BTerrell Group Blog

The new ASC 606 standard has some 'Gotchas'. Distinct or a Bundle?

Posted by Brian Terrell on Fri, Feb 16, 2018

The confusing complexities that just may come back to bite you

In our continuing series covering the major and minor points of the new Revenue Recognition rules contained within ASC 606, we wanted to shedGotcha.jpg some light on some of the nuances laced through the rules’ verbiage. While on the surface the rules sound fairly straightforward, there are some confusing complexities that it’s important for your organization to be aware of and to understand. Here we look at just one component of the rule – identifying the performance obligations of a contract - to illustrate how a seemingly simple concept gets a bit more complicated the deeper we look.

Read more.

Tags: RPA_Lead_Story

The Who, What and When of Revenue Recognition Standard Updates

Posted by Brian Terrell on Tue, Feb 06, 2018

Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is provoking a lot of questions—and for good reason. The who_what_when.jpgupdate essentially affects all businesses and requires some major updates to reporting and accounting practices. Read on to see if it applies to you, what you need to do, and when you need to make the necessary changes.

WHO is affected?

If you have contracts with customers for the transfer of goods and/or services, even if they are of the non-financial sort, this update will affect your business.

Read more.

Tags: RPA_Lead_Story

Are you Prepared for Upcoming GAAP Revenue Recognition Changes?

Posted by Brian Terrell on Mon, Jan 29, 2018

Back in 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released new guidance onRev_Rec2.jpg recognizing revenues in contracts with customers. Revenue recognition is essential for strong financial management and yet can be challenging for certain types of businesses, such as those managing recurring and deferred revenue.

As indicated in “Why Did The FASB Issue A New Standard On Revenue Recognition?,” posted on FASB.org, the proposal of new revenue recognition guidelines by the FASB and IASB were intended to clarify the reporting of financial statements that include the nature, timing, and uncertainty of revenue generated by certain types of contracts starting in 2018 for public companies and 2019 for private companies. 

Read More

Tags: RPA_Lead_Story

A day in the life an RPA bot

Posted by Brian Terrell on Fri, Jan 12, 2018

Let’s say you’re an overworked sales manager for a growing widget manufacturer with annual sales in excess of $50 million.shutterstock_146587283.jpg

You’re a hard worker (okay the hardest working person in the company) and you’ve just been notified on a Saturday morning that a $100,000 sale came through the website. You go to the office and check the accounting system and yes indeed the order was placed at 2 a.m. You check the CRM system and yes the new customer’s info has been correctly entered. To your even greater delight, the sale was entered in the ERP system.

But wait, who entered the info correctly in the three systems that don’t talk to each other? You’re the only person in the office. It’s hard to imagine any of those young sales guys giving up a Saturday morning. And who notified you?

Then you remember the company’s newest member – the RPA robot – a virtual system that can move data between systems that the IT department said could never be integrated. Without any grumbles, the robot has monitored the website, accurately copied data, looked up customer info, and notified you before you had your first cup of coffee. Better still, the robot won’t ask for time off, call in sick or grumble about impossible hours. You happily give him the title of being the company’s hardest worker.

Here’s how you can get to this state of Saturday morning bliss.

Tags: RPA_Lead_Story

Can Robotic Process Automation provide operational insight?

Posted by Brian Terrell on Tue, Jan 02, 2018

Brian Terrell sat down with Johnny Ramondino, President of IN-RGY Consulting, to discuss the advantage of utilizing Robotic Process Automation to gather data-driven operational insight. Turns out that RPA provides a treasure trove of essential information for the business.RPA Robot (2).jpg

Read more

Tags: RPA_Lead_Story