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
Cloud ERP comes with multiple benefits that go well beyond accessible financial software. Depending on your business requirements, a cloud-based solution could offer more gains and be the best choice for your organization. Several features of the cloud not only boost your production performance but also help you eliminate the on-premise costs you would otherwise
After weeks and months of a forced shutdown, many companies are eager to return to work after lifted restrictions. Employee health topped the list of primary drivers behind adopting a remote workforce allowing staff to work from home during the COVID-19 pandemic. As such, employee health should remain a top priority when transitioning back to