A seismic shift in the form of the newly converged revenue recognition standards brought forth in 2014 by the Financial Accounting Standards Board and the International Accounting Standards Board is often the necessary instigator for a company to consider something seemingly as daunting as a new revenue management tool.
Spreadsheets and other makeshift solutions were never the answer, a fact ASC 606 and IFRS 15 makes glaringly clear as more corporations consider the move to automation.
Finance movers and shakers seeking some well-rounded reasoning to help sell the idea of revenue automation would do well to read the recent article in Accounting Today by Jagan Reddy, Leeyo Co-founder, CEO and CTO, “The ROI of Revenue Automation in a post-ASC 606 World.”
The article breaks down a number of key categories under which automating revenue recognition can provide significant ROI along with the unshackled freedom from manual spreadsheets for accounting organizations.
As Reddy notes in the section on improved accuracy, “The threat of restatements keeps every CFO up at night — yet manual data entry into spreadsheets is a significant source of errors. With automation, business processes and controls are repeatable and auditable which, in turn, leads to a smoother, faster, less costly and more accurate audit preparation process and transaction trail.”
You’ll find the full article here.
It’s a topic fairly near and dear to the hearts of all those associated with Leeyo Software, as you might imagine.
Another resource at your disposal is the Leeyo white paper, “Return on Investment for Revenue Automation: Complex Processes into Consistent Data.”
The widely-resourced publication helps answer the following and more:
- Why it’s important to consider automation
- How automatio ultimately helps in financial decision-making
- Why automation will help tame even the most complex revenue processes
- How you can better sell investment in a revenue automation solution internally
Download your copy today.