Preventing Revenue Leakage: Solutions for Businesses
Generating profits is a top priority for businesses of all sizes. However, a common issue that businesses face is revenue leakage, which occurs when a business earns revenue but doesn’t collect it. This problem can be caused by a variety of factors, including human error, poor processes, and bad data. In many cases, revenue leakage goes unnoticed, resulting in a significant loss of revenue for the business. There are several areas where revenue leakage tends to occur, including unenforced contracts, late payments, late invoicing, data entry errors, poor accounting, high discounting, and poor revenue operations. By understanding these areas and implementing effective solutions, businesses can prevent revenue leakage and protect their bottom line. 1. Unenforced contracts One of the primary causes of revenue leakage is unenforced contracts. This occurs when a customer fails to pay for services that they have received. To prevent this, businesses should ensure that they have clear and concise contracts in place with enforceable terms. These terms should be agreed upon by both parties before any services are provided. Businesses should also have a comprehensive contract management system in place to ensure that contracts are followed and any breaches of the contract are addressed. Salesforce CPQ offers a contract management solution that can help businesses manage their contracts and ensure compliance with the agreed-upon terms. 2. Late payments This can be prevented by setting up a streamlined invoicing and payment collection process. This process should include sending out invoices promptly and consistently, following up with customers who have not paid, and providing convenient payment options. It may also be helpful to incentivise customers to pay on time. Accounting Seed provides a robust invoicing and payment collection system that integrates seamlessly with Salesforce, making it easier for businesses to manage their invoicing and payment processes (read our case study of how we improved efficiency by almost 30% with seamless integration). 3. Late invoicing To prevent this, businesses should implement a system to ensure that all invoices are sent out promptly and accurately. This system should include a process for tracking invoices and following up with customers who have not paid. Additionally, businesses can set up automated invoicing and payment collection systems to streamline the process. Accounting Seed offers an automated invoicing solution that integrates with Salesforce, allowing businesses to easily manage their invoicing and payment collection processes. 4. Data entry errors These errors can occur when data is entered manually into systems or when there are inconsistencies between different systems. To prevent this, businesses should have strict quality control measures in place, including a system of checks and balances to ensure that all data is accurate and consistent across different systems. Additionally, businesses can implement an automated data entry system to reduce the risk of human error. Salesforce offers a data entry solution that can help businesses automate their data entry processes and reduce the risk of errors (read our case study of how we integrated Salesforce-ChatGPT to transfer email inquiries into Salesforce leads). 5. Poor accounting FTX, which was the leading cryptocurrency exchange and was once valued at $32 Billion collapsed because of substandard accounting practices. This Poor accounting occurs when the accounting team fails to keep accurate records of financial transactions, which can result in lost revenue. To prevent this, businesses should have an experienced and skilled accounting team in place. This team should have a comprehensive understanding of the business’s financial processes and be able to identify areas where revenue leakage is occurring. Accounting Seed offers a comprehensive accounting solution that integrates with Salesforce, allowing businesses to manage their financial processes efficiently. 6. High discounting While it may be necessary to offer discounts to customers to incentivise them to buy, excessive discounting can eat away at profits. To prevent this, businesses should have a clear pricing strategy in place based on the value of their products or services. By understanding their value proposition, businesses can charge a fair price that customers are willing to pay, without sacrificing profits. Additionally, businesses can train their sales team to sell based on value rather than price, to reduce the need for excessive discounting 7. Poor revenue operations When different departments in the business are not communicating effectively, it results in lost revenue opportunities. To prevent this, businesses should have clear communication channels in place, including a system for different departments to communicate effectively. Additionally, businesses can ensure that everyone is working towards the same revenue goals, and they are not missing out on any revenue opportunities. This can be achieved by having cross-functional teams to promote collaboration, ensuring that everyone is aware of their responsibilities, and regular communication with all departments. Salesforce offers a revenue operations solution that can help businesses manage their revenue operations more efficiently. In conclusion, revenue leakage can cause significant damage to a business’s bottom line. However, by understanding the causes of revenue leakage and implementing effective solutions, businesses can protect their profits and promote growth. At Brysa, we specialise in helping businesses optimise their revenue streams. As a Salesforce and Accounting Seed partner based in London, UK, we have extensive experience in revenue management and can help businesses implement the right processes and procedures to prevent revenue leakage from happening. Our team of experts can provide valuable insights and recommendations to streamline processes and ensure businesses are collecting all the revenue they are owed. In addition to revenue management services, Brysa offers a range of services that help businesses maximise their Salesforce investment. We provide tailored Salesforce solutions, including consulting, development, integration, and ongoing support, to help businesses achieve their goals. Our team of certified Salesforce professionals works closely with businesses to understand their unique requirements and develop customised solutions that meet their needs. If you’re concerned about revenue leakage and want to ensure that your business is running at peak efficiency, contact Brysa today. We’re here to help you achieve your revenue goals and take your business to the next level.
