Spring update to support tax, revenue recognition and regional compliance mandates to help customers expand globally
San Francisco, CA, March 16, 2022 (GLOBE NEWSWIRE) — Fresh off its recent round of funding, Chargebee, the leading subscription management platform, today announced the industry’s first e-invoicing service for high-performing SaaS and subscription-model businesses as the centerpiece of its Spring 2022 Product Release. The release includes updates geared towards enabling growth and efficiency for Chargebee customers, including taxation and revenue recognition features and a new Marketplace to automate billing workflows through a library of customizable integrations.
Countries across the world, including Brazil, France, Finland, Germany and India, are already mandating e-invoicing for Business to Government (B2G) transactions as a way of modernizing and simplifying tax reporting and payment and several countries, including Poland and France, will join Italy, Mexico and Chile in mandating e-invoicing for B2B transactions as early as 2023. Chargebee’s e-invoicing service will allow businesses seeking to expand operations globally to easily comply with local e-invoicing mandates and serve B2G and B2B customers in new regions.
“Chargebee has solved a huge problem for us,” said Gabriele Proni, co-founder and CTO of Voxloud, an Italian-based communications company. “Italy has some of the strictest e-invoicing mandates in the entire world, and without Chargebee’s e-invoicing service, we would have had to spend countless hours sending them out manually. Chargebee came in and helped automate the process, saving our team from spending unnecessary time and power and allowed us to focus on doing what we do best.”
Automation is key to ensuring that modern billing systems are able to remain flexible and adaptable for businesses to succeed, especially for SaaS and subscription models, and is taking on a large role in Chargebee’s 2022 Spring Product Release.
Chargebee’s Marketplace enables businesses to build their billing systems on top of Chargebee, allowing for more and better integrations by connecting merchants with a wide catalog of available integrations to choose from. Marketplace improves integrations with other apps end-to-end, from discovery to sign-up, automating billing workflows and use cases.
Taxation and Revenue Recognition
In addition to e-invoicing and Marketplace, Chargebee adds taxation and revenue recognition capabilities to handle real-time changes based on customer demands. Through automation, Chargebee is providing subscription businesses with a new way to sync billing information and improve an organization’s financial efficiency and enabling them to meet the growing list of compliance requirements, including Value-Added Tax (“VAT” in Europe) and Tax Deduction at Source (“TDS” in India).
As Chargebee continues to support expansion into new and different geographies, customers need not worry about the growing list of regional and local compliances they will face. Chargebee is now certified as HIPAA compliant with the “Privacy Rule”, “Security Rule” and “Breach Notification” as per the HIPAA Portability and Accountability Act to support customers in the healthcare industry. In addition, Chargebee is also compliant with PCI and GDPR standards and adheres to ISO, SOC1, SOC2 and MFA standards.
“Global and product expansion is a big part of Chargebee’s 2022-and-beyond roadmap, and we know that our customers are always looking to scale up, increase capabilities and enter new territories,” said John Pearce, Vice President of Product Management at Chargebee. “There are tons of constantly changing rules and regulations that could inhibit growth, and our new offerings are designed to help our customers offload these concerns and focus on building and maintaining business.”
The Chargebee Spring 2022 Product Release full list of features includes:
- E-invoicing for India and the European Union
- Tax Withholding (TDS)
- Subscriptions Marketplace
- New Salesforce Integration UX
- GST Breakdown (Australia)
- Revenue Recognition through acquisition of RevLock
- Retention through acquisition of Brightback
- Receivables through acquisition of numberz
- HIPAA Compliance
- SOC-2 Compliance
These latest product enhancements come on the heels of a $250 million funding round that valued the company at $3.5 billion and was geared towards Chargebee’s global expansion. Recent acquisitions of Brightback (customer retention), RevLock (revenue recognition) and numberz (receivables) will also strengthen Chargebee’s offerings to enable end-to-end management of subscriptions and revenue data.
To learn more about Chargebee’s Spring 2022 Product Release, please visit https://www.chargebee.com/
Penny Desatnik Chargebee firstname.lastname@example.org