The new ASC 606 revenue recognition standard goes into effEct at the start of 2018 for public companies and the start of 2019 for private companies.The rule has far-reaching consequences, particularly for companies that have revenue tied to contracts, and it will likely require significant upgrades or updates to your accounting technology.
To help you transition and plan for the extensive changes, we have identified six critical capabilities accounting software must now be equipped to handle. Continue reading to discover how to evaluate your current software. You’ll also learn why your business people and processes are certain to get overwhelmed with spreadsheets and longer audits if your technology isn’t ready for ASC 606.
THE ACCOUNTING SYSTEM MUST:
I. Be able to automate revenue allocation
II. Connect billing and revenue recognition
III. Enable compliance with dual reporting
IV. Sync with upstream CRM and contract processes
V. Provide visibility for all key stakeholders.
VI. Speed adoption with true multi-tenant cloud architecture
Effective ERP implementation project managers know having a well-defined scope of work (SOW) document is the key to a smooth, successful ERP implementation project. A thorough SOW sets clear expectations for both partner and client by listing specific personnel responsibilities and associated tasks, materials, equipment and deliverables. Simply put, the SOW presents the big picture […]
Every year, Panorama Consulting releases a piece of thought leadership in its ‘ERP Report’, where it polls candid and anonymous responses from organizations that have completed their ERP implementations. The 2018 ERP report questioned more than 200 businesses, both large and small, primarily in the United States, Europe, and Asia. We took a detailed look […]