The move into subscription billing offers an organization the opportunity to take an in-depth look at its billing and revenue recognition processes, examining them in light of a changing business environment. These changes include the regulatory mandates of ASC 606 / IFRS 15 as well the move toward multi-tenant cloud both of which complicate the revenue recognition process. To meet both the challenges and opportunities from these changes, as well as from subscription billing, an organization should look to transform its accounting into a system similar to software, which automates after the initial applications and integrations are certified. This transformation of accounting is what we term “Doubtless Revenue Accounting,” which includes increases in agility, efficiency, and compliance.
Doubtless Revenue Accounting gives you a way to upgrade your subscription billing and includes:
- Touchless accounting, removing the need for manual touch points
- Automation for repetitive, mechanical processes for better efficiency
- Distribution of workloads continuously and evenly over the accounting period to optimize the workflow
- Implementing a culture of continuous improvement in managing the accounting cycle
Companies that employ Doubtless Revenue Accounting will have a better way to navigate an environment that includes complicated regulation, back-office ERP systems, and changing technologies and data flows.
Download our white paper to understand Doubtless Revenue Accounting and learn a 10-point checklist for revenue recognition in the subscription economy.