New Revenue Recognition Standards Are Here
Years in the making, new standards are going into effect, challenging many companies’ accounting departments. Companies that use contracts will change the form and the substance of how they report revenues. Some will find significant planning and sales compensation challenges as well.
Those that use dedicated software had a planning processes that worked well to very well (60%), compared to those that used spreadsheets (47%)
Companies using only moderately complex contracts will find accounting workloads ballooning unless they use the right software to manage their revenue recognition process
Adapting to the new standards requires having the right software. Spreadsheets are inadequate. Especially in planning and sales comp, we can advise you on the software and data aspects. We are vendor agnostic. Our guidance starts with your business objectives and connects them to the approach that best suits your needs.