GRAPA - Revenue & Business Assurance for Telecoms, ICT and Digital Finance’s Post

According to a real client, there are three advantages of doing an AP Recovery Audit with apexanalytix: 1️⃣ Getting started is free & ROI is infinite—if we find nothing, you pay nothing. 2️⃣ Our recovery audits provide the chance to assess your internal controls to understand where spend leakage and payment errors are happening. 3️⃣ Benchmark yourself against peer data and understand how you stack up against the rest of the world. Interested in an AP Recovery Audit? Learn more and get in touch with us here: https://hubs.ly/Q02Ks0yb0

"The #1 Headache in Account Reconciliation (and How to Fix It for Good!)" Struggling with customer account reconciliations because payments get allocated to the wrong accounts? 😫 The culprit? Missing remittance advice—especially when customers pay for multiple accounts in one go without proper details. Here's the fix: Be proactive! Communicate with customers who often cause issues and request remittance advice for each payment. 📝 When you discover a wrong allocation, don’t just fix it—reach out to the customer and explain why remittance advice is critical. This small step can save you hours, spare you the brain drain, and let you focus on process improvements instead of repetitive reconciliation issues. Don’t just stop after reconciling—make sure it doesn’t happen again! 👉 Follow me for more insights on AR processes, and comment if you'd like me to cover a specific topic. I post twice weekly! #collection #remittanceAdvice #ordertoCash

* Establish clear payment terms: Include specific due dates and late payment penalties on your invoices. * Offer incentives for early payment: Consider offering discounts for early payments to encourage faster settlements. * Implement a follow-up system: Develop a system for reminding customers about outstanding invoices and following up on overdue payments promptly. #accountingservices #cpa #moneymanagement #financialliteracy

Have you ever heard the phrase, “You don’t know what you don’t know”? That’s how our customers feel when they learn they failed to claim millions of dollars they were owed in rebates. Manual claims management is appealing because it’s simple and appears cost-effective – until you know better. Companies that use manual claims management processes don’t know how much money they’re owed. If they did, they wouldn’t be using manual processes. Silo’ed data, data entry errors, and miscommunication between teams are the unavoidable aspects of manual processes that lead to inaccurate reporting, overlooked opportunities, and lost revenue. Enable doesn’t just help customers claim their missing rebates. We help our customers: - Optimize cash flow with timely invoicing and tracking. - Recover lost revenue by automatically pursuing unclaimed rebates. - Automate the claims management processing, freeing up time and resources. - Minimize disputes by fostering transparent communication throughout the payment process. - Strengthen supplier relationships through increased visibility and expedited claims approvals. Speak with one of our rebate strategists to see what you’ve been missing. The link is in the comments.

**Effective Escalation Management in OTC Collections** 🚀 Handling escalations in the Order-to-Cash (OTC) process requires a structured approach to maintain smooth operations and resolve disputes efficiently. Here’s how you can manage escalations to improve collections: 1. 𝐃𝐞𝐟𝐢𝐧𝐞 𝐂𝐥𝐞𝐚𝐫 𝐄𝐬𝐜𝐚𝐥𝐚𝐭𝐢𝐨𝐧 𝐓𝐫𝐢𝐠𝐠𝐞𝐫𝐬: Set criteria such as overdue payments, unresolved disputes, or high-risk accounts that require immediate attention 🔍.    2. 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭 𝐭𝐡𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬: Establish roles, responsibilities, and communication protocols to ensure quick and organized handling 📑. 3. 𝐌𝐮𝐥𝐭𝐢-𝐓𝐢𝐞𝐫𝐞𝐝 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤:    - **Level 1**: Collections team handles routine disputes.   - **Level 2**: Managers address more complex cases.   - **Level 3**: Senior Management or Legal steps in when needed for high-risk clients or legal concerns ⚖️. 4. 𝐏𝐫𝐨𝐚𝐜𝐭𝐢𝐯𝐞 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Keep internal teams and clients informed throughout the process to avoid surprises 💬. 5. 𝐑𝐨𝐨𝐭 𝐂𝐚𝐮𝐬𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬: Identify why the issue occurred (e.g., invoice errors, payment terms confusion), and prevent future problems 🔄. 6. 𝐓𝐫𝐚𝐜𝐤 𝐌𝐞𝐭𝐫𝐢𝐜𝐬: Monitor escalation volume, resolution time, and root causes to optimize the process and improve outcomes 📊. 7. 𝐀𝐜𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧 𝐟𝐨𝐫 𝐑𝐞𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧: Assign ownership, set deadlines, and document every step of the escalation process for transparency and accountability 📝. 8. 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫-𝐂𝐞𝐧𝐭𝐫𝐢𝐜 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡: Address client concerns empathetically, offering solutions and flexibility when needed 🤝. By following a clear escalation process, organizations can resolve disputes efficiently, safeguard customer relationships, and maintain smooth cash flows. #OrderToCash #OTC #CollectionsManagement #CreditRisk #EscalationHandling #CashFlow #FinancialManagement

