BTerrell Group Blog

By Brian Terrell; September 19, 2019

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Recently, we invited our local Sage Intacct clients to lunch and a discussion on the latest version of Sage Intacct’s award-winning cloud financial management software—Sage Intacct 2018 Release 4. Sage Intacct continues to deliver additional functionality at a consistent pace – so consistent, in fact, that keeping up with it can be challenging. So, we work together with Sage Intacct and our customers to ensure we talk up new functionality in an end-user friendly way. That way, new features that can make an immediate positive impact get the visibility they deserve.

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BTerrell Group recognized for KloudGin Partnership 

Sage Intacct Advantage continues to provide an excellent forum through which all Sage Intacct stakeholders enrich themselves by building relationships, gaining product knowledge, learning best practices, and staying abreast of accounting software and technology development. Five professionals from BTerrell have just returned from the 2018 version of this well-regarded event, and the future for all Sage Intacct stakeholders has never looked brighter!

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Back in April of 2010, the Financial Accounting Standards Board published new accounting guidance for calculating an often challenging method for recognizing payments on certain forms of revenue. Published as “ASU 2010-17: Revenue Recognition – Milestone Method (Topic 605)”, and discussed in draft abstract form in “EITF 08-9: Milestone Method of Revenue Recognition” on RevenueRecognition.com, the method allows vendors to recognize revenue at the time that a contractual obligation has been fulfilled, instead of applying revenues systematically throughout the term of the contract. However, because of the complexity of dealing with contractual incentives, such as bonuses, the milestone method outlines a few criteria that must be met.

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Like many accounting and financial technology professionals, I am busy getting up to speed on best implementation practices for ASC 606, Revenue from Contracts with Customers. ASC 606 takes full effect for both public and private companies within the next several years, and applying the new guidance won’t easily happen without adequate planning and effort. Here are highlights to consider thus far.

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