Leeyo Software Releases RevPro 3.0 with Support for ASC 606 / IFRS 15 Revenue Recognition Guidance

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RevPro® takes a major step forward in capabilities and functionality and includes full support for ASC 606 / IFRS 15 revenue recognition guidance.

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This significant upgrade not only is the first to comply with the new revenue recognition standards, but offers increased contract and reporting management capabilities.

Leeyo Software today announced the formal release of RevPro 3.0, the most powerful version of its flagship product to date. This significant upgrade to their revenue cycle automation software not only is the first to comply with the new revenue recognition standards, but offers increased contract and reporting management and the ability to process multiple books during this time of transition.

As a vanguard in the burgeoning revenue automation market, Leeyo has been hard at work since before ASC 606, “Revenue from Contracts with Customers,” the newly converged revenue guidance, was announced last year by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). Recent developments, including the one-year start-date delay proposed recently by FASB, shouldn’t deter corporations deep into implementation efforts for the complex, new principle-based approach to revenue recognition.

The highly sought after RevPro 3.0, which includes revenue management, allocation and intelligence modules designed to meet almost any business needs, now identifies and manages performance obligations (POBs), determines transaction pricing and provides a new reporting and forecasting tool among its many functional enhancements.

“Today’s RevPro is equipped to meet the new guidance head on and we’ve taken this challenge as an opportunity to deliver added functionality to our customers that builds on the power of revenue automation and addresses the greater reliance on judgements as part of this change,” said Jagan Reddy, Leeyo CEO and Co-Founder. He said the company takes its role at the forefront of an ever-growing industry seriously and was proud to see a more robust and flexible product as a result, not just one that addresses the new guidance.

As revenue managers will be expected to maintain multiple books these next few years for the new standard, RevPro 3.0 allows users to process across books from one data import, either independently or in direct succession. Another user-friendly add-on, as evidenced by the enthusiastic response of early product audiences, is the ability to handle contract modifications, additional contract costs such as commissions and disclosure reporting.

Revenue accountants and their IT partners can request a product demonstration by contacting sales(at)leeyo(dot)com. To learn more about Leeyo’s response to the converged revenue recognition guidance, visit http://leeyo.com/asc606.php and for more on the new release, visit http://leeyo.com/blog/revpro3.

About Leeyo

Leeyo’s next-generation revenue recognition software rescues companies and revenue teams of all sizes from the chaos of today’s manual data entry or customized processes. Leeyo’s RevPro – the most complete revenue recognition software suite on the market – automates and manages every process facing a revenue team – seamlessly integrating with the quote-to-cash processes of any ERP system to deliver unparalleled visibility, functionality and configurability to the revenue recognition and reporting process. Learn more about Leeyo and RevPro at http://www.Leeyo.com.


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Matt Ream
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