There is nothing more important to the value of your business than your monthly recurring revenue (RMR). That value, generally measured as a multiple of the RMR, can be significantly impacted by the quality of the records related to the RMR and its contracts. That is where your operations software can make a big difference.
The value of your RMR can be significantly impacted by:
- The retention over time (reducing terminations)
- The current and typical accounts receivable (AR) age of your RMR invoices
- The clarity and accuracy of your RMR reporting, and how that reconciles with your financial statements
- Covering all of your RMR with customer agreements (See https://www.kirschenbaumesq.com/page/alarm-contract)
Your operations software should help you streamline this process. FieldHub, the industries leading cloud operations and accounting platform, has made the management and reporting of RMR central to their platform. This access and ease of reportability can make a significant difference in your bottom line.
FieldHub helps you manage your RMR to achieve the best value for your business by:
- Providing reports on your RMR by vendor to reconcile your vendor bills and make sure you have active RMR for all of your central station and interactive service accounts
- Tying RMR to your signed customer agreements, with the ability to run exception reports to find RMR without a contract on file
- Providing "RMR Roll forward reports" on demand to easily keep track of your attrition, AR days, and where your RMR is increasing or decreasing
- Building RMR billing on FieldHub's robust general ledger platform, which automates deferred revenue structures
- Automating RMR invoicing and auto-payment, removing much of the headache often associated with batch processing and collections
- Providing flow engine tools to support integrated workflows for account activations and terminations, helping to keep everything in sync
- Reducing the number of separate systems, thereby reducing the chances that billing and accounting get out of sync
While there are many products built for the security industry, there are only a few that are all-in-one operations and accounting products — and even fewer that are built on modern web and mobile technologies.
Learn more about how FieldHub provides a single system to manage leads and proposals through project and field service management, inventory, recurring/deferred revenue management, and full accounting.