Timely Revenue Collection
Billing links sales contracts and orders of all types with ROKDI ERP Accounts Receivable to provide you with the capability of instantly generating invoices and customer billing information. Processing starts as soon as a sale is made or a service is rendered. For greater flexibility, the system supports both sales order billing and contract billing, including progress billing and recurring invoices. Advanced invoicing supports service and maintenance contracts with deferred revenue recognition. Final price extensions, discounts, taxes, and expenses are all automatically figured in and itemized to create accurate customer invoices.
Why Timely Revenue Collection is Important
The most important reason to follow this principle is that it ensures that your books show what your profit and loss margin is like in real time. … By leveraging therevenue recognition principle, the company maintains a steady balance of cash going out, and revenue coming in.