Wednesday, August 24th at 11 AM PT / 2 PM ET
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Webinar: Tackling Revenue Management Challenges
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Three Crucial Areas of Functionality You Need to Meet the New Revenue Recognition Rules
Deadlines for compliance with the new Revenue from Contracts with Customers (ASC 606) rules are imminent. Is your business management
software up to the task? Here are three critical functional areas your technology should be excelling in – in order for you to obtain and retain compliance while continuing to grow your successful business.
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Companies have two options when implementing the new Revenue from Contracts with Customers standard, codified as ASC 606. You can take a retrospective approach or a modified retrospective approach. Both approaches require significant effort to account for contracts under both the old and the new guidance before and during the transition year, and clients with whom we’ve spoken express concern that this parallel processing is the greatest single challenge currently offered by ASC 606. Let’s take a quick look at each approach, and offer a few reasons why a company might choose one over the other.
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Automating certain tasks takes the guess work out of them and saves companies time and money, but this is easier said than done, right? We hear you! There are steps you can take now to lay the foundation for automating a critical part of your business: revenue accounting.
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