Matt and Jim are joined by Geoff Robles, Leeyo’s Southeast Regional Sales Manager, for Episode 6 of “Ask the RevRec Experts,” in which the trio – joined by Geoff’s 11-year-old Boston Terrier, Daisy – do a deep dive on considerations in the dilemma of “Build or Buy.”
Faced more frequently with the question of why a company would purchase a product to handle complex revenue recognition rather than building a solution in-house, Geoff has taken the time to outline several key factors including:
* Unreliable dependencies are created through in-house development, such as critical knowledge tied to specific personnel
* Compromised business processes and controls due to ad-hoc operations
* Support for internal audits and visibility to critical financial data through revenue automation
* Brittle nature of custom solutions – usually monolithic in nature and hard-coded
Distraction from key business objectives, negative impact to the project timeline supporting ASC 606 and the potential for inaccurate revenue reporting are just some of the risks Geoff discussed which must be at the forefront when weighing the decision of whether or not to take on the task of building an in-house revenue recognition solution.
The “Ask the RevRec Experts” podcast presented by Leeyo Software reviews questions asked through the website, email, out in the field, webinars or at industry events to find answers for each, often directly from our expert guest contributors.
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