asc-606The clock struck 12:00 a.m. on January 1, 2018, and while the rest of the world was partying, accountants all over the world waited for the real Y2K apocalyptic event in the form of ASC 606 to destroy financials as we knew them. Update—nothing has happened… yet. While we survived the first official transition date, the first reporting period is yet to come, so the folks on the RevSym team at CallidusCloud decided to provide a support group masked as a customer meet-up earlier this month.

CallidusCloud has a rich history of customer engagement, and the inaugural meet-up for our RevSym product was a delightful success. Our first meeting was held at the CallidusCloud HQ in Dublin, California, and was attended by a range of customers both physically and via video conferencing.

The meet-up was a unique experience considering the recentness of the new guidance application and companies’ transition application, relative to where they were in the implementation process. Customers ranging from a private company in its project kickoff phase to a large public company live within the product were in attendance to discuss a bevy of topics regarding implementation best practices, insights, and the RevSym product roadmaps.

I had the chance to speak about the internal implementation of RevSym at CallidusCloud and the key attributes that made our implementation successful including resourcing, project management, the BRD process, testing and training, and data migration. Side note: I believe my portion of the presentation was the best.

So what were the other key takeaways?

  1. There’s no exact science to a successful implementation, but things that lead to elongated and frustrating implementations include poor communication, a lack of organizational commitment, and inconsistent project management.
  2. Companies have placed commissions accounting on the backburner which is no longer an option anymore.
  3. Product roadmapping is highly dependent on customer requests and market needs, and with that, RevSym is committed to being the #1 revenue automation tool in the market.
  4. Most importantly—Specialty’s cookies are undefeated at putting smiles on people’s faces and making them forget calories actually exist during that 60-second consumption period.

Our next event is open to all, not just current RevSym users. Join us and Effectus Group at Bluestem Brasserie in San Francisco on Tuesday, February 27 for happy hour. You’ll hear more ASC 606 implementation stories from Effectus Group and one of our customers, ForgeRock.