3 Things Every CFO Should Know About Loyalty Program Liability

As the captain at the helm of your company’s finances, it’s critical that you chart a course that steers clear of dangerous liabilities. Not all liabilities, however, can be averted – in fact, some are part and parcel for increasing your company’s bottom line.


One such necessary hazard is loyalty program liability. This liability arises from the costs incurred at the moment that a loyalty program member redeems some or all of their outstanding points. It’s a by-product of energized customer engagement. However, with high customer engagement leading to a 90% uptick in purchase frequency and 60% higher spend per transaction, it’s not a liability with which companies can afford to dispense.


New regulations have changed the way that accounting teams must allocate revenue to manage loyalty program liability. The principal tenet to which they will have to adhere is that separate accounting will need to be carried out for every performance obligation, and transactions with multiple performance obligations will require that the revenue for each one be logged individually. Most importantly, revenue from the issuance of loyalty points must be deferred and cannot be recognized until either the reward is redeemed, or the customer’s claim to the reward expires.


In the event that your colleagues in accounting fail to defer the correct amount of revenue relative to the scale of the liability, it can send your financial reports into a tailspin. Miscalculations that underestimate the amount of revenue necessary can lead to you not having enough to cover the incoming flurry of costs. Conversely, setting aside too much revenue can relegate funds to a state of financial suspended animation known as “stuck revenue.”


Read on to discover what every CFO needs to know about loyalty program liability.



1. These liabilities carry financial impact

Customer Loyalty


The financial consequences of loyalty program reward points aren’t felt just at the moment of redemption, but also at the moment at which they’re issued. Once rewards points are granted to program members, the business comes into ownership of the associated costs that accompany points that can be redeemed. Depending on the method of accounting employed by your program, these may manifest either in the form of an immediate expense recognition or as a revenue reduction.


Though accounting departments may fixate on current liability levels, the role of finance teams is to know how liability will develop over time. In order to accurately forecast liability levels, the finance department must be equipped with a robust understanding of the cost per point (CPP) and ultimate redemption rate (URR).


As the URR changes over time, failures to incorporate its fluctuations in your company’s financial planning could cause material impact to its financial outcomes. Similarly, because URR and CPP are the primary determinants of loyalty program liability, overlooking them in the development of your financial strategy could lead to the liability corroding your bottom line.


It’s important to avoid the pitfalls that finance leaders encounter when trying to reduce the imprint of loyalty program liability upon their income statements. One of the most common mistakes finance teams make is trying to reduce liability by driving up breakage. Breakage, or the percent of points a customer earns but does not redeem, can reduce the the strain induced by loyalty program liability. However, what it amounts to are customers opting to disengage from your company and the financial consequences that accompany the drop-off in consumer interest.



2. As your company gains loyal customers, breakage rates will decrease

brand loyalty


The purpose of a loyalty program is to incentivize customers to go to your company first for all of their needs related to your product line. The way it accomplishes this is by rewarding them for their business, and adding in a new variable to consider in their calculations. However, for these rewards to have value to customers, they must be worth something, and the final cost of providing them is where companies incur loyalty program liability.


As a result, the more engaged and loyal customers a company has, the higher its liability estimates will be. Though it might seem counterintuitive, bringing up breakage rates can take a massive toll on a company’s finances. With 20% of customers driving 80% of redemptions, increasing breakage can cause the purchasing frequency of some of the company’s most prolific shoppers to wilt.


Disengaging from the strongest segment of your company’s customer base will only lead to significantly-diminished returns in the long-term.


Instead, a more salient approach is to keep breakage moving down, while using an influx of new customers to offset its impact.


Another tactic is to work alongside marketing teams to find ways of driving down CPP. In this way, liability can be decreased without sacrificing desirable customer engagement.



3. Customer lifetime value (CLV) lets you know what you’re getting out of holding on to the liability


When it comes to loyalty program liability, CFOs should always ask themselves, “Is the juice worth the squeeze?” One useful metric for correctly answering this question is customer lifetime value (CLV). CLV takes into consideration costs borne from redemptions, as well as the revenue generated by customers throughout the course of their engagement with the company.


One particularly important element upon which CLV focuses is revenue. In contrast to liability, projected future revenue isn’t something you can add to a balance sheet – and that’s why there’s traditionally such an emphasis on cost. However, the goal of a liability program is to increase revenue, so that is a component that should not be left out.


