Question 1

What is Revenue Management Software?

Accepted Answer

Companies use revenue management software (RMS) to match their sales with customer payments and reduce revenue leakage. Accountants leverage these tools to recognize and allocate revenue to multiple business entities. Managers from departments such as sales, marketing, and operations use revenue management software to monitor the performance of products and services sold by the company and to optimize their offerings. Using these tools, revenue data can be evaluated to identify which customers or contracts are most profitable for the company.

Question 2

What are the Common Features of Revenue Management Software?

Accepted Answer

The following are some core features within revenue management software that can help users manage revenue and stay compliant: 
 Revenue recognition: Revenue recognition is a GAAP (generally accepted accounting principle) that determines how and when revenue is to be recognized. This revenue management software feature helps save time by automatically logging customer or sales info into the system and providing accurate calculations quickly, eliminating human error. Usually, revenue can’t be recognized and accounted for until specific criteria, such as a price being determined, collection of payment, and delivery of goods or services, have been met. Once these criteria have been fulfilled, the dollar amount is measurable to a company. The revenue recognition standard, ASC 606, helps maintain a uniform framework for recognizing revenue from customers. 
 Reporting: Reporting features in revenue management software include revenue from sales, product/customer profitability, pricing details for individual or groups of products and services, as well as analyzing the performance of special offers, packages, and incentives. 
 Customer management: This feature allows users to create, approve, and track customers across the lifecycle of every contract. Capturing every contractual change creates greater visibility into a customer's behavior, which can help lower future risks of doing business with those customers. 
 ASC 606/IFRS 15 compliance: ASC 606/IFRS 15 provides a framework for businesses to recognize revenue more consistently. It affects all businesses that enter into contracts with customers to transfer goods or services—public, private and non-profit organizations. Revenue management software can help with these compliances by determining the transaction price, allocating the transaction price, and recognizing revenue when the company performs their contractual obligations, among others. 
 Forecasting capabilities: When using revenue data from multiple sources, this feature allows companies to forecast future revenue, allowing teams to make more informed decisions for the future. Forecasting also gives insight into the financial impact of changing business models, pricing strategies, and customer contracts. 
 Integrations: Revenue management software is sometimes delivered as a standalone product, but others can be integrated into accounting software and ERP systems. When used by sales and marketing managers, revenue management must also integrate with CRM software.

Question 3

What are the Benefits of Revenue Management Software?

Accepted Answer

Revenue management software has several benefits that help organizations reduce lost revenue and stay compliant. 
 Minimize revenue leakage: Revenue leakage is a preventable loss of revenue from a company, which can be minimized by eliminating manual data entry, accurately tracking invoices, and attributing the correct costs to the jobs performed, to name a few. Revenue management software can help an organization better manage these tasks, minimizing revenue leakage. 
 Eliminate manual processes: As mentioned above, manual processes can lead to revenue leakage, human error, and wasted time. Several actions in the revenue management process can be partially or fully automated to save time, reduce human interaction, and minimize the possibility of avoidable errors. Some of these processes are approving invoices or timesheets in real time, flagging invalid data, and tracking invoices. 
 Stay compliant: The two most prominent frameworks for businesses to manage revenue more consistently are ASC 606 and IFRS 15, which affect all businesses that enter into contracts with customers to transfer goods or services. The higher the volume of contracts and transactions, the more challenging it is for companies to comply with these revenue recognition guidelines. Revenue management software contains tools to help determine the correct contract price, while allocating the price to the correct service/good delivered at the time of completion.

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