One of the most important functions of our business is management of the recurring revenue payments to ensure accuracy and avoid non-payment to our clients. This asset management function is often overlooked, since it’s nearly impossible for a busy management or accounting team to stay on top of collecting and reviewing each report in detail and to work with the Service Providers to rectify issues. While RealtyCom has always managed the payment process for our clients, we’ve recently expanded upon our revenue management program. In the short time we’ve offered these services, we have recovered nearly $1M in unpaid revenue on contracts our client’s inherited or that were negotiated prior to their engaging RealtyCom. So, we asked our VP of Accounting, Catherine Ratté, to explain common issues that lead to client’s being underpaid and the detail types of issues her department rectifies daily –
- Could you give us a broad overview of how RealtyCom manages so many payments, and the process your team takes to collect and audit payments?
Collection and auditing of revenue payments is increasingly complex due to each Service Provider having different payment terms, revenue share scales (fixed/flat/variable), missed reporting or information, and changing points of contact.
RealtyCom currently […]