In many types of businesses, fees aren’t always paid on a specific timeline or frequency, and they may vary considerably based on a total number of days in the contract, the terms of the contract or even the use of the product or service. When there are these recurring fees that have various frequencies, find the best variance reporting solutions is always a priority.
One of the most challenging issues of having fees or payments coming in at different frequencies and not on the same day each month or specific time period is that trying to keep ahead of the paperwork becomes a very real problem. All it takes is one error or oversight and a renewal or a payment is missed, creating problems for both your business and that of your customer.
Software Solutions
The most obvious varying payment and fee solutions are those that focus in on innovative software. This allows the system itself to track the transactions for a particular account or across your entire business.
With the correct software in place, notifications can be generated by the system of upcoming payments, renewals, and critical dates or usage issues for an account based on your business needs.
With the best Variance Reporting Solutions, all data will be stored in one easy to use the system, allowing you to track the history of the account, payments, contracts, contact information, and other relevant issues. Additionally, you will be able to populate necessary reports and documents through the system, limiting the time required to manually enter information on these types of forms.
Having the system automatically generate required notices, bills, invoices, contracts or other documents also decreases the risk of error, ensuring additional time isn’t spent in tracking down where a mistake, transposition, or omission occurred.
Customization
With any software solutions used for variance reporting, flexibility and customization will be an important factor to review. Even if the company offering the software has specific templates or programs for your industry, having the option to customize the system has its advantages.
You should also ensure that all compliance needs are included in the variance reporting solutions you select. Having the ability to ensure compliance, report to all necessary departments or individuals, and to also communicate and exchange information within the system adds to its value and will also provide options for scalability as your company grows.
