Revenue Recognition ASC 606 and IFRS 15 Just Got Easier with FinancialForce’s New Revenue Management Capabilities
Latest Release of Revenue Management Offering Automates Revenue Recognition and Accounting Processes for ASC 606 and IFRS 15
SAN FRANCISCO – April 19, 2018: FinancialForce, the number one customer-centric ERP cloud vendor built on the Salesforce platform, announced new capabilities for its Revenue Management solution that help businesses achieve compliance with the latest revenue recognition standards guidelines. The new Spring 2018 Release automates revenue and related expense-side allocations, recognition and accounting for any combination of product-based, subscription, SaaS and usage-based business models — enabling central management of all revenue-related processes and reporting.
The latest updates to FinancialForce Revenue Management provide support for companies transitioning to the new ASC 606 and IFRS 15 revenue recognition standards. It supports both current and new standards, and includes transition tools for either full or modified retrospective approaches. With the new release, organizations can maintain historical ASC 605 contracts and create new ASC 606 contracts while comparing and reporting revenue differences. Finance leaders can utilize additional capabilities for cost allocation to support ASC 606 guidelines — meeting requirements on amortization of costs incurred to obtain and fulfill a contract. Costs such as sales commissions can be included in revenue contracts and be amortised consistently with the way revenue is recognised.
“As private companies are working towards compliance with the upcoming Revenue Recognition standards, we’re implementing features to make it easier for them to meet the January 2019 deadline,” said Raphael Bres, Vice President Product Management for Financial Management at FinancialForce “With our new Revenue Management enhancements, companies can have full visibility of their revenue processes and reporting at all times and maintain an efficient, automated and auditable system that works intuitively across all revenue streams.”
Today, more than 200 customers use FinancialForce Revenue Management to fully automate revenue allocation, accounting and reporting generation, turning a traditionally manual process into one that is centrally managed across all revenue streams. The solution is native to the Force.com platform, so the sales orders, invoices, projects and contracts are seamlessly integrated to create revenue contracts or can be imported when deployed standalone. New features enable revenue managers to define revenue templates, perform complex revenue allocations across multiple revenue streams, generate accounting entries and meet all reporting requirements.
“Six US entities each used to take 1-2 days every month using spreadsheets. One person now does all the work in just 6 hours. That’s a 90% reduction in accounting effort and we also saved a chunk of audit fees!”, explains Shaun de Lacy, Director Global Financial Systems, INTO University Partnerships.
Revenue Management can be deployed as part of the FinancialForce Cloud Financial Management suite, or as a standalone revenue recognition and forecasting solution alongside your existing core ERP solution.
Learn more about FinancialForce’s Financial Management solutions.
FinancialForce is the leading cloud ERP provider for the new services economy. The #1 ERP native to the Salesforce platform, FinancialForce unifies data across the enterprise in real-time, enabling companies to rapidly evolve their business models with customers at the center. Founded in 2009 and headquartered in San Francisco, FinancialForce is backed by Advent International, Salesforce Ventures and Technology Crossover Ventures. For more information, visit financialforce.com.
Vice President, Global Communications, FinancialForce
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