A robust platform to deal with revenue issues
SAP Revenue Recognition comes with built-in features such as real time reporting and dual guidance which allows businesses to identify and mitigate risks, minimising the need for manual inputs and streamlines complex accounting processes.
Acuiti Labs provide SAP Revenue recognition functionality to help businesses in having a clearer picture of its cash flow and revenue. We provide you with accurate reporting system to help you secure a healthier financial future.
To maintain credibility for your finances
SAP developed the Revenue Recognition solution to combat the challenges posed by ASC 606 and IFR 15. The up-to-date solution has proven to be extremely popular for companies who have merged existing systems and mass data into a centralised platform that delivers real-time GAAP, as the solution can easily automate the five steps of ASC 606.
5 Steps of ASC 606 and Real-Time Disclosure Reporting
1. Identify valuable contracts
Uses existing systems to identify revenue contracts through system configuration.
2. Recognise performance responsibilities
Features automatically identify contract performance obligation.
3. Get the transaction price fixed
Estimates the monetary value of all your variables across contracts.
4. Distribute transaction price to perform obligations
Automates revenue through various modes such as historical data, cost, customer type.
5. Automate Revenue recognition
Real-time visibility on revenue waterfalls and liability account balances with configurable reports.
Key Features
Accelerate close cycle
Minimises overall time required for the financial close cycle, while providing accurate rule-based revenue recognition and cost accounting.
Simplified accounting policies
Allows businesses to leverage real-time disclosure reports and users can benefit from configurable accounting policies.
Automate ASC 606 and IFRS 15 accounting
Access advanced revenue recognition and reporting to create configurable and real-time disclosure reports.
Frequently Asked Questions
1. What is SAP Revenue Recognition, and why is it important for my business?
SAP Revenue Recognition automates and simplifies the process of recognizing revenue in accordance with IFRS 15 and ASC 606 standards. This solution is particularly beneficial for organizations dealing with complex revenue scenarios such as subscription billing, multi-element arrangements, or deferred revenue. It ensures that your financial reporting is both accurate and transparent.
2. How can Acuiti Labs help with SAP Revenue Recognition implementation?
Acuiti Labs provides comprehensive services for implementing SAP Revenue Recognition. These services include solution design, configuration, integration, testing, and post-go-live support. The goal is to ensure that the solution aligns with business requirements and compliance needs.
3. What are the key benefits of implementing SAP Revenue Recognition?
Compliance: Adheres to global accounting standards (IFRS 15/ASC 606).
Automation: Reduces manual effort and errors in revenue recognition processes.
Transparency: Provides real-time insights into revenue streams.
Scalability: Handles complex revenue scenarios for growing businesses.
4. Can Acuiti Labs tailor the SAP Revenue Recognition solution to meet specific business requirements?
Yes, we tailor the solution to your specific revenue recognition requirements, ensuring it integrates seamlessly with your existing systems and workflows.
5. What is the typical timeframe for implementing SAP Revenue Recognition?
The timeline depends on your business complexity, data volume, and integration requirements. A typical implementation can take anywhere from 3 to 6 months. Acuiti Labs conducts an initial assessment to provide a more accurate estimate.
6. Which industries does Acuiti Labs support with SAP Revenue Recognition?
Acuiti Labs specializes in industries such as Telecommunications, Software, Media, Transportation, Logistics, and more. They cater to businesses with complex revenue models, ensuring tailored solutions to meet unique industry needs.
7. Is it possible to integrate SAP Revenue Recognition with my existing ERP or CRM systems?
Yes, SAP Revenue Recognition integrates seamlessly with SAP ERP, S/4HANA, and other third-party systems, ensuring a unified financial ecosystem.
