BTerrell Group Blog

ASU 2014-9, Revenue from Contracts with Customers (Topic 606) makes much of what you and I know about revenue recognition obsolete. The new standard was issued by the Financial Accounting Standards Board (FASB) in May 2014. It takes effect for public corporation  reporting years beginning after December 15, 2017, and for private company reporting years beginning after December 15, 2018. Let’s make this real: a current contract ending on or after either of these two dates must be accounted for under both the new and old guidance this year to enable transition year comparative reporting. That fact makes this immediately relevant to many companies.

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The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. This standard potentially affects day-to-day accounting for every company and surely changes the way business is executed through contracts with customers.

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Customers are a lot more engaged these days and they will share what works best for them, especially in the way of billing. Some would like an email notification and some would prefer a paper copy. Whatever the preference, make sure you can meet those expectations with automated billing.

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In short, more cash flow, happier customers, and a happier you! Manual methods of billing customers is time-consuming and can lead to mistakes which are sure to frustrate customers, not to mention your employees. Replacing disconnected systems with an integrated solution, such as Intacct Revenue Management, can streamline the entire process.

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There is certainly no shortage of regulatory oversight when it comes to accounting standards and there are many rules to guide accounting practices. The new Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, highlights a new concern for many businesses, indicating that it’s especially important to simplify revenue management wherever possible. The first place to investigate is with customer orders and billing processes.

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