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
Locally hosted technology has less appeal to organizations as widespread high-speed internet access, the need for mobility and smart devices have given rise to cloud computing. As the benefits of cloud accounting are realized by more companies, one thing is clear: the cloud has changed the way business operates. Whether you know it or not,
This is the second part of the 2-part series entitled 10 Questions to Ask Before Selecting Your Distribution ERP System. Check out Part 1. To recap, your distribution company has decided to invest in a new ERP system to drive growth and foster a competitive advantage for your distribution business. From Part 1, you’ve assessed