Running a business is all about earning money and ensuring everything is running as smoothly as possible. Businesses cannot afford to ignore the unnoticed and unintended loss of revenue at any cost. It can occur for several reasons and often are hard to control. There are five common reasons for revenue leakage of businesses are:
1. Incorrect calculation when we do it manually
2. Inefficient inventory and account management
3. Unable to track the due date and payment status of invoices
4. Not having a centralized management system
5. Traceless operational costs and expenses
Implementing ERP systems can help flag or eliminate these revenue leakages and increase the profitability of the business.