By looking at CLV, CFOs can better contextualize their redemption rates, and better decide how to proceed appropriately. Simply stated, without a strong understanding of CLV, it’s impossible to adequately assess the health and viability of your loyalty program.



The bottom line

Loyalty program liability can have material consequences upon a company’s financial standing. However, CFOs should resist the urge to simply drive down redemption rates, and instead, employ holistic metrics such as CLV to inform their long-term strategies.


With careful attention paid to forecasts of customer behavior, finance teams can draft a blueprint guaranteed to keep the company in the black.




KYROS provides sophisticated predictive analytics solutions that help companies optimize the financial performance of their loyalty program. Want to maximize the economic value of your program?  Contact us  for a free consultation.


3 Things Every Accountant Should Know About Loyalty Program Liability

Ever since the roll-out of new accounting standards, ASC 606 and IRFS 15, accounting departments have had to change the ways in which they deal with loyalty program liability. The primary shift in procedure has been that accountants must now defer revenue to cover the liability upfront, and recognize it only at the point of redemption.


The easiest way to visualize the role of an accounting department in managing loyalty program liability is to consider the following parallel: If loyalty program liability were a fire, accountants would be the firefighters tasked with putting it out. Wielding deferred revenue as a firefighter would a hose, it’s the job of accountants to carefully select just how much to defer. If they defer too little, the flames of the liability will burn through the company’s income. Deferring too much, however, will flood the company with “stuck” revenue.


Fortunately, there are ways for accounting departments to correctly forecast how much revenue they’ll need to set aside in order to mitigate incoming liability without creating a trail of stuck revenue in their wake. Read on to discover the three things every accountant needs to know about accounting for loyalty program liability.



1. There are new standards to keep in mind

international accounting standards


The rules regarding revenue recognition have changed. In a collaborative effort between the International Accounting Standards Board (commonly known as IASB) and the Financial Accounting Standards Board (FASB), an updated method of revenue recognition has been created that eliminates discrepancies between both organizations’ guidelines. This new, conjoined set of accounting standards is known as Accounting Standards Codification (ASC) Topic 606: Contracts with Customers, or, in its short form, ASC 606/IFRS 15 Accounting Standards.


How will these new protocols affect Accounting for loyalty programs?

In addition to replacing a variety of prior regulations, this latest standard outlines a five-part model that’s widely considered to be more thorough and prescriptive than earlier statutes. ASC 606/IFRS 15 Accounting Standard addresses the following elements:


  • Contract Identification
  • Identification of Performance Obligations
  • Determining Transaction Cost
  • Allocation of Transaction Cost to Performance Obligations
  • Recognition of Revenue


One of the biggest changes the new standard will introduce is the elimination of viewing contracts as singular transactions. In the context of loyalty programs, this will signify that both the upfront delivery of a good or service, as well as the fulfillment of any accompanying loyalty point redemptions will be considered distinct events for which accounting must occur.


Moving forward, accounting departments will have to consider the performance obligation as their basic unit of account. Performance obligations are typically defined as promises by a company to confer either goods, services, or a combination thereof upon a customer.


How will fragmenting the performance obligations within a contract change accounting practices? Principally, it means that companies now must carry out the following:


  • Identify distinct performance obligations, and allocate revenue accordingly. Separate margins must be applied for each individual performance obligation identified.
  • Pinpoint the event that corresponds to the eventual recognition of revenue for every individual performance obligation. Depending on the situation, revenue will either be recognized at the point of completion, or once a given interval of time has elapsed (such as when loyal rewards expire). Which of the options will be exercised is a function of how the precipitating service or good is transferred to the client, or the exact verbiage of the governing contract.


Equally as important as knowing which parts of a contract to recognize separately is knowing when to recognize them. As they say, timing is everything, and under the new standard, when revenue deferred for mitigating loyalty program obligations can be recognized will be more tightly controlled.



2. Accurate breakage estimates are essential

loyalty program


Now that companies must defer revenue to cover the costs of incoming loyalty points, being able to correctly anticipate breakage is more important than ever. How much revenue a business must defer corresponds significantly to its predicted breakage rates, so it’s essential that accounting departments have a reliable model of how redemptions will unfold.


