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
Cannabis industry operators fight an uphill battle when it comes to staying compliant with all state and jurisdictional regulations. Existing regulations mandate constant attention to remain within the law and the rapidly evolving nature of the cannabis industry is such that the laws governing it can shift with incredible speed. As a result, cannabis manufacturers,
With a marked transition of companies moving away from locally installed accounting software to the software-as-a-service (SaaS) and cloud-based software options available, how do you know if the switch to the cloud is right for your accounting department? It’s one thing to understand how the cloud works, but there’s more to know about cloud-based software,