Communications companies around the world are waking up to the importance of the finance organisation and the benefits of highly detailed financial data. The by-product of accounting compliance for many companies is new found access to revenue forecasting, profitability analysis and true cost allocations.
The single greatest challenge facing communications companies around the world today is the impact of the new IFRS 15 (or ASC 606 in the USA) revenue accounting standard. Aptitude Software have a tried and tested solution running in operators globally, for more information visit our Revenue Recognition Engine pages.
Many Communications companies struggle to close the books quickly, gain access to detailed financial information and respond quickly to regulatory change. Current architectures consist of multiple billing systems and highly manual and opaque accounting processes (e.g. spreadsheets) which feed rigid and highly aggregated accounting solutions. As companies look to grow and add new subscribers with differentiated offerings, the old way of accounting and manually analyzing data will not work.
Regulatory changes like the new revenue recognition standard are prompting organizations to assess their current financial architecture and many are using this opportunity to refresh and make key changes to their core finance processes.
Communications companies need to transform their finance architecture. Addressing these challenges will require software systems that allow for flexibility, quick deployment, support complex regulatory accounting and provide the ability to process and analyze massive quantities of data very quickly. Our flexible, integrated finance accounting solutions can help you address the following challenges:
- Streamline accounting & finance processes: Utilize an extensible data model, integration layer, rules engine, and processes for workflow, adjustments, the generation of multi-GAAP accounting, exception management and reconciliation all within one product.
- Speed regulatory compliance: Address the new IASB and FASB joint revenue recognition standard (IFRS 15) with a built-for-purpose solution.
- Create a single version of the truth: Reduce manual work and errors by integrating granular data from source systems with linkage to the general ledger and finance data warehouses with rich detail stored in a sub-ledger.
- Drive customer loyalty: Analyze millions of customer transactions enhanced with customer data to better understand and segment customers.
- Understand product and customer profitability: Gain actionable insight by calculating the profitability of individual products, customers, channels and other dimensions. Use the what-if modelling feature to test changes to product offerings, pricing etc.
The next generation of telecommunications companies must maintain the ability to respond with agility to customer, regulatory and market changes. Check out our guide to supercharge financial reporting or explore how our configurable software solutions can help address your challenges.
Alternatively, we would love to chat with you about our work with leading telecom companies across North America and Europe – contact us here.