Gotransverse
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Apr 30, 2019In recent weeks, we’ve taken closer looks at how intelligent billing can enhance every step of the order-to-cash process, from streamlining pricing and rating to stepping up billing and invoicing capabilities. But once the payment has changed hands from customer to vendor, there’s still one more key component of the billing process: revenue management. This includes recognizing and recording revenue, keeping that data clean, organized, and audit ready, and using transaction details to forecast future revenue and adjust prices, packages, and strategies as needed.
Like the other steps in the process, revenue management may be easy to handle manually or through legacy billing systems if the company has low transaction volumes and simple, uniform billing models — and plans to keep them that way. However, as a business scales and expands, those old-school revenue management methods start to fall flat, giving way to revenue leakage, reporting errors, compliance issues, and faulty forecasting. Not to mention the drain on employee time and energy required to maintain lagging systems or keep increasingly complicated books by hand.
But, just like intelligent billing can lubricate the friction points in pricing, rating, invoicing, and payments, it can streamline revenue management to improve transparency, reduce errors, and optimize revenue.
Automated Bookkeeping in a Configurable General Ledger
Gotransverse’s native general ledger capability automatically creates entries from dynamic charging and billing scenarios, handling limitless monetization models and transaction volumes with ease. While a legacy system might balk at the task of recording transactions under varying business models or dynamic pricing strategies, the Gotransverse general ledger is configurable to meet every billing need — and to evolve with changing business models.
Additionally, each of these journal entries is connected to a specific accounts receivable event, making it much easier to track where every dollar comes from. As a result, revenue data stays up to date and organized, and the organization is audit ready at the drop of a hat.
Deeper Insights to Enhance Strategy and Forecasting
What’s more, this configurable, rules-based ledger empowers in-depth categorizing. This enables deeper insights to better forecast revenue in ever business channel and identify under-performing product and service areas that may require repackaging, updated marketing strategies, or value and functionality adjustments.
While static general ledgers are just fine for keeping basic transaction records, the dynamic nature of the intelligent billing version means businesses can use their historical data to shape their futures.
Compliant, Real-Time Revenue Recognition
With Gotransverse, revenue recognition rules are driven by each business’ unique requirements — not presumptive, predetermined formats. The configurable posting rules and policies mean users can recognize earned revenue as frequently as daily and aggregate it to any time period they want.
While legacy and DIY systems require accounting teams to make manual updates every time regulations change, one of the big advantages of cloud-based intelligent billing platform is that the vendor—not the user—is responsible for ensuring the software is always up to date and compliant with the latest revenue standards.
Over the last few weeks, we’ve focused on how intelligent billing can help organizations streamline every step of the billing process to save time and resources, eliminate human error, and futureproof their business. If your organization has outgrown its legacy billing system — or if you’re in the process of laying the groundwork for rapid growth and evolution — it’s time to learn more about how intelligent billing can help. If you’re ready to take your organization’s billing capabilities to the next level, take a tour of the Gotransverse platform today, and call us to schedule your complimentary, personalized demo.