The formula below demonstrates the role of breakage in anticipating loyalty program liability:


Liability = Outstanding Points * (1 – Breakage) * Cost Per Point

Outstanding Points = Points that have been issued but not yet redeemed or expired

Breakage = Percent of outstanding points that will ultimately go unredeemed

Cost Per Point = Expected cost of each point that will eventually be redeemed


When accounting for loyalty programs, it’s important to note that deferring the wrong amount of revenue can have unfortunate results, and both over- and under-estimations of how much to set aside can place a company in peril.


Companies that set aside too much revenue risk setting the stage for an outcome known as “stuck revenue.” This creates an unnecessary depression in revenue, and keeps the “stuck” funds from being applied in more effective ways.


In contrast, deferring too little revenue can lead to companies being forced to restate their income as a consequence of not having enough tucked away to cover the incoming barrage of redemptions. Income volatility is something neither companies nor shareholders want, and it’s easily preventable by using reliable breakage models.



3. Actuarial opinions are useful for justifying booked liability

Accounting for Breakage


In much the same way that a company would hire a general contractor to oversee the construction of a new wing for their headquarters, so too should they consult with experts before proceeding with loyalty program accounting predicated upon an ongoing breakage assumption. While redemption rate modeling can be accomplished to a high degree of accuracy, doing so involves taking a constellation of massive, interwoven data sets into consideration and distilling  them into a lucid picture of individual-level member behaviors. Actuaries have the expertise necessary to interpret this data and mine from it the answers your company needs in order to make breakage estimates you can trust.


Despite the informal-sounding nature of their title, actuarial opinions must be backed up by a full-scale report featuring graphs, exhibits, and texts that outline how the actuary arrived at his/her calculations. Having a nuanced, granular-level outline of member behavior crafted by actuarial experts wielding potent AI-driven analytics software is an important step towards justifying your company’s booked liability to regulators and auditors.


The bottom line

The new standard will bring divergent regulations into alignment and require that companies no longer view transactions as singular contracts.


Instead, companies will be expected to defer revenue until all performance obligations have been met or enough time has passed to bring the outstanding liability to a point of expiration.


Deferring the wrong amount of revenue can lead to highly undesirable outcomes, so it’s important that your company inform its deferral decisions using breakage estimates constructed using robust, analytics software that gleans future individual-level predictions from big data. An actuarial opinion is a reliable way for your company to obtain this information, and move forward with confidence in its decisions. How will your company ensure its booked loyalty is correct?




Turn insight into action with predictive analytics solutions that help you maximize the economic value of your loyalty program. Contact us for a free consultation.


3 Things Every Marketer Needs to Know About Loyalty Program Liability

Every marketing professional wants to engage their customers and inspire lifelong brand loyalty. But in order to develop marketing campaigns that strike a chord with clients, marketers need to understand the needs, expectations, and predispositions of their target demographics.


One of the most effective strategies for both engaging customers and gaining key insight into their behaviors and expectations is to instate a customer loyalty program. Whether you’re giving away free coffee, points that can be redeemed for prizes or discounts, or other incentives, customers love loyalty programs — and they play a key role in driving both customer satisfaction and brand loyalty.


However, the success of a loyalty program depends not only on its design, but on its execution. This includes safeguarding against accompanying financial risks.


Chief amongst these risks is a phenomenon known as loyalty program liability, or the cost incurred by companies once all outstanding rewards points have been redeemed.


If correctly anticipated, companies can defer the necessary amount of revenue required to absorb the incoming liability without sustaining any financial injury. To do so, however, they must first know two things: the cost of redeeming each outstanding point, and the percentage of outstanding points that will ultimately be redeemed.


What do marketers need to know about loyalty program liability, and what metrics should they focus on in order to best understand the financial risks (or rewards) facing their company? Read on to learn more!


A brief overview of loyalty program liability

loyalty program liability overview


The simplest way to uncover the cost of your company’s loyalty program liability is to use the following formula:


Total Number of Outstanding Points x URR x CPP


URR, or ultimate redemption rate, refers to the percentage of outstanding points (or whatever other form of currency your company disperses to loyalty program members) that will eventually be redeemed. The cost per point, or CPP, is the cost the company incurs during the redemption of each point.


Once you’ve figured out the values for both of these indices, you can unearth you company’s loyalty program liability by multiplying the total number of outstanding points by the URR and multiplying the resulting amount by the CPP.


