Revenue Assurance
What does revenue leakage mean to your
business?
In today's extremely competitive environment it is difficult to retain existing customers
in addition to attracting new ones. Therefore you need to ensure you are making the absolute most of each and every customer you have.
A great number of companies suffer from weak controls with unbilled revenues
of 6 and 7 figures. These unbilled revenues are not flowing to the bottom line but instead are being lost or left on the table. Fiducia has witnessed this in the utility markets - communications, electrical, gas, and water - and recognizes the inherent lack of control within and around billing systems
and the accounting package interfaces. Spending millions on a new billing system is difficult to justify when the same problems with revenue leakage will still exist unless a focus on controls and a method to monitor these controls is implemented and supported.
With any complex billing process, regardless of the industry, there are certain critical points in the order to cash cycle where data is prone to revenue leakage, omissions, or the introduction of errors. These problems are not the fault of anyone, but rather they are one of the adverse byproducts of automation and complex systems.
You want to have the confidence that you are capturing, invoicing and collecting for each chargeable event in a given revenue stream as well as the assurance on the cost side that you are only paying for what you can bill and are paying at the correct rates.
How can Fiducia Solutions help?
With proven methodologies, Fiducia Solutions can assist you in employing revenue assurance tools by:
- Evaluating and documenting the existing processes, systems and interfaces used in the order management, fulfillment, invoicing and receivables functions.
- Identifying areas of leakage and weak control points where corrective measures are required.
- Design and implement interim and long term control points to stop leakage and reduce the potential for future lost revenue.
- Design and implement a set of revenue assurance metrics to monitor procedures and processes to ensure they remain in control.
With Fiducia Solutions' financial background and systems experience working for you, your order to cash cycle will be viewed from the perspective of the end-to-end process from both a financial control and the functionality directive.
Benefits
On a revenue assurance engagement there are certain unexpected benefits that typically arise as a result of work being undertaken:
- More accurate invoices that reduce call center volumes.
- A reduction in bad debt due to more accurate invoices and therefore a shorter collection period.
- Fewer adjustments required thereby increasing confidence in the financials.
"Fiducia Solutions was instrumental in the success of the Consumption Interface Redesign project. They brought to the team a strong background in Revenue Assurance and Billing which allowed them to team with 5by5 to successfully propose a more robust approach for delivering 'clean' consumption to the biller. Fiducia's strong understanding of controls and processes was clearly highlighted in their ability to complete business requirements detailed enough to shorten and improve the design and development phase of the project. Their strong project management skills also contributed to the success of this project.
We would not hesitate to recommend Fiducia as well as welcome the chance to partner with them again in the future."
- Mitch Barnett, President
5by5 Software
(Microsoft Gold Certified Partner)
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