Fortnox Invoice Management with SubscriptionFlow

Fortnox is known for providing seamless financial management. It offers smart solutions including expense tracking, compliance management, and financial reporting. While it also offers invoicing, its specialty lies in bookkeeping.

SubscriptionFlow collaborates with Fortnox to give businesses the perfect combination of advanced invoicing and accounting. Fortnox handles accounting, meanwhile SubscriptionFlow specializes in billing.

Businesses integrate Fortnox with SubscriptionFlow to unlock efficient Fortnox invoice management. Let’s explore how that works.

What is Fortnox Invoice Management?

Fortnox is a cloud accounting platform best suited to small and medium enterprises (SMEs). It offers businesses a powerful financial management toolkit that lets them organize their finances. Its major features include compliance, expense and payroll management.

It also helps businesses stay compliant with the electronic invoicing standards in Europe. Fortnox facilitates seamless electronic invoicing in the formats necessary for staying compliant. It also automates the creation of invoices, and also tracks them, greatly reducing businesses’ administrative burden.

Fortnox enables businesses to connect it with their software network, so they can boost their operational efficiency. Subscription businesses can easily integrate Fortnox with SubscriptionFlow to access advanced invoice management.

Why Fortnox Alone Cannot Support Subscription Billing?

Fortnox is primarily an accounting software. While it does offer automatic invoicing, it is not enough to cope with the complexities involved in recurring billing. Here is what Fortnox supports:

Customization of invoice templates
Automatic invoice transfers based on fixed dates
Invoice tracking to check if it is paid or unpaid
Automatic payment reminders or payment overdue notifications

And here is what Fortnox does not offer:

Standard or customized billing cycles
Proration for subscription changes
Automatic billing adjustment according to plan changes
Dunning management
Multiple billing models

The features that Fortnox does not natively support are crucial for subscription billing. This means that subscription businesses cannot rely solely on Fortnox for invoice management. Otherwise, they might encounter challenges like:

Manual Subscription Invoicing

Since recurring billing is not supported by Fortnox, businesses have to conduct billing processes manually. Fortnox automates invoice generation, however, it does not do that on a recurring basis. The software does not support recurring subscription cycles.

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This means that recurring invoices have to be created or scheduled to be created manually. This process can be very time taking and inefficient.

Manual Billing Schedule Setup and Tracking

Fortnox does not offer standard billing cycles, such as monthly, quarterly or annually. Hence, businesses have to set up each customer’s invoicing dates in Fortnox themselves. And they have to do this for every subscription cycle. This involves manual tracking of each customer’s recurring billing dates.

The more customer volume a business has, the more effort it has to put in, and the more chances there are for errors. Errors may include duplicate invoices, missed payments, inaccurate invoice assignment, and more.

Complicated Proration Calculation

If customers make any modifications to their subscription plans, their billing is not adjusted automatically. If customers make these changes mid-subscription cycle, it requires proration of their charges. Proration means adjusting their payment according to their new plan.

Only billing systems with advanced metering capabilities can prorate charges precisely. Otherwise, proration can be difficult to calculate, resulting in billing errors.

How SubscriptionFlow Enables Advanced Fortnox Invoice Management

SubscriptionFlow is an adept billing engine that integrates with Fortnox to automate subscription invoicing. With SubscriptionFlow, companies no longer need to spend time manually setting up invoicing schedules. They can utilize standard and custom billing cycles to establish productive subscription schedules.

SubscriptionFlow produces accurate invoices following each customer’s unique billing dates. It also enables two-way data syncing with Fortnox. Users can create invoices in Fortnox, and then push them to SubscriptionFlow for easy payment reconciliation.

Users can also create invoices in SubscriptionFlow, and sync them with Fortnox. In Fortnox, they can shape invoices in compliant formats. Fortnox also automatically processes the synced invoices’ data for accounting purposes.

Global companies can also utilize the multi-currency invoicing features of SubscriptionFlow. All the invoicing information in SubscriptionFlow is automatically transferred to Fortnox for generating correct accounting statements.

Billing Advantages of SubscriptionFlow-Fortnox Collaboration

With SubscriptionFlow, businesses can access all the billing functions that Fortnox doesn’t inherently support. Here’s what Fortnox users get:

Automated Recurring Invoices

SubscriptionFlow allows the setup of flexible billing schedules, and customized subscription plans. It automatically tracks each customer’s billing dates, and issues them invoices timely. It also enables automated invoicing which doesn’t require manual input from businesses or their customers.

Once subscription billing is configured in SubscriptionFlow, customers can easily sync their financial information in Fortnox for easy accounting. Fortnox can tailor their invoices to ensure that they are compliant with specific invoicing policies.

Automated Billing Adjustment

Businesses can use SubscriptionFlow to handle complex recurring billing situations. These may include correct calculation and application of discounts. This can also include the proration of charges for subscription plan changes made by customers halfway through their subscription cycles.

When customers downgrade plans, or upgrade to a more costly plan, SubscriptionFlow adjusts their billing cycles accordingly. This involves updating their billing dates and total charges.

These billing calculations are automatically reflected in the invoices which are sent to Fortnox for account reconciliation, and the generation of error-free financial statements.

Unified Reporting

SubscriptionFlow allows insights into key subscription metrics such as MRR (monthly recurring revenue), ARR (annual recurring revenue), CLV (customer lifetime value), churn rate, and so on. These metrics can be accessed via our easy-to-use dashboard, and are updated in real time.

Integration of Fortnox-SubscriptionFlow removes data silos, and ensures that data is the same across both platforms. This is necessary for the generation of accurate reports.

Fortnox provides various financial reports including profit and loss statements, balance sheets, and cash flow statements. Companies can create personalized reports to evaluate their financial performance, and make intelligent decisions.

With SubscriptionFlow, Fortnox can effortlessly receive subscription data to produce reports. Reports can also be exported for record keeping.

Smart Dunning

SubscriptionFlow automates payment retries. This ensures that there are minimum lost payments. It also maintains the integrity of the billing cycles by avoiding long payment delays. Alongside payment retries, the software allows seamless customer communication via email and customer portals.

Businesses can send personalized dunning messages, as they carry a stronger impact. Customers can also be sent links that direct them to the page where they can update their payment method. This makes things more convenient for them, as they don’t have to spend extra time navigating.

Multiple Payment Gateway Integration

With SubscriptionFlow, companies can accept payments via the payment gateways of their preference. They can integrate with globally popular payment gateways like PayPal, GoCardless, and Stripe.

They can also integrate with local gateways like Paystack, Peach Payments, and Iyzico to leverage local markets. Having a variety of gateways means that if companies encounter problems with one gateway, they can easily switch to another.

Variety of Billing Models

Businesses can flexibly bill the way they want. They can choose to set up conventional subscription billing. They can also invoice according to dynamic billing models, such as volume and tiered pricing, or usage-based billing.

SubscriptionFlow offers smart metering capabilities, and measures customer usage in real-time. This allows for the creation of accurate invoices with a detailed breakdown of subscription charges.

With the Fortnox-SubscriptionFlow integration, you get access to all these features, and many more. Sign up with SubscriptionFlow today, and take Fortnox invoice management to the next level.