Leeyo Releases RevPro 3.0 Supporting New Revenue Recognition Guidance

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Pioneering Revenue Recognition Automation Application Updated to Provide Full Support of ASC 606 and IFRS 15

Revenue Recognition Automation Software Leader Leeyo Announces Update to Flagship RevPro Software with Release of RevPro 3.0, which Fully Complies with New Revenue Recognition Guidance.

Leeyo Announces Release of RevPro 3.0, which Fully Complies with New Revenue Recognition Guidance.

Leeyo has made sure RevPro 3.0 is not just compliant, but robust and flexible enough to address everyone's needs.

Leeyo Software, the leading provider of revenue recognition automation software, today announced the latest upgrade to its signature product suite, RevPro. The new RevPro 3.0 brings a more robust engine, enhanced reporting and increased performance to companies facing the complexities of new revenue recognition standards.

RevPro 3.0, currently in limited availability, caps months of planning by Leeyo since the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) converged on their revenue guidance with the announcement of ASC 606, “Revenue from Contracts with Customers,” earlier this year.

The software release arrives with new functionality designed to support the more complex principle-based approach to revenue recognition including:

  •     Dual reporting – simultaneous support of multiple accounting books
  •     Performance Obligations (POB) – identify and manage POB-based revenue
  •     Transaction pricing – determine price, including variable consideration
  •     Contract costs – track and account for additional revenue contract costs
  •     Reporting – new reporting tool allows for personalized reporting, forecasting and dash boarding

“It takes an enormous amount of field expertise to understand the various requirements of revenue recognition and provide automation of the same,” said Jagan Reddy, Leeyo CEO, who noted that unlike automation of other business functions, revenue automation software must achieve 80 percent or higher automation.

“If not, the revenue numbers will trickle down to spreadsheets with no return on investment for your automation software,” he said.

“Leeyo has always focused on maximizing automation in revenue recognition,” said Reddy. “Given the more principle-based nature of the new guidance, there will be a greater requirement from an automation software standpoint to support the judgments made by business and revenue teams. With the diverse nature of our customer base and the expectation that every company will have slightly different requirements and interpretations for compliance with the new standard, we’ve worked hard to make sure RevPro 3.0 is not just compliant, but robust and flexible enough to address everyone’s needs.”

Kathy Pearson, Leeyo’s Director of Technical Accounting who interacts with the customer base on an almost daily basis, said, “The addition of POBs in RevPro 3.0 allows full control of revenue management and reporting at the POB level so now you can report on – and forecast on – those POBs - a key focus of the new guidance.”

She said RevPro 3.0 gives users the option to process actions across books from a single data import, and can also fully process the primary accounting book before processing the secondary book or process each set of books independently, valuable tools given the need for revenue managers to maintain multiple books over the next few years for the new standard.

Pearson noted what has generated the most interest and excitement from customers and potential customers is the ability to handle contract modifications, additional contract costs such as commissions and disclosure reporting with forecasting in the new release.

The new revenue recognition standard is effective, for public companies in the U.S. following GAAP (Generally Accepted Accounting Principles), for annual reporting periods as of December 15, 2016. For companies reporting under IFRS, adoption date is January 1, 2017, with an option for early adoption. Private entities have an effective date of annual reporting periods beginning after December 15, 2017.

Leeyo announced RevPro 3.0 will be available the first quarter of 2015. Revenue accountants and their IT partners can request a preview by contacting sales(at)leeyo(dot)com. To learn more about Leeyo’s response to the converged revenue recognition guidance, visit http://www.leeyo.com/asc606.php

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