RackNap – Automating and Managing your cloud services’ billing accounting

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Cloud-based services and applications are setting new paradigms for business process management improvement. With its alluring promises of “faster time to market” and “self-service provisioning,” cloud brings in the importance of “automation” in all its processes.

From managing cloud sales to billing the customers, every step needs to be automated. One of such important processes which needs automation is cloud services accounting management.

As per Institute of Finance and Management, “Automation provides financial insights that drive strategic decisions, long-term planning, forecasting and budgeting.”

Cloud computing involves a large number of subscribers. As a result of which it has heterogeneous data, coming from multiple systems. Hence, cloud billing and accounting automation in such a case needs to be a highly efficient process so that it can deliver a convergent system to the end user, allowing him to have a unified view of the services that he consumes.

In sync with billing, every activity performed by the end user, while using a particular service needs to be represented in the accounting system. Here, by automating the cloud services’ accounting, service providers will:

  • Allow customers to set up and perform upgradation or renewal of services themselves through a client user interface.
  • Get a clear visibility into each customer’s account history with a system which can provide him information as and when required.

How RackNap automates Cloud services’ accounting?

RackNap is a unified service delivery and business process automation platform for all businesses, including cloud-based and others working with the subscription services. RackNap allows you to completely automate your cloud billing and accounting system because of its strong integration capabilities with any of the in-house accounting software you are using, like Tally.

RackNap’s cloud billing module is much more than a simple cloud service billing software and helps you to easily bill customers for any of the services that you sell and integrate with any of your accounting software like Tally to generate reports, get account history, or notified about every new customer added or removed.

Integration of RackNap with accounting software is beneficial because:

  • You don’t have to manage multiple systems for your accounting processes.
  • You get complete information about your systems quickly.
  • Your time is saved from manually updating records.
  • Chances of human errors are reduced.

How RackNap integrate with your current cloud accounting software?

RackNap with its own API has the ability to integrate with any of your accounting software that has integration capabilities. Through this, it adds value to the accounting process by automating multiple cloud processes, and giving insightful information to the decision makers. Hence, determining taxes and predicting revenue, departmental analysis and budgeting, preparation for auditing – every process is automated and streamlined.

The following screenshot shows the integration process of the Tally with RackNap. Integration is just a matter of few clicks. The user has to simply change some settings in the advanced configuration panel of their accounting software, like client and connection configuration, to start integrating and generating reports from RackNap.

The DIY interface of RackNap simplifies the entire process which otherwise could be a long and tiring task.

cloud services billing and accounting

By integrating your cloud service accounting software with RackNap:

  • You can download reports directly from RackNap and update accounts.
  • You can get complete ledgers of any new customer or service added, thus saving your time to manually update them.

The following screenshot shows the different reports which can be downloaded via RackNap, like invoices, credit notes, receipts etc. The user has to first mention the location of its accounting software like Tally.

These automated reports reduce the time of manually presenting data or filling it in pre-built formats.

cloud billing management tool

Thus, RackNap can be a perfect cloud billing and accounting management tool, with high integration capabilities.

The increasing rate of cloud adoption requires enterprises to look for ways to deliver more in less time. This can be achieved only if you are equipped with the right solutions to manage your business processes. RackNap is one such right solution 🙂

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About author
Vinod Kumar Soni, the Finance Head – RackNap, takes care of all the finance related matters - statuary compliance and taxations, foreign exchange management, corporate accounts, risk evaluation and control, and a lot more.
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