Working with an inefficient and outdated financial system that is manual process doesn’t give you a clear picture of where exactly your revenue is going. Revenue leakage can easily impact your bottom line, stealing you of the new business opportunities due to lack of funding. This is where business automation comes into play. It is basically an organization transformation that aims to provide transparency and drive efficiency.
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What is Revenue Leakage ?
Revenue leakage is basically the potential or actual revenue lost through transactions or processes. You are not receiving this money because due to various ineffective and inefficient processes, the revenue is leaking that is rightfully yours. The core problem is not having the knowledge of its origin that you can understand and control through Business Automation.
Let’s take a look at the signs that indicates there is revenue leakage in your organization and its solutions:
Manually tracking employee expenses - The paper based expenses are hard to track as all the receipts must be kept, filled in a spreadsheet and then sent to the accounting department. Moreover, you have to monitor the employees to ensure that personal expenses are not included. With the help of VisualCron, you can automatically reconcile the expenses into accounting software. Furthermore, you can monitor and control unauthorized expenses.
No ROI from your current technology - Many businesses purchase a technology without knowing the business drive behind the decision. You need to have the knowledge of how it will help you achieve the goals, how will it integrate with the existing technology, its support and maintenance costs along with the type of technology your competitors are buying. At VisualCron, our team provides you complete support along with video tutorials to understand the technology better.
Outdated billing systems - Outdated practices basically hold your business back. Manually entering the payments and invoices also lead to errors and loss of revenue. If your customers and vendors doesn't pay you promptly, you are billing products and services at wrong prices, there are errors in contracts and you are spending too much time doing all this then your system is simple useless. VisualCron is an effective way of automating your billing system and making it productive.
Relying on manual time tracking - It is an extremely long and complicated process to manually track your employee hours. It is quite easy to miscalculate a date that flows between employees, finance department and supervisors. VisualCron provides you with automation services to get the right data within time.
Reasons behind not knowing it
Company culture - One of the main reason behind not knowing where the problem is, could be the competition between the departments. Working in isolation without supporting each other or not sharing the information plays a big role here.
Inefficiency - As you are manually doing the work and not using business automation, you are wasting your significant time, resources and manpower in repetitive tasks.
Disconnected - Using different systems that work independently prevent you from getting an overall view of your business.
So, take a look at your business processes and remove the areas or parts which are causing the revenue leakage. Business Automation is basically the answer to your problem, so if you want to automate your business, get a free price quote today!