Challenges
- Automate and digitize the revenue recognition process at every stage of a contract to harmonize policy and processes prior to merging with all company financial systems and data. Stages:
- Opportunity
- Quote
- Contract
- Order Fulfillment
- Invoicing
- Payment/Collection
Solutions
- Created a revenue recognition automated system i.e. product suite supports revenue recognition efforts under the new ASC 606 Accounting standard
- Developed revenue management system and revenue calculation engine reports in a seamless user interface using TIBCO Spot fire, Tableau and Incorta to verify and validate data before monthly revenue accounting processing
- Determined a process to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services
- Digitized the revenue recognition process at every stage of a contract improves accuracy, data integrity, and compliance capabilities in scalable and efficient manner
Tools & Technologies
TIBC Spotfire, AWS, Salesforce, Talend, Incorta, SAP ERP
Key benefits
- Streamlined accounting workflow & process
- Single source of truth for revenue recognition by tying it to the contract management system, resulting in accurate and timely revenue recognition
- Ease of measuring the revenue realization impact of every modification/ update in any contract
- Enhanced controls & tracking to minimize risk
- Integrated Sarbanes-Oxley Act (SOX) compliance
- Compliance to ASC 606 standard
- Foundational data mapping allows other company initiatives, flexible architecture to prepare for future integration priorities
