Have you hit the snooze button one too many times on your revenue recognition alarm? It’s every student’s (or accountant’s) nightmare: before you know it, the term has ended, and one of the most important tests of the year (ASC 606 and IFRS 15: Revenue from Contracts with Customers), is here. Your teacher will soon hand you the revenue recognition standard exam – but are you ready?
Conventional spreadsheet applications like Microsoft Excel are fine for small businesses with simple billing procedures and uncomplicated revenue streams. Spreadsheets may be time-consuming to manage, but they'll carry out the required calculations and provide you with straightforward data.