Revenue Edge has brought to market the only true cloud solution for advanced revenue recognition and forecasting to fill the gap in existing accounting systems.
Santa Clara, CA (PRWEB) April 09, 2015
Revenue Edge announced today that their revenue automation solution is architected to serve as the backbone for the move to the New Revenue Standard and Dual Reporting by integrating with companies’ existing accounting infrastructure.
"Our solution architecture is uniquely positioned to handle the New Revenue Standard and Dual Reporting requirements,” said Madhuri Koneru, CEO of Revenue Edge, a company with an advanced revenue automation solution that integrates with any ERP.
Revenue Edge’s solution is engineered to help organizations accelerate the adoption of the New Standard and Dual Reporting, addressing a top concern on CFOs minds today and freeing up finance departments to focus on more strategic and higher-value functions. Regardless of the adoption method, companies will need some level of dual reporting prior to the adoption date. The FASB’s tentative decision on April 1, 2015, of the New Revenue Standard’s adoption date barely provides enough time for companies to start tracking data to comply with the New Standard’s dual reporting requirements under the retrospective method. As this is a very significant regulation change in the world of revenue accounting, companies are actively evaluating the effect of the new guidance on their financials, processes and systems.
As an example, for a Company like Telestream, the leading provider of digital video tools and workflow solutions, which has complicated revenue accounting due to multi element arrangements containing hardware, software, support and services, a move to the New Standard would entail revenue recognition using estimated selling price allocation for all software and software/hardware transactions instead of using the VSOE allocation or dual allocation under current GAAP. “Based on what we have seen so far and with our experience using the solution for our current revenue processing, we believe Revenue Edge can be fully implemented for dual reporting in about a month”, said Mark Cuny, CFO of Telestream. He further added, “Revenue Edge’s true cloud architecture enables organizations to transform their revenue accounting lifecycle processes from labor-intensive to fully-automated processes, providing a simpler, more accurate and scalable solution. In the 18 months that we have been using Revenue Edge, our revenue has increased substantially and the resources spent to process revenue is less than a quarter of what it was prior to implementing Revenue Edge.”
About Revenue Edge
Revenue Edge was founded with a mission to solve the complexities of revenue accounting and provide an unparalleled solution in terms of functionality, ease of implementation and use. Revenue Edge has brought to market the only true cloud solution for advanced revenue recognition and forecasting to fill the gap in existing accounting systems.
Source: Revenue Edge, Inc.