General Ledger: The General Ledger controls an organization profit and loss. The G/L also tracks revenues and expenditures from week to week. Correct G/L accounting insures that all revenues and expenses are accurately hitting the General Ledger accounts. General Ledger systems can be integrated with your customer care, billing, equipment inventory and POS systems, or they might be stand-alone.
Lockbox: A Lockbox is used when billing is generated in order to allow customers an address to submit their bill payments. Reports and customer information is generated from a Lockbox supplier. The payments that are sent to a Lockbox would be deposited by the financial institution into your account. Based on the frequency you set up with your financial partner, customer payments are normally transmitted electronically into your billing system, where they are posted to customer accounts.
Commissions: Commissions are utilized to provide the compensation for your sales distribution channels. Commission systems can be run on anything from a PC to a mainframe-based system. Commissions plans can be simple such as a set amount based on the subscriber activation, or complex, which could include dollar penalties if a customer cancels within a set time period. When sales distribution channels are paid based on the amount of usage or charges a customer has generated, this is called residual commissions. Normal commissions systems are integrated in with your financial system, payroll and customer care and billing system.
Revenue Assurance: Revenue Assurance is key to any organization. Revenue assurance covers all the checks; balances and reporting that is completed on your data. This insures that all revenues are billed correctly, all monies are being accounted for, no data is being lost, etc. Wireless providers have unique revenue assurance needs which are quite different from any other industry. It is important that you assess your own organization and insure all the controls are in place to guarantee the integrity of all subscriber and internal data.
Collections: Collections is the process that occurs when subscribers don't pay their invoices. Collections can either be manual (using reports) or automated, using a collection system. Collections do not end when the subscriber pays. Collection criteria must be constantly monitoring and updated to insure that your organization maintains a very low uncollectable percentage. Collections are also important once accounts are turned over to an external collection agency or legal action is pursued. It is important to monitor and report on collection agency performance.
Audits: Audits are closely tied with revenue assurance. QuBX Consulting is uniquely qualified to audit your existing business and determine if any improvements can be made. We have done prior audits on billing vendors and wireless carriers in all areas of their business including commissions, equipment inventory, order processing, fraud, customer service, credit checking, financial systems, and IT systems.
Fraud: Within the wireless business, Fraud is a constant concern. There are many types of fraud, from network to subscription fraud. Network fraud occurs when a user compromises the wireless network and makes calls without authorization. Subscription fraud is when a subscriber signs up for service, with no intent to ever pay for the service. QuBX Consulting has done work with most of the major Fraud systems including Coral Systems, Corsair, Roamex and others. We can implement RF Fingerprinting, Authentication or install new fraud systems within your environment with your existing environment.
Reporting: Reporting is the key element within the financial arena. Reports allow tracking of all activity within an organization. This would include asset accounting to fraud to revenue assurance. It is important that reporting can be easily accessed, developed and changed. Dependent on the different types of systems within some organizations, there can be much reporting inefficiency.
Asset Accounting: Asset accounting is closely tied to your financial system and inventory system. Asset accounting insures that each piece of physical equipment within your organization is tracked, numbered and depreciated according to your own schedules. Accurate asset accounting insures that no physical equipment is missing from your organization through the use of periodic physical counts. Missing equipment can cost an organization thousands of dollars, whether the equipment is a PC workstation or missing mobile equipment.
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