Move away from spreadsheets and automate the revenue recognition process based on your unique Revenue Recognition Criteria
Centralise data in one place, capturing the whole contract and revenue recognition process, from record to report.
Reduce errors & cost through limited operational interaction, allowing the finance team to focus on value-add activities supporting the rest of the business.
Reduce processing costs across the business.
Contract Management
Powerful contract management
Take control of contracts and build the processing of revenue recognition directly into them.
House all key contract information in one place.
At contract inception, record all relevant contract data in your predetermined unique fields.
Organise relevant billing schedules per contract.
Follow contract activity by your key milestones.
Track contract trends and behaviours by your business metrics.
Gain real time insights and produce robust forecasts.
Custom configuration
Build your own revenue model
Design and configure a revenue recognition model that fits your business and automates the administrative overhead.
Manage Billing by automating invoicing requirements.
Set up all key recognition requirements inline with the policies that reflect your business activities, and that are IFRS/ASC compliant.
Automate all period end Journal Entries & Reconciliation processes.
Ensure P/L and Balance Sheet statements are accurately recorded, timely and are free from material misstatement.
Improve forecast and budget accuracy.
Compliance and auditing
Ensure compliance and improve the audit process
Scale your compliance, controls and audit processes, at the same speed as you scale revenue.
Improve the integrity of data and reduce the risk of manual error.
Standardise company revenue policies.
Ensure ASC606/IFRS15 Compliance.
Full audit trail from order-to-cash, and from record to report.
Reduce disruptive audit time in the business allowing the finance team to spend less time in the past and focus attention on the future.
IFRS 15
IFRS 15 is an International Financial Reporting Standard that provides guidance on accounting for revenue from contracts with customers.
ASC 606
ASC 606 is an accounting standard defined by the Financial Accounting Standards Board (FASB) that outlines how to recognise revenue arising from contracts from customers.
Revenue Recognition Standard Model
Five steps of revenue recognition
The joint standards outlined in ASC 606 and IFRS 15 require that companies adhere to a five-step revenue recognition model. All our revenue recognition products work to this standard.
Step 1 Identify the contract
Identifying the contract or contracts with the customer.
Step 2 Identify performance obligations
Ensure that there’s clarity on your obligations to the customer.
Step 3 Determine transaction price
In addition to the money you’re exchanging with a customer for a good or service, there are also other considerations
Step 4 Allocate the transaction price
Every business needs to determine the specific selling price connected to each individual performance obligation.
Step 5 Recognise revenue
Once you’ve transferred control of the good or service to your customer, then you can record the amount as revenue.
Integration and External data sources
Integrate data from any source
Whereever your data is stored, you can pull it into your revenue management software and analyse it.
CRM or business platform (e.g. Salesforce)
Finance
Operations
API integrations
Automated or manual data import
Reporting and Analytics
Revenue data at your fingertips
Access to powerful performance and financial reporting gives you actionable insight into your revenue.
Performance Analytics
Access to forward looking revenue data, such as a deferred revenue waterfall
Financial reporting
Understand key financial metrics and produce comprehensive management data
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