by Sing Wang
For contract and subscription-based businesses, revenue recognition can be a headache for their accountants. To stay on top of revenue recognition, accountants are challenged to keep pace with the fast-changing regulations and track revenue through incredibly complex transactions. Frankly speaking, it’s really a frustrating and time-consuming task.
If revenue recognition is an accounting issue for your company, and you wait too long to see your revenue reports, maybe it’s time to rethink your outdated accounting solution instead of blaming your financial team.
As an accountant, I know how troublesome the revenue recognition process is. However, with Intacct Revenue Management, things become much easier.
Automate end-to-end revenue recognition process.
CPAs and accountants who report for project contracts and service licenses struggle with the complicated revenue models. The staff works hard, but still make mistakes because of countless calculations. Sometimes, things are even worse when you need to adjust a revenue recognition schedule because of some unavoidable events, such as client non-payment or breaking contracts. With Intacct, the accounting team doesn’t worry about these frustrations. Intacct increases your productivity and decreases errors by automating end-to-end billing, revenue recognitions, and renewal processes. No matter what services you offer, Intacct allows you to flexibly choose the specific revenue templates for each service. Also, Intacct helps you to automatically recalculate recognized and deferred revenue if you need to adjust scheduled revenue recognitions.
Eliminate the need for tons of spreadsheets and worries of non-compliance
Complex spreadsheets and error concerns are common in many, if not most accounting departments. However, we have been able to help several clients with those very issues. By integrating Intacct, the controller not simply needs to review the scheduled entries each month, because Intacct generates the entries directly from sales transactions, based on revenue recognition templates. In addition, cloud-based Intacct always keeps pace with the fast-changing recognition models and significantly reduces the risk of non-compliance with evolving regulations.
Gain anytime, anywhere access to all your financials.
Today’s CFOs requires timely, clean financial data. However, with traditional accounting solutions, it’s not possible to look at your financials, especially the deferred revenue, revenue recognition information in real time. Intacct enables anytime, anywhere access to all your revenue management reports, dashboards, and graphs. The visibility of Intacct revenue recognition helps you easily understand your revenue picture at any point in past, present or future and provides essential support for decision making.
If you are frustrated by the revenue recognition process and want to keep pace with changing standards, please feel free to contact us. We are happy to help you find an effective and efficient way. Revenue Recognition: No excuses to wait!
Sing is an intern working at BTerrell this summer. She is working on her accounting masters degree at UT Dallas.