Companies that serve many consumers sometimes face the problem of lost profits. This may be due to billing errors, undetected non-payment and complex invoices. An effective solution to this complex billing challenge is the use of billing software.
A billing and revenue management (BRM) system simplifies billing and invoicing. BRM can be used in various sectors of the economy, including utilities, education, medicine, telecommunications, software, and apply to any business models that regularly issue bills to their consumers, including B2B and B2C. For example, utility companies that supply the nation with electricity, gas, water, heat, and other utilities actively use BRM.
BRM includes three main components: CRM, billing, and reading. Billing and revenue management to cover the entire billing cycle - from registering the quantity of services consumed to issuing invoices and monitoring payments made by consumers.
The MaxBill company is a leader in the development of billing and revenue management software that can efficiently guide you through the billing process. MaxBill originally had a background in iGaming and telecommunications billing but now focuses on delivering to energy and utility service providers a robust energy and utility software.
The functions of billing and revenue management
For BRM software to provide the full cycle of billing and revenue management, it must account for all the tasks performed by the relevant departments. Therefore, the BRM solution from MaxBill allows for the performance of the following functions:
Billing:
- Consumption and charge calculations.
- Bill formation and distribution.
- Billing settlements and generation of invoices at the request of consumers.
- ML predictions of abnormal consumption and billing.
Revenue management:
- Customer management.
- Accounts receivable.
- Debt management.
- ML debt risk prediction.
- Reporting.
Possibilities of the billing module in BRM software
The main task that billing and revenue management software performs is the automation of all billing operations. This eliminates human error and speeds up the invoicing process. Intelligent billing software ensures:
- Accurate calculation of consumption and charges per tariff plans.
- Organisation of all charges into an invoice, which is sent to the consumer through different channels, including email or post.
- Automated billing (if selected by the consumer) so that the invoice is sent directly to the processor that services the consumer's credit card.
MaxBill's solution for billing and revenue management is convenient because it considers all current discounts, loyalty programs, and other factors that make the price of a product or service variable. Since it also allows for multi-service bundles, it is an ideal tool for companies that tailor product offerings to suit the needs of their clients.
Key operations of the revenue management module in BRM software
Billing software includes a module that allows you to manage, predict, and optimise revenues. Such opportunities allow for timely adaptation of companies to growth or decline in demand for their goods or services. By predicting consumer behaviour, a business can decide to expand its activities or suspend the work of some branches, for example. In general, the revenue management module implements the following tasks:
Accounts receivable
You can set up tailored payment plans for your consumers and provide goods or services in instalments. In this case, billing software allows you to consider and control customer accounts receivable.
Collection activities
If any invoices remain unpaid, you can administer the company's non-payment measures. For example, this may include charging penalties, changing the tariff plan, and other collection measures.
Payment arrangement management
Create payment schedules according to your clients' capabilities. Offer them flexible payment options and easily track individual schedules.
Billing and revenue management software from MaxBill allows you to minimise revenue leakage thanks to the full monitoring of the movement of funds on issued invoices. Tracking of outstanding payments allows you to take timely action to collect payments, including consumer notification, warnings, fines, and more serious measures. In this way, you align the goods or services supplied and the income from their sale.
Customer relationship management (CRM)
CRM is an important component of the billing and revenue management system. It allows you to centralise all client information and manage it. In addition, it facilitates communication with consumers and helps to establish trusting relationships. Through the CRM system, the consumer can track the quantity of goods or services consumed and the accrued cost. This allows customers to vary their actions, increasing or decreasing consumption depending on their needs and financial circumstances.
MaxBill's billing software includes a CRM module which carries out the:
- Administration of the user profile by retaining all their personal data, account history and payment.
- Formation of personalised offers based on the client's preferences and consumption pattern.
- Management of products and services provided to the client, including their provision or suspension.
- Quick processing of all customer requests, for example, disputing an invoice, connecting a new service, changing a tariff plan, etc.
With the help of a CRM system, you can streamline interactions with clients while improving their user experience and simplifying the workflow of your employees.
BRM balance management
The billing software allows you to accurately account for client debt and the payment of bills. As soon as the software generates and sends an invoice to the client, the debt is added to balance on their account. All cash receipts into the client's account pay off this debt and are immediately reflected in their account.
BRM balance management simplifies balance adjustments. For example, if a service was not provided for some time or the client was given a discount, this will automatically be reflected in their account balance.
Thus, balance management acts as a link between billing and revenue modules in the BRM system. It performs the function of post-payment bookkeeping when the income received from invoices is approved. The advanced BRM balance management solution from MaxBill allows you to create multiple balance groups and sub-balances to account for the provision of various services.
Debt management and machine learning debt risk prediction
The risk of indebtedness frightens suppliers not only with the prospect of lost income but also the confusion that arises when manually managing debtor accounts. Automation of debt management using billing software solves this problem. Offering flexible schedules for debt repayment creates convenient conditions for consumers.
And well-established communication with consumers increases the likelihood of debt repayment without resorting to any legal procedures.
MaxBill offers an effective debt management solution based on automation and a customer-friendly approach. In particular, the following mechanisms have been established for debt collection:
- Transferring clients to prepayment tariffs.
- Creating customised debt repayment plans.
- Reminder and alert system to enhance consumer responsibility.
MaxBill also offers predictive modelling based on Machine Learning (ML). Such models can identify consumers who are prone to accumulating or defaulting on debt. They also identify and analyse the key factors that influence the appearance and increase of debt.
For example, the debt prediction model developed by MaxBill for the utilities sector includes 70 parameters. Thanks to this high level of sensitivity, service providers can accurately identify consumers prone to accumulating debt and take proactive measures, for example, providing prepaid services.
Trust innovative billing and revenue management solutions from MaxBill
An efficient billing and revenue management system significantly simplifies the company's workflow, eliminates errors when issuing invoices, and improves relationships with consumers. In addition, billing software helps eliminate revenue leakages, which means increasing the overall profitability of the business.
When choosing billing and revenue management software from MaxBill, you give preference to a multifunctional solution. Thanks to the modular architecture, enhanced with AI/ML solutions and a comprehensive set of functions, the billing software will allow you to completely solve all your invoicing and payment management tasks. And, because MaxBill has worked in different niches, their billing system is configurable and includes multiple billing capabilities. No matter what tasks you set for billing software from MaxBill, it will fulfil them in the best possible way.
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