Hospitality
Get advanced billing capabilities for the hospitality industry
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
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 Outdated tools such as spreadsheets, formerly the backbone of finance and accounting, and the manual processes they promote, must evolve and give way to better tools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:
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:
RecVue Billing & Invoicing for Hospitality Datasheet
Learn more about how RecVue’s powerful billing capabilities can be put to use for your specific hospitality needs
More Resources
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 completeness, revenue recognition and channel partner payments in a single solution.
Accelerate the Billing Cycle
Generate - invoices quickly and accurately that reflect all charges and pass-through expenses and avoid invoicing delays.
Tap into Smart Flexibility
Handle all billing scenarios - from monthly fixed and variable charges, to complex billing arrangements thereby providing extreme flexibility.
Integrate with External Systems
RecVue ties into your other systems – including IoT sensors – to auto-populate your calculations and eliminate manual data entry.
Eliminate Spreadsheet Issues
Fully automate the order-to-cash process, eliminating the need for maintaining error-proneonerous spreadsheets..
Account for Usage or Consumption
Capture usage data from virtually any source to map and translate it into a standard billing format. Auto-calculations eliminate error-prone, time-consuming manual data entry.
Improve Productivity
Enable your finance team to accelerate period closes, reduce DSO/DRO, and work more efficiently increase your revenue.
Optimize Revenue and Pricing
Create real-time analyses of your pricing strategies or develop new business models to optimize revenue.
Increase Billing and Invoice Accuracy
Scale from one-time bills to more complex usage/consumption models, using pre-validated bill runs and tailored invoices.
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.