GET READY FOR ASC 606
REVENUE RECOGNITION FOR ASC 606 COMPLIANCE
You may have heard about ASC 606 compliance. If so, you know the way you manage revenue from contracts with customers is changing. Under ASC 606, subscription-based companies will recognize revenue over time as the performance obligation is delivered to the customer.
Don’t fall into the trap of underestimating the time required to implement changes to your financial systems and processes. CompuData leverages Sage Intacct’s Contract and Revenue Management solution to enable businesses to be ASC 606 compliant.
- Audit-ready, to simultaneously manage revenue using both the current and new accounting guidelines.
- Empowered with revenue management software that allows businesses, including SaaS firms, to predict metrics such as cash, billing, churn, customer lifetime value and more.
- For joint Sage Intacct and Salesforce customers, the ability to create and leverage structured workflows to capture and edit contracts natively in Salesforce.
Although you may think you have plenty of time, the reality is the contracts you are writing today that extend into the 2018/2019 adoption date must be accounted for under ASC 606. Therefore, it’s essential to get ASC 606 compliant – right now!
Automate complex processes for addressing all new ASC 606 and IFRS 15 rules for revenue reallocation and expense amortization.
Solve the most onerous requirement for transitioning to the new rules with automated dual reporting.
Clearly see the impact of the new rules on the company’s future results with revenue and expense forecasts.