Stripe launches Stripe Revenue Reporting, makes upgrades to Stripe Billing and Stripe Tax
Stripe, a financial infrastructure platform for businesses, today announced the expansion of its revenue and finance automation suite to give businesses power over the entire lifecycle of their cash flow. By coordinating billing, tax, reporting, and data services in one modern stack, Stripe’s revenue and finance automation suite eliminates the inefficiencies of legacy finance tools and supports revenue growth.
With the launch of Revenue Reporting, and major upgrades to Stripe Billing and Stripe Tax, Stripe aims to bring the same users-first approach to back-office operations that it brought to payments. The revenue and finance automation suite allows finance teams to get more done in less time, while freeing them to focus on the areas that matter most to their business.
“For years, our users have been asking Stripe to help them run a more efficient finance operation, one plagued by fewer daily frustrations,” said Vivek Sharma, head of revenue and finance automation at Stripe. “We can’t ship them Advil every month, but we can take care of their headaches. Stripe’s revenue and finance automation suite is designed to be a smooth, one-stop shop for forward-thinking finance teams.”
The revenue and finance automation suite includes Billing and Stripe Invoicing for acquiring customers and earning revenue; Stripe Tax, Revenue Recognition, and (as of today) Revenue Reporting for collecting sales tax, reporting revenue, and closing the books; and Stripe Data Pipeline and Stripe Sigma for data analysis.
These products use Stripe’s industry-leading payments architecture to grow revenue on its users’ behalf. Stripe’s automated revenue recovery features earned Stripe businesses an additional $3.8 billion in revenue in 2022 by reducing customer churn and payment failures. Billing has been adopted by hundreds of thousands of businesses, including Slack, Atlassian, Deliveroo, and Figma.
Today’s expansion includes:
- A new Revenue Reporting tool (beta), which gives finance leaders a better snapshot of key financial metrics, including monthly recurring revenue, customer growth by activity, and revenue by product, and provides automated accounting statements for cash-accounting businesses;
- Stripe Tax API with multiprocessor support, which lets businesses manage tax on any transaction, including those not processed by Stripe (available in 40+ countries);
- Stripe Tax support for additional location-specific tax requirements such as the Chicago Lease Tax, which is required for certain businesses selling SaaS into the city of Chicago; the EU Import One Stop Shop (IOSS), which is required for businesses selling physical goods into the EU; and US location reports to make filing easy even with vastly different state filing requirements;
- No-code revenue recovery and retention automations, which allow finance teams to create customized triggers and actions such as receiving notifications that an invoice is overdue, or automatically sending an email to confirm a subscription has been canceled, to improve cash flow and grow revenue;
- The ability to set subscription schedules in the Stripe Dashboard, letting users model complex subscriptions with various trial and pricing periods and automate those changes over time. Stripe developed this functionality as part of a multiyear effort to support Atlassian’s enterprise needs and is now making it generally available;
- A new Salesforce CPQ connector, allowing sales teams to create a new Stripe-powered subscription for a customer directly within Salesforce;
- Automatic reconciliation capabilities to help businesses compare order-level data from their systems of record with Stripe transactions and bank deposits, providing clear visibility into cash collection and ensuring that accounts balance.