Government agencies spend countless hours creating comprehensive pictures of their financial situations. They rely on manual data processes that electronic information systems could replace at a much lower cost.
Revenue consists of proceeds from taxation, fees, fines, inter-governmental transfers, securities sales, mineral or resource rights, and other sources. Income or profit incorporates other facets of the business to report net proceeds.
Invest in an End-to-End Revenue Management Solution
Many governments have a patchwork of bolt-on revenue cycle management technologies that result in bottlenecks. It leads to frustration and burnout among team members who spend most of their time on mundane tasks. Investing in a comprehensive revenue report management solution enables teams to concentrate on value-adding tasks.
An end-to-end revenue management solution covers all stages of the revenue lifecycle, from quoting to contract processing, invoices, and payment collections. It can also help improve your negotiating position by automating critical insights data models. It is a critical component of any revenue growth strategy.
A proficient revenue management solution will amplify team efficiencies by using automation to perform mundane and repetitive tasks. It will also reduce errors by ensuring all processes are coordinated and aligned. It will reduce claim denials and improve the quality of your customer experience. An example of an end-to-end revenue management solution is the Deloitte Digital Revenue Platform (DDRP) hosted on Oracle Cloud Infrastructure.
Invest in Automated Payments
Implementing payment automation can reduce manual tasks for employees, help prevent errors, and save time and money. It also allows businesses to track expenses more accurately, forecast cash flow better, and avoid costly late fees or missed payments.
Automated payments also make it easier for businesses to reconcile accounts, and they can eliminate orphan transactions by generating unique BSBs and account numbers for each customer. It makes it much easier to find out who paid what and simplifies the process of identifying fraudulent activity.
Lastly, automated payments are faster than paper checks and help businesses capture more financial data to support advanced analytics and process improvement. Additionally, it can help businesses reduce their cycle times, pay invoices faster, and take advantage of early payment discounts. According to PayStream Advisors’ 2020 State of Accounts Payable Report, 31% of respondents reported that manual invoice processing prevented them from taking advantage of an early payment discount.
Invest in a Detailed Reporting System
Government agencies need a complete picture of their revenue situation to manage it effectively. However, sharing data without written context can confuse and frustrate stakeholders, and written progress updates can often be open-ended and subjective. Automating reporting saves time & promotes transparency. Quickly filter by plan levels, departments, employees, priority level, status, tags, dates, and more to create personalized reports for your stakeholders.
Invest in a Reporting Platform
Building a client reporting platform in-house may seem like the most cost-effective option, but it’s essential to consider all the costs involved. First, you must build and maintain a solution that meets your and your client’s needs. It means investing in (and retaining) software developers to continually improve the product, add integrations, and troubleshoot bugs. It takes away from the development of your core services and can limit your agency’s growth.
They found themselves wasting time on API updates, maintenance tasks, and system upgrades instead of working with their clients to produce results. Ultimately, they switched to AgencyAnalytics and saw immediate results in their reporting process. The tool’s streamlined design and marketing integrations cut their reporting time by 50%, allowing them to refocus on billable work. Plus, the company constantly invests in research and development for its platform, ensuring it meets digital agencies’ current and future needs.