Stripe Adds New Billing, Tax and Revenue Reporting Capabilities

Stripe has added new capabilities to its revenue and finance automation suite.

The firm has made major upgrades to Stripe Billing and Stripe Tax, and has launched Stripe Revenue Reporting in beta, Stripe said in a Tuesday (April 25) press release.

“Stripe’s revenue and finance automation suite is designed to be a smooth, one-stop-shop for forward-looking finance teams,” Stripe Head of Revenue and Finance Automation Vivek Sharma said in the release.

The new Stripe Revenue Reporting tool, which is in beta, provides a snapshot of key financial metrics and delivers automated accounting statements, according to the press release.

Other upgrades to the suite include a Stripe Tax API that helps manage tax on any transaction; Stripe Tax support for more location-specific tax requirements; and no-code revenue recovery and retention automations.

They also include the ability to set subscription schedules, to create subscriptions for customers directly within Salesforce and to automate reconciliation capabilities.

“For years, our users have been asking Stripe to help them run a more efficient finance operation, one plagued by fewer daily frustrations,” Sharma said in the release. “We can’t ship them Advil every month, but we can take care of their headaches.”

PYMNTS research has found that the automation of routine accounts receivable (AR) processes can be a critical step in addressing the traditional chores within the order-to-cash (O2C) process.

For example, among the firms that have deployed AR automation, 87% reported faster processing speeds, 79% said it improved AR teams’ efficiency, 75% said it resulted in a better customer experience and 72% said it reduced operating costs, according to the “Working Capital Playbook,” a PYMNTS and YayPay collaboration.

The launch of the new capabilities of Stripe’s revenue and finance automation suite comes about a month after the firm announced that it has raised $6.5 billion in a funding round that values it at $50 billion.

“The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors,” the company said at the time. “Stripe does not need this capital to run its business.”