What is Revenue Recognition?
Recognize Revenue with FinancialForce
Getting a complete picture of your organization's revenue is never easy. Changing regulatory requirements to the new revenue standard, 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.”
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.
Are you spending your valuable time entering data into huge, multi-row documents? Simplify the way your recognize revenue while improving the auditability and visibility of your revenue recognition information, with FinancialForce.
Automate calculations, eliminate error-prone, time-intensive spreadsheets, and give your business a platform for scalable revenue growth.
Benefits of Revenue Recognition with FinancialForce
- 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 about the new revenue recognition standard.
Learn more about Revenue Recognition
The revenue recognition and forecasting app from FinancialForce integrates your CRM, accounting and revenue recognition all in one mobile-enabled platform. Is a lightning-ready Salesforce app that gives you 360° visibility into all revenue, both recognized and deferred, so you can easily navigate your transition to the new standards while supporting your current needs.