IFRS 15 / ASC606

Introduction

New reporting standards, IFRS 15 and ASC606 deal with the recognition of revenue from contracts. Many systems still have not made allowances for this process, but using cloud accounting, you can recognise the revenue when needed, fully automating the process.

Typical Problems

The main problem businesses face is the lack of functionality available for IFRS 15. This then means that any processes required for this will need to be made manually, which can lead to issues when inputting the information, as it can lead to human error and time spent calculating the required values.

Solutions

Cloud accounting deals with the requirements of these processes, allowing for fully integrated revenue recognition using powerful compliant revenue tools.

This then allows you to automate the posting of revenue and expense transactions across multiple companies and currencies.

This then allows you to report on this and have powerful visual dashboards which can be automated using cloud scheduling tools.

Benefits/ROI

This will keep your contract revenue recognition compliant with current legislation and allow for the automation of revenue and expense postings, meaning a reduction of time calculating the information and saving the potential of human error, by posting the incorrect values.

Automation of this process performed over multiple companies and in different currencies further reduces time spent on the process, increasing the efficiency of processing.

With automated reports and dashboards being able to be sent to you automatically, you will be able to see the information you want, when you want.