We recently sat down with Aptitude Software clients, Brian Dean (T-Mobile,) Kyle Jones (Rogers Communications Inc.,) and Lee Hendrickson (24 Hour Fitness,) to discuss revenue recognition compliance challenges, lessons learned and how they plan to use their post-compliance environment to get ahead.
Implementing revenue recognition compliance projects and the new systems and technologies to handle the data and accounting was a big ask for finance and IT teams. Now that these projects are complete, we asked Dean, Jones and Hendrickson to talk about the benefits they are seeing post-compliance. Here are some of their thoughts:
- Assessing business drivers. Now that the revenue data is clear and visible, teams can see how changes to business drivers are impacting numbers.
- Understanding new offer impacts. The ability to forecast how a new offering will impact revenue recognition and then explain (and show) this to key decision makers is key. This enables a more calculated approach to planning products.
- Cleaning up finance systems. At the beginning of this compliance project, most accounting teams believed in the ‘more is better approach.’ Now Jones, at Rogers, describes a “rationalization exercise” with an aim to eventually understanding what data points are needed, so they can really optimize automation capabilities.
- Summarizing data for consumption. Teams external to accounting and finance know the data that is being collected and are ready to see valuable numbers, reports, graphs and analytics. Dean at T-Mobile is looking forward to “sifting through that data and summarizing it in a way that people can easily understand it.”
Thanks so much to our webcast participants for sharing their expertise.
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