Revenue should be deferred upfront

deferred revenue


So, when should companies concern themselves with the financial impact of these points? Though it may seem counterintuitive, domestic and international regulations prescribe that revenue used to satisfy obligations to program members be deferred at the moment of issuance — not at the point of redemption.


This need to defer revenue can lead to three potential scenarios. The first is that not enough revenue is deferred, culminating in your company being forced to restate its income levels. The second scenario is that your company defers too much revenue, leading to a phenomenon known as, “stuck revenue.”


The third, and ideal, scenario at which companies can arrive is one in which just the right amount of revenue has been deferred.


Knowing how much revenue to defer is critical to contending against loyalty program liability, and can be best accomplished by using granular-level measurements that capture the future actions of individual members. After all, acquiring correct estimates for URR is entirely hinged upon knowing the way customers will behave in the future.


Without salient URR or breakage estimates, your company will not be able to generate an accurate forecast of its upcoming liability, and won’t be able to defer the corresponding portion of its revenue.


By crafting loyalty programs that incentivize customers to make purchases with company cards or other devices that monitor spending patterns, marketers can cultivate an abundance of  harvestable data. In this respect, marketers can shine, because this data allows their company’s finance and accounting teams to better predict the behaviors of individual customers.


Though extracting insights from such large swaths of information may seem like a monumental challenge, the good news is that recent developments in the field of predictive analytics and artificial intelligence have made unlocking the secrets submerged within Big Data a reality.


Loyalty programs are advantageous for finance, too


Without question, loyalty programs are tremendously helpful for marketers. They provide concrete incentives for customers to continue engaging with a company, and give the marketing team a renewed series of opportunities to keep clients abreast of emerging offers.


Moreover, they produce data that allows marketing to calculate the customer lifetime value (CLV) of individual members. CLV denotes how much free cash flow a particular person will generate for the company throughout the course of their time with the company.


By gathering an aggregate of the individual CLVs of loyalty program members, marketing can provide their finance counterparts with a clear window into the financial value of their customer loyalty program.


CLV can also help marketing teams target those customers with the most value. One of the greatest inefficiencies that besets modern companies is the amount of money that’s wasted on failed attempts to engage disinterested clients. By understanding a member’s cumulative lifetime value, you can know whether the return generated from their engagement justifies the cost of engaging them.


The company can then reinvest the money saved from not targeting less lucrative members to drive up the frequency of purchases made by their most engaged members. Thus, a strong CLV estimate may just lead to the conservation and expansion of company revenue.


Simply stated, well-designed loyalty programs drive up sales and increase a company’s bottom line, making them an invaluable strategy for marketing and finance departments alike.


The bottom line

Loyalty program marketers have a tremendous opportunity to increase brand loyalty while helping drive company revenue. Not only do they have detailed insight into their members, but they can provide critical information to finance about loyalty program liability, helping their company optimize its customer engagement strategy.


Loyalty program liability can be combated using precise estimates of user behavior drawn from granular-level information. This information will give your company the data it needs to construct an accurate model of its program liability, and draw the insights needed to generate a real return on its loyalty program investment.




Looking to maximize the economic value of your loyalty program? Contact us for a free consultation.


Loyalty Program Finance: The Struggle for Progress

In my previous articles, we talked about some of the struggles loyalty marketers and accountants face when booking loyalty program liabilities.

Now we turn our attention to loyalty finance professionals, who face significant pressure to ensure accurate liability and solid loyalty program ROI.

Unfortunately, there are not many resources for finance professionals that support loyalty programs. This makes a loyalty finance professional’s struggle for progress very challenging.

In this article, we’ll look closer at the progress loyalty finance professionals aim for, along with the obstacles often face.

Read more »

Customer Financial Intelligence: Why You Need It

Loyalty programs are complex financial entities. Teams from many disciplines, often with competing priorities, need to collaborate to successfully reach their goals. And whether it’s marketing, finance or accounting, each team has unique financial objectives that must be met and questions that must be answered in order to make progress.

As an analytical framework that measures the financial liability of each loyalty program customer, customer financial intelligence (CFI) gives teams the answers they need to make smarter decisions. CFI helps align teams within an organization, enabling the organization to capitalize on more opportunities, such as stronger customer relationships and a more profitable bottom line.

In this article, we take a deeper look into customer financial intelligence and how it can benefit your loyalty program.

