Given the high-tech, low-touch options such as contactless check-in for travel and leisure facilities streamlining a rapidly evolving guest experience today.
The same technological innovation and commonsense capabilities must be applied to the internal processes which keep those facilities running smoothly.
Accounting Challenges
Ability to optimize inventory performance and revenue limited by time spent collecting and processing data
Complex billing and pricing models
Manual data entry and error-prone Excel sheets
Revenue leakage
Partner Compensation / Revenue Share
Revenue recognition compliance
Ability to optimize inventory performance and revenue limited by time spent collecting and processing data
Complex billing and pricing models
Manual data entry and error-prone Excel sheets
Revenue leakage
Partner Compensation / Revenue Share
Revenue recognition compliance
Ability to optimize inventory performance and revenue limited by time spent collecting and processing data
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:
Findings from a recent study by the digital media analytics firm, DoubleVerify, highlight data management as a significant operational and revenue hurdle, with nearly three-quarters (73%) of online publishers spending “too much time manually processing” data and 80% stating this excessive time spent limits their ability “to optimize inventory performance and revenue.”
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:
The Rise of the CFRO: Today’s Chief Finance Revolution Officer
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:
Partner Compensation / Revenue Share
RecVue Resolution/Response:
The unified platform offerings of the RecVue solution, which includes a partner compensation module in addition to a powerful billing engine, ensures both sides of the revenue share needs – not just billing and invoicing, but the payment side as well – within the same application. And, given the technology employed in the design of our billing solution, a billing cycle of significant volume can be processed in a fraction of the time required for competing solutions.
Why Its Important:
The franchise model is frequently employed within this particular sector requiring compensation capabilities for partner networks. There are multiple fees within this model that require assessment and settlement between franchisee and franchisor. For example, say, a franchise extends capital and when someone stays at one of a franchise’s hotels, the franchisee receives a portion of the revenue as will the franchiser. A solution must be able to handle a variety of settlement fees associated with revenue share.
Resources:
Revenue recognition compliance
RecVue Resolution/Response:
RecVue’s revenue management module enable automated 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
More resources
Diamond Parking
Diamond Parking implements RecVue’s billing, data mediation and partner compensation modules to modernize 40-year-old legacy systems
More resources
Hertz
RecVue’s all-in-one platform helped Hertz modernize outdated systems and conquer global accounting demands
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
Automate unique and complex order-to-cash requirements for billing, partner compensation, and revenue recognition
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 efficiently increase 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.
See how RecVue gives you complete control of your recurring revenue contracts.