Product update for May 2024
This is Bunny’s product update for May 2024.
New customer portal design
Bunny’s customer portal just got a fresh coat of paint as well as some new capabilities. The new look combines Bunny’s enterprise-grade billing flexibility with a design that feels more modern and approachable. And the user experience on mobile is vastly improved.
New plan layouts
It’s now possible to choose between two different plan layouts. The standard layout has one line for each feature with checkmarks and values shown for each plan. The new layout shows only the delta between the plans, which makes for a more compact layout.
Automated periodic financials
Recurring subscription revenue is a fantastic business model, but it does complicate things more for finance because of accrual accounting and generally accepted accounting practices. In the United States, SaaS companies must follow the ASC 606 revenue recognition standard and in Europe they must follow IFRS 15. Online payments can also complicate accounting since payouts from Stripe and other payment processes don’t directly match invoice amounts due to fees and transactions being lumped together. And finally, governments increasingly tax online services, which means that businesses must collect sales tax that also needs to be accounted for accurately.
Most SaaS businesses deal with these accounting complexities using manual processes, which are expensive, inaccurate and can end up being a liability because of non-compliance.
Bunny brings tremendous automation to this process and accurate generates all the financial revenue data in real-time.
Earned and deferred revenue numbers for subscriptions with daily precision
Automatic payment matching for credit card payments
Tracking of payment processing fees
Billed and deferred sales tax or VAT
Currency exchange loss and gain
Currency conversion
Support for doing business internationally is a big theme this month. Bunny now integrates with fastFOREX, which allows you to convert currencies in real-time. You can also choose to configure specific exchange rates for more volatile currencies in order to limit your exposure. Bunny’s automated periodic financials also breaks out currency conversion loss and again to simplify accounting.
Invoice templates
One of the benefits of the SaaS business model is that you are instantly global. Customers from all over the world can use your service. This also means that you are forced to deal with best practices and laws in other countries when it comes to billing, payments and taxation.
For example, if you are selling your services in India, you might need to collect the customer’s tax number to be included on invoices. Bunny’s new invoice templates enable you to customize your invoices for different types of customers, by requiring collection of purchase order number and tax number on the quote you share with customers, as well as custom invoice footers and bank details if you are dealing with multiple currencies or bank accounts.