FTX and beyond: scaling beyond QB with Accounting Seed and Salesforce
The collapse of FTX, a cryptocurrency exchange run by Sam Bankman-Fried, has shed light on the limitations of finance and accounting software for fast-growing medium-sized businesses. John Ray III, the new CEO, testifying in front of the United States Congress, highlighted that FTX used QuickBooks, a popular accounting software, but that it is not suitable for a multibillion-dollar company. QuickBooks is a great tool for small businesses, however, as a business grows, it requires more advanced features such as automation, scalability, and real-time reporting. QuickBooks simply cannot keep up with the growing complexity of financial operations. This is where accounting and finance software like Accounting Seed and Salesforce come in. Accounting Seed is a cloud-based accounting software that offers a seamless, scaleable process for businesses. It is built on the Salesforce platform, which is considered as the most innovative business enablement technology platform. This allows businesses to have a single platform for all their operations, from sales and marketing to accounting and customer service. One of the biggest advantages of Accounting Seed is its ability to automate many of the manual processes that are required for accounting. For example, it can automatically generate invoices, reconcile bank statements, and generate financial reports. This not only saves time but also reduces the risk of errors. Another advantage of Accounting Seed is its ability to scale (read the detailed comparison between Accounting Seed and its competitors like QuickBooks, Sage and Xero). As a business grows, it can easily add more users, modules, and features to the software. This allows businesses to keep pace with their growth and ensure that their accounting processes are always up-to-date. When Salesforce is integrated with Accounting Seed, businesses can get a complete view of their financial performance and customer interactions (read our case study of how we improved efficiency by almost 30% with seamless integration). This allows them to make better-informed decisions and improve their bottom line. In conclusion, Accounting Seed and Salesforce are powerful finance and accounting software that offer businesses the ability to save time and money, while also providing the scalability and automation needed for fast-growing medium-sized businesses. They are a great alternative for businesses that have outgrown QuickBooks and are in need of more advanced features to manage their financials. If your business is looking to implement Accounting Seed and Salesforce, Brysa consulting can help. Our team of experts specializes in Accounting Seed consulting, Salesforce finance consulting, and Salesforce implementation. We can help you with every step of the process, from planning and implementation to training and ongoing support. Contact us today to learn more about how we can help your business grow with Accounting Seed and Salesforce.
Here’s how investing in Salesforce during recession can increase revenue and profits
Investing in Salesforce can be a strategic decision for businesses in the US and UK during a recession, but it can also be a challenging decision to make. A recession can put pressure on businesses to cut costs and reduce spending, which can make it difficult to justify investing in new tools or technologies. However, benefits of investing in Salesforce can outweigh the initial costs, and can ultimately help businesses navigate the challenges of a recession and emerge stronger on the other side. Salesforce is a customer relationship management (CRM) platform that helps businesses manage and track customer interactions, sales, and marketing efforts. With Salesforce, businesses can easily store, track, and analyse customer data, which can help them identify sales trends and opportunities, as well as improve customer service. The Benefit of Investing in Salesforce One key benefit of investing in Salesforce is its ability to automate tasks and processes, which can help businesses save time and resources. For example, businesses can use Salesforce to automate lead generation, email marketing, and customer service, which can help them focus on more important tasks, such as closing sales and building relationships with customers. By automating these tasks, businesses can free up resources and manpower, which can help them reduce costs and increase efficiency. In addition to automation, Salesforce also offers a range of tools and features that can help businesses improve their customer relationships, such as customer portals, customer service chatbots, and social media integration. By using these tools, businesses can provide better customer service, build stronger relationships, and increase customer loyalty, which can ultimately lead to increased sales. This is especially important during a recession, when businesses may be facing reduced demand and increased competition. By investing in Salesforce, businesses can differentiate themselves from their competitors and win more customers. Another advantage of investing in Salesforce is its ability to integrate with other business systems and tools, such as accounting software and marketing automation platforms. This allows businesses to easily track and analyse their customer and financial data in one place, which can help them make more informed decisions about their operations and sales strategy. By investing in the right tech and using Salesforce, businesses can gain a more comprehensive view of their operations, and identify areas for improvement and growth. As a company that specialises in helping businesses get the most out of their Salesforce investment, we at Brysa understand the challenges and concerns that businesses may have when it comes to investing in new tools or technologies, especially during a recession. We also understand the potential benefits of investing in Salesforce to organise IT dev processes, and how it can help businesses streamline their operations, improve customer relationships, and increase sales. We offer a range of services to help businesses implement and optimise Salesforce, including strategy and planning, customisation and integration, training and support, and ongoing optimisation. We also offer flexible pricing options, including retainer and fixed-price packages, which can help businesses manage their costs and budget more effectively.
