ASC 606 is one of the biggest changes the accounting world has seen in decades, and the deadline for compliance is just around the corner. However, many companies are still in the early assessment state; surveys show that companies are unprepared to meet the January 1, 2018, deadline.
Fortunately for us, we started preparations early. After performing a gap analysis of 605 vs. the new 606 rules, it became evident that we needed a system and controls in place to ensure a smooth transition and impact assessment. We needed an automated solution to minimize the incremental resources required to comply with ASC 606.
My team and I evaluated nearly 10 vendors before we found the right fit. We wanted to implement a system that would enable accurate, timely, and automated rule-based revenue recognition management—that would allow us to increase productivity and provide comparative analysis and forecasting at a reasonable cost. The system had to be able to manage the five-step process, dual reporting of revenue, and contract modifications as required by ASC 606 revenue recognition policies; perform allocations; automate recognition; and generate disclosures.
RevSym was the only solution that offered strong out-of-the-box capabilities around our key challenges such as:
- Dealing with contract modifications
- Performing dual accounting and reporting under 605 and 606
- Estimating variable considerations
- Generating required disclosures
And now, we are well on our way to becoming compliant. Contact us for a free RevSym Demo.