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Intacct Contract and Revenue Management Named Top New Product for 2017
Industry’s First Automated Solution to Address New Revenue Recognition Guidelines Created by ASC 606 Praised by Accounting Today
SAN JOSE, Calif. – Feb. 17, 2017 – Intacct, the innovation and customer satisfaction leader in cloud ERP software, continues to collect top new product awards. The most recent is from Accounting Today, which just named Intacct Contract and Revenue Management one of the Top New Products for 2017.
Intacct Contract and Revenue Management encompasses applications for contract and subscriptions billing, as well as contract revenue management. Part of Intacct’s cloud ERP system, these applications form the industry’s first automated solution to help mid-sized companies navigate the complexities created by the upcoming ASC 606 and IFRS 15 revenue recognition guidelines—the most sweeping accounting changes in over a decade. The applications feature a contract-centric architecture that also streamlines the complexities of subscription billing to help companies grow revenue.
Accounting Today praised the solution as part of a special report in its February 2017 issue, noting: “The upcoming ASC 606 revenue recognition guidelines are ready to create compliance headaches for companies and accounting firms serving subscription-based businesses. Intacct Contract and Revenue Management uses a contract-centric architecture enabling customers to track related performance obligations in a single contract object, for smoother audits. The module also automates the calculation of recognized and deferred revenues, regardless of contract complexity, and in parallel for both ASC 605 and 606. Contracts also drive automated billing, financial reporting, and operational reporting, for cross-functional consistency.”
“Innovation is a key component of Intacct’s DNA. Our focus on finance allows Intacct to move faster than our competitors and enabled us to deliver a more comprehensive solution to manage the impending changes to the revenue recognition guidelines,” said Dan Miller, VP of Product Management for Intacct. “ASC 606 ushers in the most sweeping accounting changes in over a decade. Companies need a way to easily and seamlessly manage their transition to the new accounting standards without using complex work-arounds, bolt-on solution, scripting that may break over time, or hiring a significant amount of additional accountants. That is exactly what we delivered.”
This award from Accounting Today continues a string of Top Product awards for Intacct over the past few months. Previous awards include being named to PC Magazine’s list of the Best Business Products of 2016 and winning a 2016 Best in Biz Awards for Best New Product of the Year.
To learn more about how Intacct helps companies with the transition to ASC 606 and IFRS 15, please visit https://www.intacct.com/asc606-ifrs15.
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