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Six System Objectives for Meeting the New Rev Rec Standards
For the full year ended December 31, 2019, the new standards for revenue recognition will become audit guidance for non-public companies (public companies have reported under these standards since 2018). This global standard –Revenue from Contracts with Customers— jointly authored by the Financial Accounting Standards Board (FASB), and counterpart, International Accounting Standards Board (IASB), creates a framework for revenue recognition consistent with performance and entitlement.
While changes to the timing and amount of revenue businesses recognize will vary depending on the type of contracts they execute, the need to reconfigure accounting/ ERP systems will be broad-based. As a primer to meeting the new rev rec standards, and managing a contract portfolio, we have considered six objectives for your ERP. We look forward to discussing these objectives with you, and helping you to consider your preparedness for ASC 606.
Seth Pomeroy, Partner, NDH
Sage Intacct Contract Manager – Meeting the New Contract-Based Rev Rec Standards
To meet the new contract-based rev rec standards you look for ways to modify your existing ERP. This may involve repurposing your system, leaving you with a “Frankenstein” solution.
Alternatively, Contracts by Sage Intacct is architected to meet the new standards, and manage your dynamic contract portfolio. All within a single system, without unsustainable workarounds.
Watch this short video on how to meet the five requirements of the new standard, and significantly improve your contract metrics and reporting.
Or, schedule a demo walkthrough by contacting one of our solution specialists.
New Revenue Recognition Standards ASC 606
As CFO’s prepare to address the new Standard for revenue recognition as required by ASC 606, “Revenue from Contracts with Customers,” they will need to adopt new tactics for managing revenue, and systems to support the Standard. Not only are the narratives of “when? and “how much?” revenue to recognize changed, but broader changes in the economy including subscriptions, pricing models, and disclosures driving changes in how CFO’s maintain their financial systems to support operations and reporting.
We have summarized the core principal, and information relevant to the upcoming changes to both the FASB and IASB treatment of revenue recognition for your review. We look forward to discussing these changes with you, and helping you to consider your preparedness for ASC 606.
Sage Intacct Developer – Extending and Customizing Intacct
In managing ERP integrations, CIOs must consider the base ERP platform, Web Services gateway, and integrated application. These form a tripod supporting the workflow.
Intacct Web Services simplifies this workflow giving CIOs powerful XML-based request and response between Intacct ERP, and the integrated application.
NDH allows CIOs achieve optimal performance and return from ERP integration and workflow.
Sage Intacct Project Manager – Managing Projects Using Intacct ERP
Project managers take charge of their teams by answering three questions. Or, how do I control my projects? Evaluate my results? Deploy my resources?
Intacct Project Accounting supports effective project management as a fully integrated ERP offering from Sage Intacct. Thus, supporting the integration of activities, and the alignment of overall corporate purposes.
NDH supports PMs success to ensure project success, and company performance.
Sage Intacct Entity Manager – Managing Multi-Entity Companies Using Intacct ERP
Our work with the financial managers of multi-entity organizations –those with multiple legal, geographic, and/or business units— led us to consider their most pressing operating needs. Manager’s report they need to accelerate performance evaluation, while maintaining controls for Inter— and Intracompany transactions.
To address these needs their ERP system must have specific capabilities for managing access, processing, and reporting. Please find attached a review of Sage Intacct for meeting these requirements, and Gartner’s assessment for the same.
Available for your consultation, and one-on-one review with our team.
Sage Intacct Inventory Manager – Managing Inventory Using Intacct ERP
We’ve sized-up a group of companies managing inventory, including:
• Sellers of finished goods inventory, with need for quick inventory turns.
• Multi-warehouse distributors, who need visibility into location/entity stock.
• On-line retailers, requiring high throughput for large scale processing.
• Service organizations stocking parts to fulfill installation, or maintenance.
With the right ERP, these companies realize improved margins and reduce fulfillment time.
We welcome the opportunity to review 10 immediate benefits in adopting Intacct for your inventory management needs.
Sage Intacct Mission Manager – Managing NFP’s and Associations Using Intacct ERP
To meet the mission of your not-for-profit or association, you look for new ways to improve operations. You’ve told us your systems aren’t getting you there, putting your mission at risk.
Referenced here is an introduction to Sage Intacct for NFPs and associations, and how 1,000’s of organizations are improving operations and insight.
To meet your mission, schedule a demo walkthrough with one of our solution specialists, or contact us with additional questions.