A better approach to revenue recognition compliance
Given the complexity of the revenue recognition standards, IFRS 15 and ASC 606, many organizations implemented manual solutions as a stopgap to achieve compliance ahead of the deadline. But now, maybe company growth has made the manual workarounds unsustainable or there is a push to increase the overall automation and efficiency of the finance department.
Whatever the reason, see why our clients chose Aptitude RevStream to address revenue recognition compliance.
Defining revenue management
Revenue management is so much more than compliance with the revenue recognition standards, ASC 606 and IFRS 15. True revenue management should span the entire lifecycle of a business – from product go-to-market, to sales operations and revenue accounting, and into operations.
A proactive approach to revenue management leverages the rich data foundation that came out of compliance efforts to drive valuable business outcomes which can reduce risk, enable accurate forecasting, provide strategic foresight to support business growth and in some cases, increase the market capitalization of the company.
of CFOs see identifying areas of new value across the business as their primary responsibility.
surveyed said that within 10 years, finance will spend all their time on forward-looking insight and none on backwards-looking activities, putting emphasis on finding patterns to inform future decisions. – ACCA and PWC
The role of revenue management
Holistic revenue management is a business differentiator. Taking an active approach to end-to-end revenue management can help organizations surpass competitors and react with agility to market changes. In this white paper, we outline what true revenue management looks like and the organizational value it drives.
- See how revenue management can impact each area of the contract lifecycle
- Get the components of a ‘RevScore’ to assess the revenue health of your company
- See how the changing nature of finance is impacting revenue management
Download white paper
How end-to-end revenue management will reduce business risk and accelerate business growth and market capitalization
Revenue is a critical KPI for a business, but it’s often not actively monitored or managed. Hear real-life examples from PwC and Red Hat on the value gained from effectively managing the end-to-end revenue cycle.Watch webinar
Maximizing the value of revenue data
There is no shortage of ways a good data foundation can be applied to support better business decisions. One of our largest clients is currently using their solution to generate profitability per customer. Given that they have roughly 80 Million customers, this provides a powerful source of insights. Other potential areas of analysis include:
- Product, customer, and contract churn analysis
- Volume per products
- Customer change patterns
- Modeling the results of potential FX fluctuations
Read the blog