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 […]
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.
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 […]
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 […]
Telecommunication and ASC 606: Revenue Recognition Under the New Standard
The telecommunications industry has been grappling with the new levels of complexity presented by the revenue recognition standard, ASC 606. For telecommunications entities, notable challenges include those related to determining performance obligations and transaction prices among other revenue recognition processes.
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 […]
Will You Have Lost or Vaporized Revenue?
Who cares what you call it? Either way, it’s gone!
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 […]
Will You Take The Letter “Q” or “K” for $650 Million?
Over the past months, we reviewed public companies’ filings to understand how they planned, implemented, and adopted ASC 606. As the ASC 606 adoption date has come and gone, and many companies are filing their first 10-Q’s under ASC 606, an important point to consider is the extent to which the SEC will do in-depth […]
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 […]
Ensure Success in Adhering to ASC 606’s Requirements
In April 2018, WageWorks (a provider of consumer-directed spending solutions and services) announced it would be restating its revenue and net income for two quarters of 2016, full-year 2016, and three quarters of 2017 due to financial control and reporting issues.