Cloud-based Revenue Management for Complex Billing and Revenue Recognition
The migration to recurring revenue business models coupled with recent changes in revenue recognition accounting guidance necessitates additional infrastructure for support in the back-office, prompting companies to look for modern, cloud-based revenue management solutions.
Analyzing ERP System Options: ERP Augmentation Software
The complexities of FASB and the IASB’s new revenue recognition guidelines will place a heavy strain on back-office processes. For quarters starting after December 15, 2017, companies will be required, under ASC 606 and IFRS 15, to perform specific accounting processes that their existing ERP software or legacy systems don’t execute well or, in some […]
Analyzing Options: Rip & Replace ERP Systems
With the new ASC 606 and IFRS 15 regulations, companies cannot continue with their current revenue accounting practices. When legacy ERP systems no longer support financial processes, it’s time to take action and analyze the options for upgrading ERP and financial systems. Organizations with complex revenue recognition must implement a system and a process to remain […]
Updating ERP Systems: Analyzing the use of Spreadsheets for Accounting
When it comes to revenue recognition and billing, ERP systems do not have the depth of functionality needed to process revenue under the new ASC 606 and IFRS 15 guidelines. Many finance professionals must use manual methods outside the ERP system to address these challenges.
Analyzing the Options: ERP Customization
New business models and FASB’s new revenue recognition guidelines pose a threat to existing ERP systems. Some companies have achieved business improvement from their ERP systems. However, many companies are quickly realizing that the key benefits, once leveraged from their Enterprise Resource Planning (ERP) system, are now unavailable due to the increasing complexities stated above.
Analyzing the Options: Updating Enterprise Resource Planning Systems
Enterprise Resource Planning Systems are vital to a company’s success. However, these systems need to be maintained and enhanced to protect their value and serve a company’s changing regulatory needs in an ever-changing business landscape. For instance, new business models such as IoT, recurring revenue, and changing regulations (ASC 606 and IFRS 15), all put […]
Break the Lock-In: When, Why, and How to Upgrade Your ERP System
Once your company reaches a certain size, ERP and financial systems become indispensable in your day-to-day operations. However, the more tightly you integrate these systems with your business processes, the harder — and more expensive — it becomes to upgrade or replace them.
New Revenue Guidance is Coming. Is Your ERP System Ready?
In an effort to streamline and update the revenue recognition process for businesses, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of converging their separate standards for revenue recognition cycles into a single standardized and improved model.
Tooling Up Your ERP for the Recurring Revenue Economy
Subscriptions Aren’t Just for Magazines Anymore In fact, for many businesses—both new and old—subscription-based contracts have become the norm. If you need proof of that, look no further than the software industry. Software was once a physical product: if you wanted to purchase a copy of Microsoft Office, you would pay Microsoft, and Microsoft would […]