How to Track Revenue Contracts in Pivott

Managing your revenue contract tracking effectively is essential for accurate financial reporting and ensuring that you receive expected payments. Pivott makes this process simple by allowing you to track, audit, and validate incoming revenue efficiently. Here’s how to do it.

Step 1: Record All Your Expected Revenue

Before you can track payments, you need to establish clear expectations. Identify the revenue sources and log the expected payments per month.

Putting your expected payments into a table provides a clear overview of anticipated revenue streams, helping you track any discrepancies in actual payments.

Step 2: Import Your Accounting Data

Your accounting system provides real transaction records. Import all revenue contract payments in any format, and align them with your expected revenue.

Example Imported Data

Step 3: Conduct a Quick Audit

Once the data is imported, compare expected revenue with received payments. Separate vendors with expected revenue from vendors with exact contractual revenue figures to identify discrepancies quickly.

Some Revenue Expected

It’s easy to see that Revvy McRevenu is likely paying out as expected. Pammy McPayme, however, might have missed February’s payment.  You wouldn’t jump to conclusions, but you would look again next month. Averages are important too.  If you don’t know what to expect, then any payment might look valid.

‍Exact Revenue Expected

The grand total is a great place to start.  If you’re missing money, then you need to figure out which month was missed, but accounting data alone won’t help.  Keep reading for our recommendations.

Step 4: Assign the Intended Revenue Period

To accurately reflect expected revenue in Pivott, track when payments should be applied instead of just their transaction dates.

Updated Data with Intended Periods

By adding the intended revenue period, we can now accurately match expected revenue with actual revenue.

Step 5: Validate Revenue Contracts

Now we can run a slight variation of the previous report to see the exact revenue expected with payments applied to the intended period:

Now we see that Vendy McVendorton is on track for January and February, and we anticipate the March payment soon.

Final Review

• If all values match expected revenue, your revenue contract tracking is complete.
• If discrepancies exist, investigate further before closing the report.
• Until all figures align, you haven't fully validated your revenue contracts.

Conclusion

Tracking revenue contracts in Pivott ensures that expected revenue aligns with actual payments. By:

1. Recording expected revenue,
2. Importing accounting data,
3. Auditing at a glance,
4. Assigning intended periods, and
5. Validating contracts, you can confidently monitor financial performance and quickly identify payment discrepancies.

Using Pivott’s structured approach, businesses can maintain financial accuracy, improve cash flow management, and ensure contractual compliance with ease.