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4 Ways To Better Manage A Company’s Revenue

<p style&equals;"text-align&colon; justify&semi;">The effective management of a company&&num;8217&semi;s revenue is an important way to also manage growth and become successful&comma; according to Entrepreneur&&num;8217&semi;s James Stephenson&period; Knowing how cash flows in and out of a company&&num;8217&semi;s accounts may not necessarily require an advanced degree in accounting or business but it does require some knowledge on how a company gets paid and when those revenues are received&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">There are many different financial tools available to companies&comma; large or small&comma; that provide business owners with the answer to corporate revenue management needs without the necessity of a large IT enterprise infrastructure or the need to invest in expensive proprietary software&period; Here are 4 tools for managing a company&&num;8217&semi;s revenue &lpar;in general terms&rpar; that should be considered&period; These include&colon; convergent rating and billing&comma; financial accounts management&comma; online banking tools&comma; and sweep accounts&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Convergent Rating and Billing<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Convergent rating and billing&comma; common to telecommunications and mobile communications&comma; involves the use of prepaid and postpaid payment methods and the management of multiple service &lpar;such as voice&comma; data and media&rpar;&period; The use of a convergent rating and billing platform allows companies to ensure payment for the services provided by performing routine audits on customer&&num;8217&semi;s account balances prior to the delivery of services&period; The platform enables a company to get paid for the services they provide as well as assist customers by alerting them when their balances are low or insufficient for the service they seek&period; This type of platform also reduces the reliance on multiple billing systems and the need to send unpaid items out for collection&comma; thus maximizing a company&&num;8217&semi;s revenues per transaction&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Financial Accounts Management<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">One area that every business owner should become more knowledgeable in with respect to revenue management is that of a financial accounting system&period; As a business owner&comma; regardless of size&comma; it&&num;8217&semi;s difficult to manage multiple accounts across an existing billing and ledger system&comma; each with their own negotiated set of terms with respect to accounts receivable&comma; billing and invoicing&period; As a business grows&comma; it makes sense to use a central point for capturing information about all customer accounts&comma; their activity&comma; and an understanding of how revenue flows into each one of them&period; A simple example of this is a platform that consolidates information regarding credit cards&comma; bank statements&comma; and investments into one web-based platform for monitoring&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Online Banking Tools<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">According to Duncan Rolph&comma; managing partner of an investment advisory firm&comma; financial institutions may provide tools that many businesses may not be aware of that help manage the intricacies of commercial bank accounts&period; It may also be beneficial to consider the advantages of using an online version of a traditional banking platform&period; With web based banking experience&comma; business owners have the ability to check balances&comma; manage their spending&comma; perform deposits&comma; and use automatic teller machines to access cash without having to physically visit a bank branch&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Sweep Accounts<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Many companies don&&num;8217&semi;t pay close enough attention to the extra change that comes after a sale is made&period; Having a system in place to capture those extra pennies and maintain an accounting of them to be swept into an interest bearing account may be something of value for a growing business&period; There are web-based platforms that can help companies find their loose change and bank it in order to sweep those cents into dollars&period; This &&num;8220&semi;piggy banking&&num;8221&semi; helps maximize the efficiency of a company&&num;8217&semi;s revenue in order to build an investment portfolio and create an additional source of income&period;<&sol;p>&NewLine;

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