As per ASC 606 / IFRS 15, the 5 steps to achieve compliance are:
Satisfy ASC 606 / IFRS 15 revenue recognition requirements… and more
RightRev goes beyond automation for compliance to enable scaling companies the ability to operate with agility and flexibility.
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Configurable Revenue Rules
Configure rules for traditional and modern revenue models. Identify performance obligations within revenue contracts & assign proper revenue rules that apply the appropriate revenue treatment for each separate performance obligation in a single revenue contract.
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Event-Based Revenue Recognition
Don’t limit revenue recognition to only bookings or billings; instead, configure unlimited events, such as product delivery, completed milestones, percentage of completion, provisioning, etc.
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SSP Calculation and Analysis
Standalone selling price validation and formula based calculations. Historical analysis of standalone selling prices to automatically determine SSP and apply percentages to Revenue Contract lines.
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Contract Modifications
Automatically group amendments and recalculate revenue without manual intervention.
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Revenue Reporting and Revenue Waterfall
Out of the box reports to fulfill your reporting requirements, plus hundreds of pre-calculated metrics to enable ad-hoc reporting and dashboards. Revenue Waterfall visibility for planned and recognized revenue.
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Journal Entries
RightRev integrates with your ERP to automatically post revenue Journal Entries to your General Ledger daily or periodically based on your business needs. You have the ability to defer or release revenue automatically and manually.
Revenue you can count on
Achieve accuracy, compliance, and hyper-scale automation.
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Revenue Accuracy
Revenue is the most important number on your financial statements…and it has to be right! Eliminate error-prone processes, align sales and revenue accounting data, and have confidence that your revenue is accurate and compliant.
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Revenue Reporting and Disclosures
Robust revenue reporting and forecasting for planned, unplanned, and recognized revenue help drive strategic insights that create the narrative the CFO can take to the board with confidence.
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Easy Audits
Minimize audit risk by automating revenue recognition. Eliminate manual preparation for audits and rest assured your revenue is traceable. Easily drill down into product, order, quote details from a Revenue Contract.