RevSym provides flexibility to group revenue contracts by Purchase Order, Salesforce Opportunity, or any other attribute. Out-of-box capability automates the creation of revenue contracts.
Different lines of businesses can have different grouping rules. Once these rules are configured all sales orders are automatically grouped together.
Manual override capability
Different Revenue Contracts can also be combined as one in the Revenue bench area. Certain elements can also be manually linked to other deals. All manual operations are tracked for audit purposes.
Sell Price or Discount
SSP engine can look back on historical transactions and arrive at the best estimated price. The historical range can be set up by the user.
The business team can set up multiple stratification rules based on their discounting policy and analyze historical data.
Lack of VSOE/BESP/SSP impacts the calculation of allocation revenue on the complete revenue contract. Exception reports guide the revenue team on the revenue contracts that need attention.
Automate timing of Recognition
Every element can be configured to release based on multiple events. Example – 30% on billing, 30% on deployment, and 40% on acceptance.
Revenue release rules can be configured on each Performance obligation to automate the complete process. These performance obligations can then be assigned to products.
Manual override options
Revenue team can manually defer revenue due to real-life situations or unforeseen events like delay of product delivery or delay in user acceptance. Deferred revenue can also be accelerated as soon as certain performance obligations are met. All manual operations are tracked for audit purposes.
New guidance policies can be defined and the impact can be easily compared against the ASC 605 rules. The side-by-side comparison makes the transition process seamless.
ASC 605 and SOP 97-2
Private companies have time till Jan 2019 to adopt the new Guidance. RevSym automates all the rev rec requirements around SOP 97-2.
RevSym can easily transition you from ASC 605 to ASC 606 based on your adoption policy. Out-of-box reports provide clarity on the impact of the change.
Manual processes cannot be eliminated on non-standard deals. Detailed reporting provides visibility on these deals that need attention. Revenue contracts can be combined manually.
Manual override options
Performance obligations can be manually assigned to elements on these deals and revenue can be manually scheduled.
Manual actions are tracked, and auditors have access to detailed audit trail reports to provide clarity on the lifecycle of every revenue contract.
RevSym offers multiple options to handle multi-currency allocation accounting and tracks foreign exchange gains and losses.
Revenue schedules are generated based on the release rules on each performance obligation. Deferred Roll forward reports provide detailed visibility on period-by-period changes.
Out-of-box reconciliation ties back contractual revenue and any adjustments to the waterfall schedule. Deferred revenue is also adjusted in real-time based on any revenue events.
Deferred balance can be easily tracked as Long Term or Short Term and reporting is easy.
RevSym’s Disclosure module handles all the reporting needs of ASC 605 and ASC 606. The side-by-side comparison makes the revenue close process very efficient and fast.
Handle Large volume of Data
RevSym product architecture can handle large volumes of data. Report output can be easily exported to excel.
Revenue users can easily configure reports for their needs and do not need technical knowledge.
RevSym reporting platform ties back data from source to General Ledger and helps identify any discrepancies easily.
One time Configuration
Forecasting rules can be set up to forecast revenue on sales orders and opportunities. The forecasting is also adjusted in real-time based on fulfillment of sales orders ad opportunities converting to sales orders.
Forecasting schedules are adjusted in real-time based on revenue events and also based on manual operations.