"Fee management" refers to the process of managing fees incurred as part of business activities or transactions. This includes capturing, calculating, tracking, and billing fees charged by customers, partners, or other parties.
Typical functions of software in the "Fee management" domain include:
Fee capture: Capturing fees, including type, amount, timing, and parties involved, either manually or automated from various sources.
Fee calculation: Calculating fees based on predefined rates, percentages, or other billing methods applicable to different types of transactions.
Fee tracking: Tracking fees over time, including their history, payment status, and outstanding amounts, to ensure transparent and accurate accounting.
Fee billing: Generating invoices or statements for the fees to be paid to customers or other parties, as well as conducting payment transactions and managing receipts.
Fee monitoring and control: Monitoring compliance with fee policies and contracts, as well as implementing control mechanisms to avoid fee overpayments or abuse.
Reporting and analysis: Generating reports on fee revenues, fee structures, outstanding receivables, and other relevant metrics for performance monitoring and identification of optimization opportunities.
Integration with other systems: Ability to integrate with other enterprise systems such as accounting software, CRM systems, or payment processing platforms for seamless data transfer and process automation.
Compliance and Legal Requirements: Ensuring compliance with legal regulations, privacy laws, and other legal requirements related to fee billing and management.