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Arxis Technology

Arxis Technology

New Revenue Recognition Standard:  ASC 606 Not In Your Future?

Published: 6/28/2017 9:00:00 AM

keywords: Revenue Recognition Criteria

5 Reasons Accountants Still Need Intacct Contract Revenue Management

There’s a lot of buzz about the upcoming ASC 606 revenue recognition criteria guidelines that are designed to standardize contract accounting and thus reshape how companies recognize revenue. The new revenue recognition standard does not apply to everyone, such as accounting firms. Even if you’re exempt, however, proper contract management revenue recognition is still critical to the success of your business. And that’s where cloud-based Intacct Contract Revenue Management comes in.

ASC 606 eBook DownloadBuilt for accountants, Intacct simplifies revenue recognition management with automated revenue and expense reallocation—and provides insights into your financial and operational outcomes. It also gives you the flexibility to configure expense amortization to be the same or different from your revenue recognition criteria. Here’s how:

Automate day-to-day revenue tasks and regulatory compliance

Templates and schedules in Intacct automatically allocate revenue and amortize expenses for you, even as subscriptions and contracts change. For instance, you can add updates to a contract and let the system handle reallocation of revenue automatically—even into closed periods.

Simplify your processes from orders to revenue management

Contract revenue management lets you integrate with Salesforce for a seamless, bi-directional flow of order, customer, and contract data to save time and reduce errors from manual processes. You can streamline subscription and recurring revenue management for real-time updates to accounting and billing for discounts, usage, renewals, upgrades, cancellations, and other changes.

Provide relevant insights to all stakeholders

Individually customized dashboards and reports provide your stakeholders deep, actionable views into revenue and profitability by contract, products, divisions, and more. With Intacct, you’ll gain insight into every stage of the contract lifecycle: order, fulfillment of performance obligations, revenue recognition, billing, and collection, to deliver quick answers to customers and managers.

Enjoy out-of-the box functionality

Intacct includes detailed configuration menus that let you set up your contract and revenue policies without scripting, so you aren’t dependent on IT resources for setup and changes. In addition, you can structure your workflows to capture and edit contracts natively in Salesforce with no need for integration software.

Get audit-ready

With Intacct, you can set up your own workflow with an audit trail sign-off capability to make sure you maintain compliance throughout your revenue management process. This includes a contract checklist and sign-off capabilities for each step.

Get the flexibility to configure expense amortization to be the same or different from your revenue recognition criteria

Look to the future with Arxis and Intacct Contract Revenue Management

Intacct Contract Revenue Management is built for growth. Automated workflow and strong integration amplify your productivity, so you can get more done in less time. Real-time insight lets you plan smarter and move forward with confidence. Let the experts at Arxis Technology help you take the next step toward future success with Intacct.