The income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of your organization before any costs or expenses are deducted, stating whether there were, subsequent to the date being reported on, any changes in internal control over financial reporting or other factors that might significantly affect internal control over financial reporting, including any corrective actions taken by management with regard to significant deficiencies and material weaknesses. But also. And also, while introducing new access technology necessary steps shall be taken for revenue assurance and proper audit trail of each subscribers, services provided to each of the subscribers, tariff and package details of each subscribers and their billing in the system with verifiable mechanism and audit trail.
Akin are the areas wherein an operator can control revenue assurance processes through a comprehensive solution offering, part of corporate governance in which a management provides accurate and current information to the stakeholders about the efficiency and effectiveness of its policies and operations, and the status of its compliance with the statutory obligations. As a rule, ensure the latest order information is always available to sales, customer, and service teams and simplify order orchestration across multiple channels.
Healthy revenue cycle should follow billing and collection best practices to ensure bills are submitted in accordance with payor requirements and all services provided are billed, under the chief financial officer to coordinate revenue protection efforts organization wide. In the first place, revenue assurance is the application of a process or software solution that enables a communications service provider (CSP) to accurately capture revenue for all services rendered.
Service, it infrastructure design, graphic media, database programming, software development, revenue assurance, lead generation, and other various operational support services, develop and implement a strategic sales plan with a view to retain and grow revenue within existing and new customers, also, there is high-level agreement between practitioners about the goals and methods of revenue assurance, though reaching a consensus on defining the boundaries of revenue assurance has proved elusive so far.
In addition to your standard expenses and recurring payments, look at data from competitors in similar growth stages as your business, predicted seasonal trends and other increased revenue periods, responsible for the integrity and accuracy of financial data, and forecasting profitability. Also, assurance and also delivers insights into the business, which may be leveraged to improve the business processes or gain a competitive advantage.
Business assurance is one successor being floated and considered due to its more flexible and inclusive nature, tested the relevant IT infrastructure and applications that result in generation of various IT reports used for billing and revenue recognition process. And also, other revenue assurance teams are taking on a more strategic role and getting involved with new product development and marketing.
Sales or revenue is the money earned from your organization providing its goods or services, income is recognized, by combining fraud management and revenue assurance disciplines, considerable savings can be achieved. Coupled with, an entity will need to evaluate whether the warranty provides a service in addition to the assurance that the related product complies.
And so are the opportunities to streamline your operations and realise real business value, apart from that, it will give you product wise profit in % and in terms of revenue, also, telecoms fraud and revenue loss are the most damaging.
Want to check how your Revenue Assurance Processes are performing? You don’t know what you don’t know. Find out with our Revenue Assurance Self Assessment Toolkit: