Ensure you meet the strict requirements of ASC 606 and IFRS 15 compliance with smarter, automated
ASC 606 and IFRS 15 compliance and automated revenue recognition
The complex revenue-recognition requirements of ASC 606 and IFRS 15 mean finance teams face some of the most sweeping changes since Sarbanes-Oxley. The rules have changed, and if your business relies on complex revenue models – such as subscriptions and leases – Sage Intacct helps you get and remain compliant by enabling you to:
- Upgrade your practices for allocating commissions, expenses, and revenues
- Deliver a clear picture of the impact on your financial metrics
- Integrate with Salesforce.com for a unified revenue workflow
- Manage the transition and minimize business disruption
Learn how cloud-native Sage Intacct helps businesses thrive.
Automate daily revenue recognition and regulatory compliance
Let Sage Intacct remove the complexity, time, and frustration of revenue recognition. Flexibly configure your expense amortization to match or differ from your revenue-recognition terms. When you change a contract, Sage Intacct automatically triggers revenue reallocation across a variety of recognition schedules.
Learn how Welltok, an enterprise SaaS company:
- Automated revenue recognition for its fast-growing subscription business
- Reduced the monthly close by 25%
- Efficiently accelerated quote-to-cash process by 20%
Welltok automates revenue recognition and complies with ASC 606 – here’s how:
“The automation of revenue recognition, especially with our multi-element arrangements and very complex revenue patterns, is just phenomenal and removes the need for spreadsheets and manual intervention.”
Vice President and Corporate Controller, Welltok
ASC 606 automation that’s easy to configure out-of-the-box
With Sage Intacct, you can automatically handle your ASC 606 and IFRS 15 compliance. Use simple configuration choices – and sidestep the need for scarce IT resources – to see your subscription business from numerous angles. You can even have capture and edit contracts natively in Salesforce. That means complete, automated compliance without the spreadsheets, costs, and headaches.
Sage Intacct has unlocked important gains for Nasuni, helping the cloud file-services provider:
- Reduce invoicing time by 99%, while achieving ASC 606 compliance
- Increase gross margin 10%
- Cut the monthly close by 40% and audit cycle 25-50%
- Achieve a $25 million funding round
Streamline contract- and subscription-billing lifecycles
When you’re facing the complexities of ASC 606 and IFRS 15 compliance, Sage Intacct helps you meet the challenge with comprehensive automation for subscription billing, contract billing, and recurring billing services as well as two-way data flows between Salesforce and your financials.
For WebPT, a fast-growing provider of electronic medical records, Sage Intacct has been a vital platform for increased efficiency and ASC 606 compliance. The company has:
- Grown 157% over three years
- Doubled the number of customers invoiced from 4,000 to 8,000
- Reduced revenue leakage by 74%
- Invested to double TAM thanks to accurate forecasting
- Reduced monthly close from 20 to five days
Master the ins and outs of ASC 606 and IFRS 15
To help you stay ahead of the new changes in revenue-recognition accounting, we’ve created “The New Rules for Contract and Revenue Management,” a three-part webinar Series. Click below to start at any time.