Read more »

Accounting for Loyalty Programs: The Challenges & Opportunities

In my previous articles, we talked about the challenges faced by both loyalty program finance professionals and loyalty program marketers as they seek to create revenue-driving loyalty programs.

Now, we turn our attention to accountants, who face significant obstacles towards accurately accounting for loyalty program liability.

In this article, we’ll examine the role of accounting for loyalty programs, the frequent challenges encountered by accounting professionals, and the opportunity available to ensure a smoother close process.


The loyalty program accountant

Quarter end is often a stressful and hectic time for any accountant. They’re racing to close the books under tight deadlines, and auditors and senior leaders are asking tough questions about the company’s financial performance.

It shouldn’t come as a surprise that accountants strive for a smooth and efficient closing process; no surprises along the way, no excessive reporting.   


When it comes to loyalty programs, accountants are responsible for booking an accurate liability or deferred revenue estimate on the balance sheet, while ensuring that the organization is following the latest accounting standards and that auditors will sign off.

This means that not only do they face those tough questions from auditors and senior management, but they must also deal with managing unexpected changes in the company’s loyalty program liability.

Let’s take a closer look.


Asking tough questions — and expecting the right answers

The size of the loyalty program’s liability is an important consideration for accountants. In fact, it’s common for the program’s liability to be one of the largest on the company’s balance sheet. Consequently, loyalty program liability will draw scrutiny from auditors and senior leaders. Often, this leads to tough questions that many accountants struggle to answer, such as:

  • Why is the liability changing?
  • How confident are you that the estimate is correct?
  • How might we influence the liability to manage to our financial plan?

Unlike more tangible liabilities (e.g., accounts payable), these questions are complicated because loyalty program liability is an uncertain estimate. Answering questions about liability require the ability to predict redemption behavior over a long period of time, and convince stakeholders that your predictions are indeed accurate.


Managing unexpected changes in loyalty program liability

Unfortunately, these questions can get even more complex when there are unexpected changes to program liability.

Loyalty program liabilities are frequently in the hundreds of millions to several billion dollars. At this scale, even a small change in liability will end up having significant financial impact.

Seeing a quarter’s profits wiped out because of an unexpected increase in liability is not something anyone would want to deal with.

The challenge for accounting is having an accurate and reliable liability estimate. The estimate should be on par with the expectation, without any surprises. It should come complete with all the backup support and data necessary to satisfy auditors and any other stakeholders with questions. And, it should come quickly after quarter’s end to ensure more time for analysis.


The opportunity

Everything that an accountant booking loyalty program liability needs hinges on one core capability:  the ability to predict redemption behavior over time, while convincing stakeholders that the estimate model is reasonable. While predicting the future is never easy, there are tools in place to help you.

Sophisticated analytics, for example, helps you accurately predict redemption behavior. Imagine being able to point to actuarial backup that tracks the assumptions behind the liability estimate to prove that the data is emerging as expected.

You could confidently present your liability estimates to senior leaders and auditors, knowing that you have the right data to answer their probing questions. A sophisticated analytical model not only predicts today’s liability, it looks into the future to give you accurate estimates for what you’ll see at the close of the quarter.

What’s more, these analytic models can be continually refreshed, giving you updated liability estimates within days, and allowing you plenty of time to run the books and analyze the impact.

Suddenly, accounting for loyalty programs doesn’t seem quite as difficult, and quarter close becomes a little less stressful for everyone involved.



Turn insight into action with predictive analytics solutions that help you maximize the economic value of your loyalty program.  Contact us for a free consultation.

How to Convince Your CFO to Invest in a Customer Loyalty Program

Marketers are great at finding ways to drive customer engagement. They know how to use quantitative and qualitative data to uncover insights that drive desired behaviors. They empathize with the voice of the customer and are constantly thinking about optimizing the customer experience. Best of all, they use these skills to create effective campaigns and initiatives that drive customer engagement, build brands and grow businesses.

Ultimately, marketers hope that their efforts will not only enable a better customer experience, but help their company realize significant financial gains. One of the most effective ways they do this is through a customer loyalty program.


The struggle to achieve progress

Yet, the number one challenge I hear from marketers is how difficult it is to convince their CFO to invest in customer loyalty program initiatives. Finance usually asks very tough questions about these initiatives — questions that many marketers struggle to answer convincingly. Three of the most common questions include:

  • What is the incremental lift?
  • How big is the impact on customer lifetime value (CLV)?
  • What will the impact be on short and long term financial statements?

