With the new standards and complex regulations on revenue recognition recently announced by the FASB and the IASB, noncompliance is NOT an option. On top of the strict new guidelines, companies are constantly facing pressure from their investors to grow top-line revenue. So what’s the game plan?
Revenue management is an opportunity for a company not only to reduce its risk but to deliver better deals that make sense for the business and its customers. According to Christine Dover, research director for Enterprise Applications and Digital Commerce research with IDC’s Software Business Solutions Group, companies should look to purpose-built revenue management systems to both stay compliant and achieve improved results.
In the following report, you’ll find her recommendations for forward-looking companies to take the opportunity to modernize systems and processes. Some of the topics that Christine explores in the Q&A include:
- The difference between revenue recognition and revenue management
- The best ways to stay compliant while managing your revenue
- Noncompliance ramifications when it comes to revenue recognition
- Trigger points of revenue recognition practices for growing companies
- What to look for when looking for the right revenue management system