Kindly note that the Enquiry system (www.enquiries.cipc.co.za ) is currently not available. Customers are advised to use the following email addresses to send enquiries to a specific unit or department. The customer code as well as enterprise number and tracking number (if applicable) must be used as reference to ensure that the staff member/s will be able to assist. #zeeliepasa #accountingfirm #accountingservices #TaxServices

Ever feel like reconciliation is giving you a migraine? 🤯 Armed with coffee and spreadsheets, you're battling mismatched transactions. By the end, your coffee's cold, and you're seeing double. That’s why automated reconciliation tools are lifesavers: ▪️ They consolidate and normalise data from multiple sources in one place, making financial statements coherent. ▪️ They detect and notify you about missing records, duplicate entries, data entry errors, or other mismatches. ▪️ They pinpoint suspicious transactions that need further investigation. ▪️ They securely store every transaction statement for your further reference. See our Reconciliations in action and enjoy your coffee while the software does the dirty work 😉 #reconciliation #payments #paymentorchestration

Q3. Is there a time limit on the period for which accounts can be requested under Section 142(1)(i)? Yes, Section 142(1)(i) limits the period. The Assessing Officer cannot request accounts related to a period more than three years prior to the previous year. This ensures that the information sought remains relevant. #incometax #knowledgesharing

5 reasons meticulous billing management is vital for an insurance agency: 🪙 Client Trust: Accurate billing builds trust with clients, demonstrating reliability and transparency in financial transactions. 🪙 Compliance: Ensuring accurate billing helps the agency stay compliant with regulatory requirements, reducing the risk of legal issues. 🪙 Financial Stability: Proper billing management ensures timely premium collection, contributing to the agency's financial stability and ability to cover claims. 🪙 Risk Management: Identifying and addressing billing discrepancies early minimizes financial risks for the agency and its clients. 🪙 Efficient Operations: Streamlined billing processes increase operational efficiency, allowing staff to focus on providing excellent customer service and essential tasks. #BillingAccuracy #ClientTrust #CompliantBilling #FinancialStability

Deferred Revenue as per Ind AS 115 Deferred revenue, also referred to as contract liability, arises when a company receives payment before transferring control of goods or services to the customer. It reflects the company’s obligation to fulfill its performance obligations in the future. Key Points About Deferred Revenue: 1. Recognition: Payment is recorded as a liability until performance obligations are satisfied. 2. Accounting Treatment: • On Receipt of Advance: • Dr. Bank Account • Cr. Deferred Revenue (Liability) • On Fulfilling Obligations: • Dr. Deferred Revenue (Liability) • Cr. Revenue (P&L) 3. Example: Advance of ₹1,00,000 for future services: • On Receipt: • Dr. Bank ₹1,00,000 • Cr. Deferred Revenue ₹1,00,000 • On Service Completion: • Dr. Deferred Revenue ₹1,00,000 • Cr. Revenue ₹1,00,000 #IndAS115 #DeferredRevenue #ContractLiability #RevenueRecognition #AccountingStandards #FinancialReporting