Integrate Stripe Subscriptions with NetSuite
Stripe Subscriptions is a great tool for managing recurring billing. SuiteSync integrates Stripe Subscriptions with NetSuite, automating the entire accounting workflow and supporting NetSuite Revenue Recognition system.
Stripe Subscriptions handles many of recurring billing use cases (metered billing, prorations, taxes, trials, etc). If you use Stripe Subscriptions, here's how it ties into NetSuite:
- When a customer enters their payment information in Stripe through your website, a customer is created in NetSuite.
- At the beginning of each billing period, an invoice is created in Stripe. When this occurs, SuiteSync creates an invoice in NetSuite. If revenue recognition is enabled, revenue is split up over the correct period on the line item level.
- When the Stripe invoice is successfully paid, a payment is created and applied against the corresponding Invoice in NetSuite.
- Refunds and disputes are fully integrated into NetSuite
- Stripe payments are automatically reconciled against a bank deposit in NetSuite. Any processing fees, currency conversion fees, etc are calculated and recorded.
All of the finer details of Stripe's Subscription system (prorations, customer balance, cash/check payments, delinquent customers, Avalara/tax, etc) are cleanly integrated into NetSuite. Additionally, there are many customizations and tweaks to the above workflow that can be enabled to support unique situations.
Here are the benefits of this workflow:
- Implementing this workflow requires little to no engineering resources and can be in production as quickly as a single week.
- Product and engineering teams can integrate solely with Stripe and forget that NetSuite exists. Accounting configurations and changes can be done using SuiteSync, without having to pull in engineering resources.
- The entire accounting workflow around subscriptions is completely automated. Most finance teams save two days each week of manual reconciliation work, not to mention the
- Since Stripe transaction data is brought over on the transaction level in NetSuite. This enables advanced reporting on Stripe data to be run out of NetSuite.
- Learn more about automated cash reconciliation
- Learn about integration with NetSuite's revenue recognition engine
- Understand how refunds and disputes are handled.
- Understand the finer details of how Stripe's Subscription invoices work