CBoxx, developer of software solutions for profiling business and projecting incomes of larger IFA firms has launched two new products focused on renewal and reconciliation of payments.
Historic Renewal Review looks at historical commissions with a view to analysing and identifying underpayments.
Reconcile Review looks at businesses existing reconciliation processes to help avoid future underpayments by analysing ongoing processes, identifying where processes can be improved, and making suggestions for implementation of IT to achieve improved outcomes.
CBoxx says while many may complain about the accuracy of commission payments received, it is only through proper anlysis and accurate data capture that payments can be reconciled against receipts.
Reconciling renewal commissions is often avoided simply because of the volume of data relating to a large number of small payments.
The problem is even small errors or changes can add up to big sums over time because contracts are often in place for many years, CBoxx adds.IFAonline
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