Getting a complete picture of your organization's revenue is never easy. Changing regulatory requirements, evolving business models, and over reliance on manual processes, can make the management of revenue recognition cumbersome. So what is revenue recognition?
The definition of revenue recognition is “the principle is a cornerstone of accrual accounting together with matching principle. They both determine the accounting period, in which revenues and expenses are recognized.”
Are you spending your valuable time entering data into huge, multi-row documents? Simplify the revenue recognition process while improving the auditability and visibility of your revenue recognition information, with FinancialForce.
FinancialForce eliminates error-prone and time-intensive spreadsheets, automates recognition calculations,and adheres to all key revenue recognition standards. Supporting AICPA, FASB and SEC regulations, including the requirements for Vendor Specific Objective Evidence and Sarbanes-Oxley compliance with Section 404, FinancialForce offers a complete and graphical view of your revenue situation either in summary form, or on an item by item basis.
Get the FinancialForce advantage:
- Eliminate manual processes and calculations (saving time and money, while eliminating costly errors)
- Clear visibility and auditability into all aspects of the revenue recognition process
- Eliminate the dependency on spreadsheets and associated data integrity issues - get one source of the truth
- Obtain revenue recognition information in a secure, central place online
- View revenue recognized to date, deferred and forecasted
- View revenue by account, customer, project, group, region, practice or cost center
- Use ‘Chatter’ to discuss revenue transactions and line items
With FinancialForce, you are compliant, and in control at all times. Download the guide to learn more.