Revenue typically drives the success of every business, and this is why attaining proper revenue recognition is paramount. Businesses are always adding new and more complex revenue streams that combine multiple types of revenue activity on a single transaction.
Accounting rules require these elements to be recognized and treated independently, resulting in an increase of complicated, inefficient, error-prone spreadsheets. Such processes lack appropriate controls, audit trails and visibility of recognized revenue.
Simplify the process of collecting information for accounting revenue recognition, performing the necessary calculations and generating the right accounting entries in line with accounting standards, with FinancialForce Revenue Recognition.
FinancialForce Revenue Recognition, one of the first cloud-based revenue recognition apps on the Salesforce platform, puts revenue recognition processing closer to revenue sources to improve efficiency and audit trails. Organizations can easily obtain information from revenue generation activities and create workflow based recognition. This provides a clean audit trail and complete visibility of revenue recognition activity.
Benefits of Choosing FinancialForce Revenue Recognition
Enable your teams to accurately collect revenue information and gain real-time control of this compliance and risk sensitive area of the business.
Centralize revenue streams in a single revenue recognition solution. Get compliant with the new ASC 606 & IFRS 15 standards. Automate calculations, reduce your period-end close and gain a complete picture of your organization’s revenue – both recognized and deferred.