What is the Revenue Cycle? | Bizmanualz
Summary
It represents the primary source of most companies operational cash flow and therefore needs to be protected, managed and monitored using financial internal controls. The revenue cycle procedure in accounting starts when you begin taking the order and is not complete until your company receives payment AND pass the point of no returns. The purpose for creating progress billing is to obtain payment for the portion of labor and materials used up to a certain point in time and before the project is fully completed. Accounting Revenue Cycle Procedures are an important element of internal control to ensure that your company’s income statement is accurate. Your primary source of operational cash flow is from your sales revenue and therefore needs to be protected, managed and monitored using industry best practices for financial internal controls.
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