IoT, Subscription Billing, and Revenue Recognition
The Internet of Things (IoT) continues its exponential growth, with IoT Analytics estimating that the global number of connected IoT devices will grow by 16% this year, to 16.7 billion active endpoints. And, according to IDC, by 2025 these devices will have generated 73.1 (zettabytes) of data. Many companies clearly have IoT offerings that are […]
What is Milestone Billing and Why Automate the Process?
Milestone billing is a billing model popular in professional services management and companies with project-driven revenues. Milestone billing has proven to be so beneficial that leading companies like Boeing have incorporated it into their invoicing and payment process guidelines. While this event-based billing structure does have its challenges, it’s important to understand when the milestone […]
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.
Mitigating the Impact of Subscription Billing with Modern Revenue Management Solutions
How to manage the challenges behind the subscription-based business model with leading revenue management software solutions. Trends from the past years consistently show that buying preferences have shifted from ownership to usership. This presents incredible revenue growth opportunities for subscription businesses and those looking to adopt the subscription business model. It also presents new and […]
SEC Compliant Revenue Management Solution
Throughout 2021, SOFTRAX released industry-specific blog entries that explored financial reporting challenges and SEC comment letter trends. These posts can be found on the SOFTRAX Blog and feature information on leading revenue management solutions for complex billing, revenue recognition under ASC 606 and IFRS 15, and more.
ASC 606 Solutions for the Professional Service Industry
ASC Topic 606, Revenue from Contracts with Customers, adds a new series of hurdles for businesses with the new five-step framework to the revenue recognition process. With the expansive challenges to financial reporting and internal control systems the new standard poses, companies need to consider the best revenue recognition solution for them with capabilities to […]
The Impacts of Continuous Accounting and How to Support It
This blog post is part two of the two-part blog series “The Future of Finance.” The goal of achieving a more strategic finance and accounting function in a corporation has led to the rise of Continuous Accounting. Catch up with part-one of this two-part blog series. The webinar, “The Future of Finance,” held on November 18th, […]
What Is Continuous Accounting and What Are the Benefits?
Continuous accounting is a key factor to achieving a more strategic finance and accounting function in a corporation. And yet, many accounting organizations have fallen back and are reporting an increased use of spreadsheets.
The Effects of Recurring Revenue Business Models on Revenue Recognition
SOFTRAX partnered with Aria Systems in the summer of 2021 for the live webinar, “Recurring Revenue Ripples Through Revenue Recognition” to discuss how agility in serving customers with recurring revenue business models and precision and flexibility in revenue recognition go hand in hand. Senior Vice President and General Manager, Tom Zauli of SOFTRAX hosted this […]
ASC 606 and Challenges to the Healthcare Industry
It’s no surprise that the healthcare industry is facing unique and disruptive challenges that are affecting areas such as productivity, revenue cycle, and supply chain on a major scale. Given the current market, healthcare entities may find themselves strapped for resources ranging from supplies to staff, grappling with changes to insured populations, or even struggling […]
ASC 606 Effects on Cloud Computing Arrangements
Common trends in SEC comment letters for the cloud computing industry and the connections to ASC 606 revenue recognition disclosure requirements. This article explores revenue recognition solutions for the cloud computing industry with revenue recognition software and billing management software.
ASC 606 Revenue Recognition Impacts on Media and Entertainment Companies
The new revenue recognition accounting standard update, ASC 606, issued by the Financial Accounting Standards Board (FASB) has caused significant disruption in the back office. Adoption of the new standard will impact people, policies, processes, and systems. For media and entertainment (M&E) entities that account for revenue under U.S. GAAP, it raises several accounting issues.
ASC 606 Impact on Construction Company Revenue Recognition
Should revenue be recognized at a point in time or over time following the new revenue recognition standard for construction companies? The new revenue recognition financial accounting standard, ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”) has created significant complications across industries, and these sweeping changes to revenue recognition guidance have often had far-reaching […]
5 Reasons Why You Should Stop Using Excel in Revenue Recognition Part Six: Excel is not a Reporting Tool
Beginning in January, we posted a blog outlining five important reasons why Excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Since then, we have extended that blog post into a series devoted to the topic of Excel, focusing each post on one of the five reasons. This month’s FINALE: “Excel is not a […]
5 Reasons Why You Should Stop Using Excel in Revenue Recognition Part Five: Excel is not an Agile Business Tool
Beginning in January, we posted a blog outlining five important reasons why Excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Since then, we have extended that blog post into a series devoted to the topic of Excel, focusing each post on one of the five reasons. This month’s rally: “Excel is Not an Agile […]
5 Reasons Why You Should Stop Using Excel in Revenue Recognition Part Four: Excel is Not Intended for Sharing
Beginning in January, we posted a blog outlining five important reasons why Excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Since then, we have extended that blog post into a series devoted to the topic of Excel, focusing each post on one of the five reasons. This month’s rally: […]
5 Reasons Why You Should Stop Using Excel in Revenue Recognition Part Three: Excel is Not Secure
In January, we posted a blog outlining five important reasons why Excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Then in March, we struck again, and posted Part Two of the series; the prevalence of errors in Excel Spreadsheets. This month, we’ll refocus your attention on the idea that “Excel […]
SEC Feedback Regarding ASC 606 Adoption
Anyone who has played Monopoly knows that every player wants that “Get Out of Jail Free” card… In real life, though, there are no “Get Out of Jail Free” cards for those adopting ASC 606. However, there has been enough real-world feedback on ASC 606 to provide a potential safe passage past that dreaded “Go […]