New in the Orbit: product updates from June and July

Read on for our latest product update, where we detail how the Orb team has significantly enhanced our financial reporting module, including a robust suite of revenue reports. We’ve also introduced new features to streamline the revenue accounting process, improve invoice clarity, and enable more granular revenue analysis and forecasting.    

Revenue reports

Orb’s latest release includes a comprehensive set of financial and accounting reports. Orb reports gives you unprecedented visibility into your various revenue streams with a fresh and consolidated view of your billings, recognized, deferred revenue, and unbilled revenue, centralized and filterable across any time and data horizon.

Orb supports revenue accounting compliance with ASC 606 standards in mind, eliminating the need to manually adjust for non-monthly aligned line items, credits, expirations, minimums, discounts, and plan changes. The filtering and pivoting capabilities allow you to investigate your revenue data, identify and mitigate any potential risks, have better revenue predictability, and learn about what’s driving growth for your company.

Finally, you can confidently answer questions about invoices—down to a singular usage event. Drill down into the details of any account, invoice, plan, or item with just a few clicks and without pinging your data engineering team.

Beginning of term migrations 

You can now schedule a version migration for the start of your subscriptions term. This allows you to make pricing changes in the middle of a billing period without disrupting your normal invoicing cadence. For example, if you bill your customers monthly and want to roll out a new feature mid-month, you can enable the feature for your customers and start reporting usage, and then schedule a beginning of term migration to a new plan version - all while ensuring that each customer's end of month invoice includes all of the usage for the whole month. This allows you to decouple feature rollouts and pricing changes in Orb. Learn more here.

Daily Line Item Revenue in Data Exports

Daily Line Item Revenue (as part of our Data Exports product), allows you to track the daily quantity and associated costs for invoice line items. This allows you to easily calculate your daily revenue broken down by line item. You can use the data you export from Daily Line Item Revenue to power revenue recognition workflows, run price analyses, or identify what items are driving the majority of your revenue. Not all plans have access to data exports, so please reach out to the Orb team if you’re interested in learning more.

Hide zero quantity line items on invoices

Orb now supports hiding zero-quantity line items and sub-line items on the invoice in the customer portal and PDF. Using this simplified view, customers can only see which line items contributed to their invoice total which should make invoices easier to understand. This feature can be configured within the Invoice display settings.