Accounting Systems vs Billing Systems: What’s the difference for Cloud Solution Providers?
As a Microsoft Partner and CSP, a requirement is to have billing automation and accounting systems in place to keep a record of transactions and send out invoices. While the line between the two different systems has blurred in recent years, billing automation and accounting systems still serve two different purposes and require a software decision. Today, we’ll review the differences between billing automation and account systems in order to help cloud businesses build efficiency. The Differences Between Accounting And Billing Systems Accounting Systems An accounting system like Quickbooks, NetSuite, Xero, or Freshbooks, is meant to document and classify all of a business’s financial transactions. It is most commonly used to show the following data: Money that comes in and goes out of the business Total revenue Total profit Company budgets and expenses Accounts payable and receivable Most accounting systems allow users to create manual invoices, which can handle...