If you’re in the online marketing world, you will want to check this out.  The Interactive Advertising Bureau (IAB) today announced the release of “Revenue Cycle Best Practices,” a document that recommends a series of internal controls and processes for publishers aimed at increasing efficiency and effectiveness in the online advertising revenue cycle. This is the fourth in a series of documents that are part of an IAB-led industry initiative to increase operational efficiencies within the interactive advertising ecosystem. “Revenue Cycle Best Practices” was created by the IAB’s CFO Council, and is comprised of financial professionals representing 46 leading interactive companies.

Key recommendations from the document include:

• Specific processes for obtaining internal pricing approval
• Advice to publishers that they closely monitor open receivables that are more than 60 days overdue and that they recommend actions to their sales teams for collections
• Implementation of appropriate controls along the insertion-order process to ensure proper execution
• Regular meetings between collections teams and Ad Sales Management.

“The work that we’ve done collectively as an industry in streamlining many areas of the advertising supply chain is important for the growth of interactive advertising,” said Randall Rothenberg, president and CEO of the IAB. “By working with our members to enhance operational efficiencies, we deliver on the promise of an extraordinary medium that is transforming consumers’ lives.”

“This document provides guidance on how to improve our internal and external communications. This will not only increase productivity, prevent costly errors and decrease the amount of time it takes to collect payment but it also improves customer satisfaction. It ultimately means more revenue for the company,” said Christie Lay, Senior Credit Manager, Microsoft Corporation and one of the working group members who participated in the document’s creation.

The “Revenue Cycle Best Practices” document along with the other three documents in the series—“Billing Methods Best Practices,” “On-time Delivery Toolkit” and “Campaign Setup Best Practices”—can be found here.