Energy & Utilities
Forecast your billing and revenue recognition with RecVue reporting.
From decarbonization to decentralization, energy and utility companies are facing an unprecedented number of modern challenges - and opportunities. This once stable industry is being disrupted by new players. Utilities must digitalize their legacy systems or risk losing out to more agile competitors. By modernizing the most critical internal processes, providers within this sector become more equipped to diversify business models and gain new revenue streams.
Challenges
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:
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:
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 Outdated tools such as spreadsheets, formerly the backbone of finance and accounting, and the manual processes they promote, must evolve and give way to better tools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:
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:
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:
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 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:
RecVue Billing & Invoicing for Energy & Utilities Datasheet
Learn more about how RecVue’s powerful billing capabilities can be put to use for your specific energy and utilities needs
More Resources
WWT
RecVue Advantages
RecVue offers the industry’s first suite of Order-to-Cash solutions that are purpose-built to fully automate the complex processes for billing & invoicing, revenue recognition and partner compensation in a single solution.
Product and Pricing Catalog
Use configurable, pre-defined pricing models and standard or custom billing cycles.
Contracts and Order Management
Eliminate the paper, PDFs and manual processing and get complete visibility and control.
Usage and Data Mediation
Capture usage data from any source and translate it into standard billing to reduce leakage.
Multi-Attribute Rating and Pricing
Model pricing or rating structures to determine the billable amount. Then optimize revenue based on real-time analysis of your pricing strategies.
Billing and Invoicing
Scale from one-time charges to basic subscriptions to complex usage models with pre-validated bill runs and tailored invoices.
Revenue Recognition and Compliance
RecVue supports the ASC606/IFRS15 and ASC842 frameworks to keep your business GAAP-compliant.
Improve Productivity
Enable your finance team to accelerate period closes, reduce DSO/DRO, and work more efficientlyincrease your revenue.
Insights
Forecast your billing and revenue recognition with RecVue reporting, giving you a 360-degree view into your business.
Partner Management
Automate payment remittance to partners and other third-party vendors easily and accurately.
Revenue and Compliance Should Not be Complicated.
Contact us for a demo to see how RecVue gives you complete control of your recurring revenue contracts