Step 1: Identify the Contract
RevPro allows you to group transactions in a variety of ways and support complex grouping rules. In addition, you'll be able to manually regroup transactions differently for each guidance and set of books.
The new ASC 606 revenue recognition standards will make it nearly impossible for some companies to conform to guidance with manual spreadsheet-based processes. Because the new guidance requires companies to compare periods before and after ASC 606, now is the time to transition to an automated revenue recognition system.
RevPro customers have the most current and accurate revenue cycle automation software on the market, so the new guidance won’t be an issue.
Overall, revenue recognition guidance is grouped into five steps. And RevPro is with you every step of the way.