How Salesforce Single Source of Truth can boost sales and increase revenue
Implementing a single source of truth, or SSOT, in Salesforce can have a significant impact on an organisation’s revenue. A single source of truth refers to the practice of having a single, definitive data source that all departments within an organisation rely on for accurate information. In the context of Salesforce, this means having a centralised database within the Salesforce platform that serves as the primary source of customer and business data, rather than having multiple, disconnected systems or spreadsheets that each contain their own version of the truth. There are several ways in which a single source of truth within Salesforce can help to increase revenue: Improved data accuracy Salesforce allows users to create custom fields and record types to track specific types of data, such as customer preferences or sales opportunities. By consolidating all of this data into a single source within Salesforce, teams can be confident that they are using accurate and up-to-date information. Inaccurate data can lead to wasted resources, such as marketing to the wrong audience or targeting customers who are not interested in the product or service being offered. With a single source of truth, organisations can trust that the data they are using is accurate, which can help to avoid these costly mistakes. Enhanced collaboration Salesforce offers a range of tools for collaborating and sharing data, such as Chatter and Groups. With a single source of truth within Salesforce, teams can easily access and share data, leading to more efficient and effective collaboration. This can improve communication and coordination, leading to more successful sales conversations and increased revenue. Greater visibility With a single source of truth within Salesforce, teams can get a comprehensive view of customer and business data, including sales opportunities, customer interactions, and account history. This can be especially valuable for sales teams, who can use the data to gain insights into customer behaviour and preferences, and tailor their sales approach accordingly. For example, if a sales team has access to data on customer purchasing history, they can identify upsell and cross-sell opportunities and make personalised recommendations to customers. This can lead to increased revenue from existing customers. Better decision-making Salesforce offers a range of analytics and reporting tools that allow teams to analyse data and make more informed decisions. With a single source of truth within Salesforce, teams can access and analyse data more easily, leading to better decision-making and strategy development. For example, if a sales team has access to data on customer buying patterns and preferences, they can tailor their sales pitch to better meet the needs of individual customers, which can increase conversions and revenue. In addition, with a single source of truth, organizations can analyse data on sales trends and customer behaviour to identify areas for improvement and make more informed decisions about future business strategies. Increased efficiency Salesforce allows teams to automate a range of business processes, such as lead management and customer service. By consolidating data into a single source within Salesforce, teams can streamline processes and save time, leading to increased efficiency and productivity. L’Oréal leveraged this to create beauty with a unique data-driven appraoch. This can lead to increased efficiency and productivity, which can ultimately drive revenue growth. Improved customer experience Salesforce allows teams to personalise the customer experience by tracking customer interactions and preferences, and providing a more tailored experience. With a single source of truth within Salesforce, teams can access comprehensive customer data to better understand customer needs and preferences, leading to increased customer loyalty and repeat business. This will increase customer retention and word-of-mouth referrals resulting in increased revenue. Implementing a single source of truth within Salesforce requires careful planning and coordination, as it involves consolidating data from multiple systems and departments into a central database within the Salesforce platform. However, the benefits of having a single source of truth make it a valuable investment for any organization looking to increase revenue. At Brysa, we specialise in helping organizations implement single source of truth, or SSOT, in Salesforce. Our team of experienced consultants can guide you through the process of implementing a SSOT, from planning and strategy development to data migration and system integration. We can help you identify the most effective ways to use Salesforce to centralise your data and ensure that all departments are working from the same, accurate source of information. With our support, you can effectively manage the implementation of SSOT and realise the full benefits of this powerful tool.
