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ASC 606 Solutions for the Professional Service Industry

Posted by Graham Hulme on Dec 23, 2021 10:21:15 AM

ASC Topic 606, Revenue from Contracts with Customers, adds a new series of hurdles for businesses with the new five-step framework to the revenue recognition process. With the expansive challenges to financial reporting and internal control systems the new standard poses, companies need to consider the best revenue recognition solution for them with capabilities to handle the complexities. For many, revenue recognition automation software is the key to increased visibility, reduced risk, and a quicker close period with lower costs and effort. Schedule a chat to learn how automation can benefit your company’s back-office processes.

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The Impacts of Continuous Accounting and How to Support It

Posted by Graham Hulme on Nov 16, 2021 11:01:27 AM

Part two of the two-part blog series “The Future of Finance”

The goal of achieving a more strategic finance and accounting function in a corporation has led to the rise of Continuous Accounting. Catch up with part-one of this two-part blog series. The webinar, “The Future of Finance,” will be held on November 18th, to address the challenges behind this topic even further with specific steps that can be taken today to prepare your organization for the future. Register and save your spot for the free event today.

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What Is Continuous Accounting and What Are the Benefits?

Posted by Graham Hulme on Nov 3, 2021 11:59:14 AM

Continuous accounting is a key factor to achieving a more strategic finance and accounting function in a corporation. And yet, many accounting organizations have fallen back and are reporting an increased use of spreadsheets.  

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The Effects of Recurring Revenue Business Models on Revenue Recognition

Posted by Graham Hulme on Oct 15, 2021 5:16:42 PM

SOFTRAX partnered with Aria Systems in the summer of 2021 for the live webinar, “Recurring Revenue Ripples Through Revenue Recognition” to discuss how agility in serving customers with recurring revenue business models and precision and flexibility in revenue recognition go hand in hand. Senior Vice President and General Manager, Tom Zauli of SOFTRAX hosted this one-hour event alongside Director of Product Marketing, Michael Carrell of Aria Systems. 

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ASC 606 and Challenges to the Healthcare Industry

Posted by Graham Hulme on Sep 24, 2021 6:08:05 PM

It’s no surprise that the healthcare industry is facing unique and disruptive challenges that are affecting areas such as productivity, revenue cycle, and supply chain on a major scale. Given the current market, healthcare entities may find themselves strapped for resources ranging from supplies to staff, grappling with changes to insured populations, or even struggling to manage new business models such as subscriptions. These challenges are made more difficult with the financial and accounting complexities posed by the revenue recognition standard, ASC 606, Revenue from Contracts with Customers.

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ASC 606 Effects on Cloud Computing Arrangements

Posted by Graham Hulme on Jul 26, 2021 2:18:54 PM

Common trends in SEC comment letters for the cloud computing industry and the connections to ASC 606 revenue recognition disclosure requirements. This article explores revenue recognition solutions for the cloud computing industry with revenue recognition software and billing management software.

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ASC 606 Revenue Recognition Impacts on Media and Entertainment Companies

Posted by Graham Hulme on Jun 15, 2021 4:46:39 PM

The new revenue recognition accounting standard update, ASC 606, issued by the Financial Accounting Standards Board (FASB) has caused significant disruption in the back office.  Adoption of the new standard will impact people, policies, processes, and systems.  For media and entertainment (M&E) entities that account for revenue under U.S. GAAP, it raises several accounting issues.

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ASC 606 Impact on Construction Company Revenue Recognition

Posted by Graham Hulme on Jun 8, 2021 3:47:45 PM

Should revenue be recognized at a point in time or over time following the new revenue recognition standard for construction companies?

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Part Six: Excel is not a Reporting Tool

Posted by KristenLawson on Aug 30, 2018 1:55:03 PM

Beginning in January, we posted a blog outlining five important reasons why excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Since then, we have extended that blog post into a series devoted to the topic of Excel, focusing each post to one of the five reasons. This month’s FINALE: “Excel is not a Reporting Tool”.   

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Part Five: Excel is not an Agile Business Tool

Posted by KristenLawson on Jul 10, 2018 10:14:20 AM

Beginning in January, we posted a blog outlining five important reasons why excel spreadsheets were not to be trusted for implementation of the ASC 606 guidelines. Since then, we have extended that blog post into a series devoted to the topic of Excel, focusing each post to one of the five reasons. This month’s rally: “Excel is Not an Agile Business Tool”.  

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