However challenging these questions may be, they provide CFOs and other members of the finance team with critical information about the cost — and risk — associated with an ambitious marketing plan. So, how can you prepare yourself to answer these questions and see your customer loyalty program through? We take a closer look at the reasoning behind the questions.


Question #1: What is incremental lift?

Convincing a CFO to invest in customer loyalty starts with proving the incremental lift. That is, the CFO wants to know if the campaign will drive extra profit above and beyond the status quo without the campaign.

If this incremental lift is sufficiently large, then the company should invest.

In a perfect world, measuring incremental lift would be easy. You’d set up two identical scenarios. In one scenario you’d run the campaign, and in the other you’d keep the status quo (i.e., without the campaign). You’d then observe how each behaves over the long term.

The difference in profit between these two scenarios is your incremental lift. Quantifying the incremental profit over the long haul is essential when it comes to capturing the campaign’s total impact.

But convincing the CFO to invest in loyalty isn’t easy. And unfortunately, one can’t measure incremental lift with complete precision.

Predictive models can help measure incremental lift in a reasonably accurate and defensible way, however, and include some of the best tools available to help marketers get loyalty program buy in from key stakeholders.


Question #2: What is the impact on customer lifetime value?

In addition to knowing the incremental lift, convincing a CFO to invest in a loyalty program requires you to understand its impact on customer lifetime value.

Finance 101 teaches us that the value of a company is more or less equal to the sum of the stream of future profit from all its customers — and CLV is a critical metric that captures this information.

It stands to reason that any marketing campaign or strategy that improves customer lifetime value is a sound financial decision. While this may be true, it isn’t necessarily the rule, since companies still need to manage financial statements.

The difference between costs and revenue can further complicate the decision.

The challenge here is that determining CLV requires the ability to predict customer behavior over both the short and long term. This is very hard to do. Most companies, therefore, limit themselves to predictions over shorter time frames, such as a few months.

In doing so, these businesses limit the opportunities to see returns.

If companies were to see the bigger picture, they would find that there are numerous opportunities to see returns over the long term. Marketers can benefit greatly if you have a believable model that can make long term predictions. This makes convincing the CFO to invest in loyalty a little bit easier.


Question #3: What is the impact on short and long term financial statements?

There are also some practical considerations beyond customer lifetime value and incremental lift that are important when it comes to convincing the CFO to invest in loyalty.

All companies need to manage their financial statements, particularly publicly traded corporations. This is a marketplace reality that isn’t going to change any time soon — and it often creates short term financial pressure on companies that are expected to meet Wall Street’s numbers.

This makes it critical to set correct financial expectations.

The financial risk associated with loyalty programs is often underappreciated. Most people don’t realize that loyalty program liability is often one of the largest on the balance sheet.

It’s common for these liabilities to run anywhere from hundreds of millions of dollars to several billion dollars. Furthermore, even the smallest change in liability has the ability to cause significant financial impact.

So despite the best intentions, new marketing strategies, campaigns and initiatives make it difficult for the finance team, as these all include levels of uncertainty. This affects liability and expected future revenue, and makes it challenging for finance to set the right financial expectations.

To get buy in from your finance team, you need to give them confidence about the short and long term implications of your marketing initiatives on their financial statements.

They need to understand the methods used to make and monitor underlying assumptions as new data emerges to help them manage the expectations of their stakeholders. This is the key to convincing your CFO to invest in loyalty.


How to convince your CFO to invest in loyalty

Whether you’re trying to measure incremental lift, customer lifetime value or the impact of your loyalty program on financial statements, having data that predicts member behavior over time will be crucial to getting support from your finance team — including the CFO.

Predicting such behavior isn’t an easy task. But there are tools out there that can help. Predictive modeling solutions allow you to quickly answer finances’ questions, and have the data and key metrics you need on hand to prove the true value of your loyalty program — for customers and your company’s bottom line.



Looking to maximize the economic value of your loyalty program? Contact us  for a free consultation.


And to learn more about loyalty program liability, don’t forget to check out:

What is Loyalty Program Liability?

The 1st Question to Answer if You Manage Loyalty Program Finances

The 2nd Question to Answer if You Manage Loyalty Program Finances

Accounting for Loyalty Programs: The Challenges & Opportunities

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