Pioneering Application in Support of ASC 606 and IFRS 15 in Limited Availability
SAN JOSE, CA, December 15, 2014 – Leeyo Software, the leading provider of revenue cycle automation software, today announced the latest upgrade to its signature product suite. RevPro 3.0 brings a more robust engine, enhanced reporting and increased performance to companies facing the complexities of new revenue recognition standards.
RevPro 3.0, currently in limited availability, caps months of planning by Leeyo since the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) converged on their revenue guidance with the announcement of ASC 606, “Revenue from Contracts with Customers,” this year.
“It takes an enormous amount of field expertise to understand the various requirements of revenue recognition and provide automation of the same,” said Jagan Reddy, Leeyo CEO, who noted that unlike automation of other business functions, revenue automation software must achieve 80 percent or higher automation.
“If not, the revenue numbers will trickle down to spreadsheets with no return on investment for your automation software,” he said.
“Leeyo has always focused on maximizing automation in revenue recognition,” said Reddy. “Given the more principle-based nature of the new guidance, there will be a greater requirement from an automation software standpoint to support the judgments made by business and revenue teams. With the diverse nature of our customer base and the expectation that every company will have slightly different requirements and interpretations for compliance with the new standard, we’ve worked hard to make sure RevPro 3.0 is not just compliant, but robust and flexible enough to address everyone’s needs.”
Kathy Pearson, Leeyo’s Director of Technical Accounting who interacts with the customer base on an almost daily basis, said, “The addition of POBs in RevPro 3.0 allows full control of revenue management and reporting at the POB level so now you can report on – and forecast on – those POBs – a key focus of the new guidance.”
She said RevPro 3.0 gives users the option to process actions across books from a single data import, and can also fully process the primary accounting book before processing the secondary book or process each set of books independently, valuable tools given the need for revenue managers to maintain multiple books over the next few years for the new standard.
Pearson noted what has generated the most interest and excitement from customers and potential customers is the ability to handle contract modifications, additional contract costs such as commissions and disclosure reporting with forecasting in the new release.
The new revenue recognition standard is effective, for public companies in the U.S. following GAAP (Generally Accepted Accounting Principles), for annual reporting periods as of December 15, 2016. For companies reporting under IFRS, adoption date is January 1, 2017, with an option for early adoption. Private entities have an effective date of annual reporting periods beginning after December 15, 2017.
Leeyo announced RevPro 3.0 will be available the first quarter of 2015. Revenue accountants and their IT partners can request a preview by contacting email@example.com. To learn more about Leeyo’s response to the converged revenue recognition guidance, visit https://leeyo.com/asc606.php
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 www.Leeyo.com.
Contact: Matt Ream