A spreadsheet can be opened and changed with absolutely no built-in audit trail.
The reporting capabilities for your ERP are geared toward invoicing and other standard financial system activities, not revenue-based activities contingent on calculations done outside of the system.
Never forget users of spreadsheets are considered not only the application owner, but the developer, programmer and tester as well, so, yes, there is no security or operational controls.
Your ERP system was never designed to go beyond the simple act of provisioning the necessary data to the revenue teams.
Then came ASC 606.
And you consider these sufficient revenue recognition solutions?
You can see why we’re concerned here. It’s not just because revenue recognition automation is our veritable ‘bread and butter,’ but in today’s new world of increased revenue complexity and fresh thinking on everything from contracts to disclosures, pricing and the bottom line, it’s the right thing.
Recently, we’ve directed your gaze to resources citing the bounty of benefits in considering revenue automation.
Today, we bring your attention to two recently published, easily digestible eBooks deep diving on the fundamental inadequacies in both ERP systems and spreadsheets as “revenue management solutions.” (And, yes, that is us doing finger quotes when we write that)
These and many other valuable publications, webinars and other items can also be found on our resources page.