Enterprises work extremely hard to earn profits, increase customer satisfaction and decrease operation costs. The last thing enterprises want is to experience revenue leakage during which they’re leaving money on the table. Revenue leakages are triggered and potential revenue can slip by if enterprises are using outdated systems or their sampling audit size is extremely low. This may be from unpaid or well overdue invoices, data entry errors, incorrect subscription databases, or other things.
Revenue leakage is when enterprises are losing revenues either unintentionally or (usually) without noticing. Usually, revenue leakage is linked to errors in billing—whether it’s a question of under-billing, subscription cancellation, or not charging your clients the correct amount for any number of reasons.
However, it is widely accepted that losses from leakage can impact an enterprise with an increase in bill audit time, increase customer complaints and reduce DSO.
Some of the reasons for revenue leakages:
• Configuration in bill plans
• Manual auditing of bills
• Existence of plethora of plans and discounts
Managing revenue leakage is undeniably a complex business challenge involving numerous internal stakeholders and various operational processes and functional experts.
But such situations can be controlled and managed with a platform that offers financial reconciliation solutions. A good solution to arrest revenue leakages is one that is GUI-driven, configurable pre-bill audit system. This solution can automate the pre-bill audit process and verify or validate bills against plans, value added services, discounts and other such entities.
With the right financial reconciliation solution in place, bill turnaround time can be reduced by 99%, revenue deviation can be identified and fixed, customer complaints can be reduced and customer loyalty will be increased.
mananging financial reconciliation solution