Top 5 Things Governments Must Do to Reduce Reconciliation Efforts
Governments can simplify revenue management by reducing reconciliation efforts across the enterprise. By leveraging the best practices of Enterprise Revenue Management, governments can gain fully-connected host systems, automate controls on revenue, and enhance their research and reporting to create a more efficient revenue process.
1. Streamline processes and increase cash controls
When the payment process is quick and easy, people are more likely to pay on time. Whether it’s through cash, check, credit, online or even a kiosk, a seamless payment experience improves customer service and generates revenue faster. By standardizing the way your organization takes payments with one centralized system, payment acceptance and processing is expedited – allowing data to be available in real-time.
2. Connect host systems to one central hub
Governments need a way to accept and manage payments from multiple departments in one place. By connecting your host systems to a central hub, departments can take advantage of real-time inquiries and payment updates to keep account balances in sync. Full connectivity allows governments to avoid downtime in the case of technical problems with a host system. With offline payment capabilities, departments can continue to record customer payments in the case of IT issues. The ability to update your GL daily from a single source simplifies payment management across the board.
3. Utilize in-depth research, reporting and query Tools
Powerful research and reporting tools are key to simplifying reconciliation efforts. From payments to ledger activity and trend data, running reports should be as easy as the click of a button. Scheduled and customized reports can save time, errors and resources. iNovah’s 100+ delivered reports provide a complete view of your organization’s revenue activity. Let our query tools further enhance how you find and browse payment activity down to using even a check number to find a payment transaction.
4. Simplify batch management
Whether an organization has 10 batches or 1,000 batches to manage, it’s important to manage them accurately and efficiently. iNovah allows you to follow a single process to consolidate and manage revenue from across the enterprise, all in one place. Batch details include itemized tender information that is critical for preparing and reconciling deposits. Deposits are also automatically created and recorded once batches are approved, saving unnecessary steps and potential errors.
5. Benefit from an Electronic Fingerprint
Audits shouldn’t have to be a stressful time. Administrators can take the worry out of auditing with a solution that automatically tracks system activity from start to finish, including all payments, batches, deposits and updates. The centralized iNovah hub allows users to review, manage and audit system activity from across the enterprise -eliminating the need to search and compare data from multiple sources.