Your path to compliance just got brighter. Today we are happy to announce the industry’s first complete ASC 606 solution for revenue models through our Financial Management solution. This solution combines the power of our financial applications, including revenue recognition, with Salesforce CPQ to help companies address the complete opportunity-to-renewal process and quickly comply with the forthcoming ASC 606 / IFRS 15 reporting standards. Now CFOs and financial professionals can easily respond to the changing business environment in the services economy, offering unlimited customer-centric business model agility.
The growing services economy is phasing out the traditional ‘order to cash’ approach in favor of service and subscription-based business models, putting new financial reporting obligations on organizations. As the deadline for the new revenue recognition standards approaches, companies need a reliable solution to ensure they comply. We are continuing to work closely with Salesforce to not only deliver a comprehensive financial management offering but to also ensure our solution remains responsive to emerging business models and centered around the customer.
Other innovations include:
- Allows finance teams to incorporate new and flexible billing models emerging in the services economy that can involve complex revenue recognition reporting, beyond the scope of manual processes.
- Delivers high levels of visibility and predictability across the entire revenue lifecycle, from configure, price and quote (CPQ) to revenue recognition reporting, streamlining compliance with the new ASC 606 and IFRS 15 standards.
- Provides an end-to-end solution to help companies navigate the evolving market and ensure long-term success
Learn more about the solution here.