Revenue Management & Accounts Receivable

In a services organization, the revenue comes from the sale of man hours rather then from selling any goods or inventor. With this background, Revenue Leakage in a service company, refers to the loss of revenue for a company which does not properly control the timesheet of its employees. It doesn’t take a finance expert to know that this is not a good thing. It certainly isn’t called Revenue Gainage. There are multiple reasons this can happen, and some of these may be difficult to control. For example, when a project is delayed on the customer side due to changes in priority. There can also be a mismatch in what is expected vs what has been delivered, possibly due to poor implementation or miscommunication, causing payment delays.
With this background and based on understanding of the work, herewith a scope of services perform.

• Understanding on commercial agreement
• Timely filling of time sheet of all billable candidates.
• Ensure to have all client’s approvals in place for all the timesheets.
• Ensuring that focus is maintained on timely billing in order to meet agreed targets and billing timesheets.
• Ensuring that regular billing patterns, and where possible monthly billing cycles to be established and if any specific billing arrangements, then complete process to be observe.
• Ensuring that to Ascertain when transactions will complete, the levels of fees expected, and the anticipated bill date and requirements – taking any action required to facilitate the billing process.
• Maintenance and review of charge out rates for fee-earners, and client specific rates
• Liaise with Credit Control / sales team on billing issues and queries.
• Establishing strong working relationships with all matter partners through regular review meetings.
• Undertaking monthly reviews of WIP to identify write-offs and provisional balances and ensuring that all policies and procedures are adhered.
• Action requests from partners for information e.g. reporting on fee levels to specific clients over a period of time, and loss on billing reports.
• Booking of sales invoices into accounting system.
• Regular follow-up of AR and their reporting.