Your Managed Service business is ready to branch off beyond IT management into voice and network services. The fit makes sense and your potential profit is undeniable. With this appeal in mind, just one question that remains. Will your existing managed service billing software support the move?
Consider some of the common issues you may run into without the proper software in place. Additionally, review the key ways that a modern managed service billing system will make the transition smoother.
The Undeniable Appeal of “Comm-vergence” for MSPs
The adoption of voice and network services is a no-brainer decision for traditionally IT-focused MSPs. Your clients, who you maintain healthy relationships with, continue to express interest in cloud communications products. What’s more, you already have the integrations, configurations, and product knowledge in place to support this venture into telecom.
Beyond your fit, the profit potential is staggering. Mordor Intelligence projects the telecom cloud market to reach a valuation of $74.36 billion by 2026. By offering voice and network solutions with your existing IT services, you can confidently market an “all-in-one” cloud communications suite. In addition, this complete offering can keep existing customers satisfied. Finally, you can gain a definitive edge over MSP competitors who don’t deliver voice and network services as part of their offering.
Challenges you will Face with your Telecom Transition
In telecom, the experience of billing customers will be very different than what you’re used to. If you aren’t prepared for these differences, then your back office team may struggle with the adjustment.
Examples of potential challenges include:
- Complex usage ratings: Rating telecom usage often involves complex formatting and tiers that vary by the different types of connected devices. A system with faulty usage rating capabilities will create inaccurate bills, leading to unhappy customers and potential churn for your business.
- New telecom tax regulations: Telecom taxes are significantly more complex than the traditional sales taxes that show up on your IT customers’ bill. Managing these complexities with an outdated system, or (even worse) manually, will put your business at serious risk of compliance issues.
- “Swivel-chair” platform management: A lack of integrations between your traditional MSP systems and the software you use for telecom will lead to “swivel-chair” management between multiple systems. This can result in more manual billing errors, which will create lasting inefficiencies for your back office.
Managed Service Billing Software: Your Secret Weapon
These challenges can feel daunting for Managed Service companies new to the telecommunications space. But they don’t have to limit your evolving business. With cloud-based managed service billing software, you will have access to built-in solutions for each of these issues.
Ideally, this system will feature:
- Rating engine for customer usage: With a fully automated rating engine, your business can accurately bill for usage regardless of the connected device’s formatting requirements
- Integrations to tax databases: With an integrated partner tax engine, you can automate tax calculation and application for your customer billing. This will reduce your risk of audit and keep you fully compliant
- Support for existing systems: With a platform that integrates seamlessly with the tools you already rely on, your billing managers can manage fewer systems and operate a more efficient back office.
Contact Rev.io Today
To explore the scalable capabilities of managed service billing software like Rev.io in greater detail, contact us today!