’re starting to see an encouraging shift towards renewable energy from large, global organizations -- and this is only looking to continue in 2018. Take for example French multinational Schneider Electric, a global specialist in energy management and automation with operations in more than 100 countries. In recent years, Schneider Electric has begun transitioning its traditional business to a customer-centric, recurring revenue business model. As they’ve improved process efficiencies with this subscription model, they’ve been able to focus on optimizing their core business which has led the company to recently announce its commitment to 100% renewable electricity by 2030. Towards this end, Schneider has joined the RE100, whose members (including some of the world’s largest businesses such as Apple and Facebook) are committed to 100% renewable power. They’ve also joined the EP100, a global initiative comprised of businesses that are committed to doubling their energy productivity.
- Schneider Electric - Committing to renewable energy
In 2017 we witnessed large scale cyberattacks -- from the Equifax hack to the Dyn attack to WannaCry ransomware -- that affected millions of consumers, exposing data, costing billions in losses and negatively impacting critical infrastructure. The 2018 threat environment is one of our most pressing global challenges and businesses are predicted to spend more than $1 trillion on global cybersecurity initiatives between 2017 and 2021. But it’s not just businesses that need to invest in cyber defense; consumers need to play their part as well. Take cybersecurity software Symantec which has transformed itself into a security-as-a-service provider offering their solutions as subscriptions. With so many connected devices representing potential cyber vulnerabilities, Symantec launched the Norton Core router, a home Wi-Fi router that proactively watches all the consumer electronics in your house. Subscription-based offerings such as these empower consumers to take responsibility for their own cybersecurity. As Greg Clark, CEO of Symantec, has noted: "All of us normal citizens need to take responsibility for some things to take care of our digital safety, our cyber safety.” Working together with informed and armed consumers, companies like Symantec can help protect us against the complex threat landscape we all face in 2018.
- Symantec - Protecting consumers and businesses from cyberattacks
HBO is activating its legion of Game of Thrones fans (16.5 million tuned into the Season 7 premiere in July) in support of the #RealmToTheRescue campaign. In partnership with the International Rescue Committee, HBO is using the platform of its smash hit GoT to shine light on the refugee crisis and to encourage involvement in its Rescue Has No Boundaries initiative. With OTT, content providers are no longer limited to connecting with their viewers once a week in primetime. Streaming content compresses time and enhances the viewing experience. And it provides the foundation for an ongoing relationship between content providers and subscribers, one that companies like HBO can leverage for a good cause. With 13.5 million Syrian refugees requiring humanitarian assistance, UNHCR spokesman Babar Baloch notes, “It’s not about the number, it’s about the people. We’re trying to look for understanding, solidarity, and humanity.”
- HBO - Supporting global crises
Wth tuition and the cost of living rising, access to traditional higher education is out of reach for too many. Non-traditional education options like online courses and bootcamps are growing in number to fill the gap. According to Joshua Kim, Director of Digital Learning Initiatives at the Dartmouth Center for the Advancement of Learning (DCAL), online learning addresses the “higher ed challenges around access, costs, and quality.” That’s why online learning platforms like subscription-based Lynda.com are so critical. They help anyone learn the necessary skills to achieve professional and personal goals. What’s more, Lynda.com isn’t just available as a paid subscription (for individuals and organizations) or through affiliation with educational institutions. Lynda.com’s vast library of 6,215 learning videos taught by industry experts is also accessible through many public libraries throughout the U.S. and Canada. This unprecedented access to education helps to even the playing field. " ["post_title"]=> string(62) "6 Subscription Economy Solutions for Global Challenges in 2018" ["post_excerpt"]=> string(135) "Sx examples of subscription businesses that are taking on global challenges with the power of their community of customers behind them." 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Instead of buying one song at a time, many music fans are subscribing to sites like Rdio and Spotify to get their tunes. Instead of buying movies, couch potatoes are subscribing to Netflix. It is estimated that Amazon Prime now has 40 million subscribers worldwide. And in 2015 coffee giant Starbucks entered the subscription economy by launching Starbucks Reserve Roastery Subscription program. In doing the research for my book, The Automatic Customer: Creating a Subscription Business in Any Industry, I discovered many reasons why subscribers are better than customers. Here are seven ways Starbucks can benefit from turning customers into subscribers: 1. Free Market Research - Discerning customers will become a sounding board for Starbucks as they consider which of their reserve beans deserve shelf space in the retail stores. 2. Data - With a subscription service, Starbucks can start to build a direct relationship with its customers and starrt tracking their purchase decisions over time. 3. Stem the Competition - Starbucks has reacted to the subscription companies like Craft Coffee who have been nipping at their heels by creating its own premium offering for its most discriminating coffee drinkers. 4. Recurring Revenue - With a subscription service, Starbucks can forecast its future revenue more accurately because it knows how many subscribers it has for months into the future. 5. Planning - Starbucks can accurately forecast how many pounds of beans to buy to satisfy their numbers of subscribers with a subscription offering. 6. Cash - Starbucks is a profitable company but getting cash from subscribers who pay up front helps boost their coffers even further. 7. Cross Selling - Once Starbucks has the personal information of its subscribers, they will have a built-in platform to start cross-selling them. Read the full article here. For more from John Warrilow, download the free guide: 7 Ways to Sell Subscriptions." ["post_title"]=> string(51) "7 Reasons Starbucks Launched a Subscription Service" ["post_excerpt"]=> string(153) "John Warrillow, author of the bestselling book The Automatic Customer, details seven ways Starbucks can benefit from turning customers into subscribers. 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- Lynda.com - Making quality education accessible
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