BTerrell Group Blog

Brian Terrell visits with host Ed Kless on the Sage Advice Podcast about software automation, Artificial Intelligence, and Robotic Process Automation (RPA). The BTerrell Group assists small and midsize businesses automate internal business processes using Sage Software and automation tools, including RPA.

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Nearly half (42 percent) of U.S. managers say that automation and robotics will lead to a net loss of jobs in their respective industries, compared with just 18 percent who say that automation will help to create jobs, according to a new study from MindEdge Learning.

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I’ve been writing a lot lately about the new revenue recognition standards (created by ASC 606 and IFRS 15) companies will soon need to adopt to ensure compliance. Granted, it’s a complex and somewhat dry topic, but it’s one poised to have a tremendous impact on public and private companies alike. Since most of us aren’t accountants (full disclosure – I am, but not practicing), I thought it could be helpful to boil down the changes to the five core steps to compliance.

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As workers, we have many job-related rights. What we don’t have is the right of continued employment. Whether that should change is another topic. But what we do have is the desire to better ourselves and be forward thinking.

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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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