Leveraging Technology to Improve the Revenue Cycle and Drive Growth

In today’s fast-paced business environment, accounting teams are increasingly being relied upon to provide data, insights, and strategic advice to the rest of the organization. One area of focus that requires active accounting input is the revenue cycle, which is the process of managing orders from start to finish, including invoicing, payment, and reconciliation. The efficiency and effectiveness of the revenue cycle has a wide-reaching impact on the organization, including customer experience, investor decision-making, and future strategy.

Maximizing cash flow is a critical aspect of the revenue cycle, as it fuels business strategies and drives profit. According to a PwC report, improving working capital management could unlock $1.4 trillion globally, increasing the return on invested capital by 8.8%. However, many companies struggle to collect on invoices due to manual processes and inefficiencies, leading to revenue leakage and a direct hit to the bottom line. MGI Research estimates that 42% of companies experience some form of revenue leakage, while a study by EY found that companies can expect 1-5% of realized EBITDA to leakage on average.

To avoid these negative consequences and position their organizations for success, it is crucial for accounting teams to act and streamline the revenue cycle through automation and scalability. Evention offers solutions for Financial Close Management, Accounts Receivable Automation, and Intercompany Financial Management that can help manage large volumes of data and optimize revenue cycle activities, improving customer service, maximizing shareholder value, and fueling future success. By implementing these solutions, companies can reduce costs and risks, save time, and increase employee engagement, resulting in more accurate financial statements, higher retention rates, and greater stakeholder trust.