Energy & Utilities

Complexities of usage and consumption

RecVue Resolution/Response:

This sophisticated billing engine is built to adapt on the fly for every revenue model on the market. One of the chief considerations in the original design of the solution was the ability to process high volumes of data at enterprise speeds. The solution features a configurable interface to GL for accounting entry accuracy, as well.

Why Its Important:

The price a company charges for its products or services is one of the most critical to that company’s growth and longevity. Setting the price too high or too low will, at best limit growth and, at worst, cause longterm damage to sales and cash flow. Carefully considering the pricing strategy is important whether the business is just getting started or is an established organization.

Resources:

The Ingrained Compatibility of Forecasting and Revenue Management

Using Big Data to Make Better Pricing Decisions

Complex billing and pricing models

RecVue Resolution/Response:

Consolidate billing and revenue on a unified platform to update and automate your order-to-cash cycle. Learn how RecVue helped consolidate internal systems by downloading the case studies for ACI and Textainer.

Why Its Important:

Leaving such tasks to manual processes wastes time and money and is a waste of staffing resources which could be put to better use toward strategic growth. Learn more on our blog about how to consolidate your complexity.

Resources:

Consolidate Your Complexity

Manual data entry and error-prone Excel sheets

RecVue Resolution/Response:

The RecVue platform is built specifically to eliminate unnecessary manual data entry, automate manual workaround and eliminate reliance on spreadsheets by integrating with existing systems to aggregate data and manage your company’s transactional data processing.

Why Its Important:

The role of accounting has transitioned from ‘bean counters’ and budget planners to future-oriented, strategic partners. Outdated tools such as spreadsheets, formerly the backbone of finance and accounting, and the manual processes they promote, must evolve and give way to better tools for the finance team evolution to maintain its pace.

Resources:

The Rise of the CFRO: Today’s Chief Finance Revolution Officer

High transaction volumes

RecVue Resolution/Response:

RecVue was designed as a group of microservices for the specific purpose of being able to handle high volume with high performance. The data mediation layer is situated on top of the application for better control through configurability.

Why Its Important:

Financial transactions are typically not singular activities, but rather a step in the lifecycle of business flow, leading to a multitude of additional transactions. Such transaction multipliers drive up the volume of today’s financial transactions so scalability requirements must always consider all transactions to come out of each individual transaction. Creating an invoice or sales order , or any other transaction, can result in a few lines or a thousand lines. Today’s successful enterprises must be able to handle the potential for millions of financial transactions every day.

Resources:

7 Important Factors to Consider When Choosing a Usage Billing System

Billing errors leading to customer dissatisfaction

RecVue Resolution/Response:

RecVue was designed to deliver a bottom line based on accurate reading of a company’s most essential data sets, including trusted billing details, accurately reported revenue and trusted partner compensation details. The platform features a configurable interface to GL for accounting entry accuracy.

Why Its Important:

A billing experience which establishes trust and confidence is critical amid an environment of seemingly endless customer options and expectations. This solid partnership will ultimately help businesses get paid faster, reduce the risk of bad debt and adapt quickly to any changes in customer expectations.

Resources:

RecVue: Don’t Let Outdated Systems Become Your Legacy, The Fintech Times

Revenue leakage

RecVue Resolution/Response:

The RecVue solution is built to anticipate the constant change in recurring revenue business so companies can keep pace with today’s complexity, reduce a reliance on manual processing and limit pricing errors – main causes of revenue leakage

Why Its Important:

You may be losing out on revenue you weren’t even aware you had, a potential bottom-line impact equating to a 1-5% earnings loss, historically. To learn more about the dangers of revenue leakage and how to stop it, read our executive brief.

Resources:

Revenue Leakage: The What, the Why and the How to Stop It

Revenue recognition compliance

RecVue Resolution/Response:

RecVue’s revenue management module enable automate application controls through key features, purpose-built in alignment with ASC 606 / IFRS 15 regulations. This enterprise-grade cloud solution meets all compliance, audit controls and security standards to efficiently manage and accurately report revenue.

Why Its Important:

Accurate revenue recognition, the ability to properly recognize revenue when earned rather than upon payment, is essential because it directly affects the integrity and consistency of a company’s financial reporting.

Resources:

ASC 606 Is Already Here. Why Should You Still Care?

The Rule of Four: Consider These Four Benefits to Automating Revenue Recognition Now