Yearly Archives: 2020

5 Revenue Recognition Challenges That Can Be Overcome with Automation

Posted on March 30, 2020 in Around the Web ,Industry Discussion by

While revenue accounting has always been complex, ASC 606 has introduced new revenue recognition challenges for integrators. Thanks to the recent changes in FASB’s ASC 606 standard, revenue recognition is increasingly top-of-mind for CFOs and Controllers. Over the years, as we have worked with hundreds of companies to assess, analyze, and streamline their revenue accounting processes, we have identified five common challenges that can be overcome through the implementation of a robust revenue accounting automation tool. 1. Grouping and Aggregating Data With an increasing number […]

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Revenue Recognition Lessons Private Companies Can Learn from Public Companies

Posted on December 30, 2019 in Around the Web ,Blog by

The clock is ticking for private companies as they face implementation of the Financial Accounting Standards Board’s (FASB) revenue recognition standard. In this Q&A with FEI Daily, KPMG’s Meredith Canady and Kevin Bogle discuss the stages of implementation, hurdles to implementing the new revenue recognition standard, and lessons private companies can learn from public companies. FEI Daily: Where should private companies be in their adoption journey at this point of the year? Kevin Bogle: If you think about any type of accounting change, companies probably go through […]

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Revenue Recognition Basics with Brad Dempsey

Posted on October 21, 2019 in Blog ,Improve Financial Management ,Solutions360 by

Revenue recognition standards determine both how much and when revenue is recognized on the income statement…so that’s a big deal. The new revenue recognition rules came into effect for non-public companies for fiscal years beginning after December 15, 2018. So this is still a fairly new topic for integrators, and we receive lots of questions about best practices for implementing the new standards. The standard eliminates the transaction, and industry-specific revenue recognition guidance, and replaces it with a principle based approach for determining revenue recognition. […]

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Video Demo 5 – Revenue Recognition Basics in Q360

Posted on March 4, 2019 in Blog by

The updated ASC 606 accounting standard came into effect for private companies on Jan 1, 2019. These guidelines introduce a fundamentally different model for recognizing revenue versus legacy generally accepted accounting principals (GAAP). Are you ready for the new ASC 606 revenue recognition rules? The new revenue recognition rules applies to nearly all types of revenue-generating transactions. So, if you are a technology integrator and have contracts with customers, then ASC 606 applies to you. At BLC last week, regulation and compliance were hot topics […]

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Free Webinar: The Day of Revenue Reckoning is Coming

Posted on May 7, 2018 in Blog ,Change Management ,Industry Discussion by

      Depending on your business and current contract language, new revenue recognition standards may have a significant impact on your business. There are no quick and simple answers, so now is the time to prepare for these upcoming revenue-recognition changes. In this free webinar, learn about the most pertinent questions to ask, and terms you need to communicate to your accounting firms. Sign up Today               Presented by: Brad Dempsey, Solutions360 Brad Dempsey is the founder and […]

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Everyone Is In Sales, But They Need To Know How

Posted on October 16, 2014 in Blog ,Change Management by

A customer centric focus is key Every employee in an organization supports the sales process, but many don’t realize how their role impacts the bottom line. Successful companies spell it out so everyone understands their contribution to long-term profitability. The idea that everyone is in sales across the company is not a new one, but not all embrace it. If a company wants to create a culture where every employee buys into the concept, it must ensure everyone understands their role in the sales process […]

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Project Under-Billing Can Be Your Undoing

Posted on February 5, 2014 in Blog ,Improve Profitability by

Accurate and real-time data is critical to proper cash flow management, and under-billing long-term projects is a leading cause of cash crunches Never fund customer projects with your own money. It’s great advice that can be difficult to heed, especially during large, long-term engagements, but ignore it at your peril. Running projects smoothly and on schedule does not automatically make them profitable, and those that are large and lengthy can be challenging to scope out properly. If you’re not set up for accurate job costing […]

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