Preeminent experts drive discussion on most important issues facing accounting and finance professionals today.
SAN JOSE, CA – August 30, 2016 — Leeyo Software, the market-leading provider of revenue automation solutions, concluded its inaugural Revenue Recognition Summit this month to rave reviews and important take-home lessons for accounting, finance, IT and other professionals charged with helping their companies decipher ASC 606.
Issued in May of 2014, “Revenue from Contracts with Customers,” the newly converged revenue guidance announced by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB, as IFRS 15), takes effect in 2018.
“ASC 606 is much more impactful than just accounting and finance,” said Joel Phillip, an accounting system supervisor with Citrix. “There are sales impacts, there are marketing impacts and, really, the entire organization is going to need some type of change in order to meet the new standards.”
This first event of its kind focusing on ASC 606, and one of the only in the industry to include a dynamic series of targeted presentations from the Big Four accounting firms, drew over 300 attendees who took home some very important keys to success – namely, if you’re not preparing for the change, it’s time to take action, communication with every corner of the organization is vital, and the importance of sharing ideas and experiences with peers to know what to look for and avoid roadblocks.
“We really appreciate having Leeyo as a leader in the marketplace,” said Pete Schraeder, Partner in Systems, Data and Process at PricewaterhouseCoopers, and a speaker at the event. “There is significant benefit to getting peers together at a conference like this to have conversations, discuss adoption, and see where they are in the process. Unfortunately, I think many now realize that they need to get going.”
“There is a huge state of flux in the industry with major shifts in technology and compliance affecting financial operations,” said Jagan Reddy, Leeyo Software co-founder, CEO and CTO. “Many of those who attended the Summit fully understand that the concepts are complex and weighing business needs against implementation challenges is very complicated.”
Leeyo is in a particularly strong position of leadership during this critical period of transition as interest has skyrocketed in the company’s flagship product, RevPro®, the fully automated revenue recognition and forecasting solution released last year. RevPro is the first solution to market in full compliance with the new guidance.
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 Leeyo.com, and about the Revenue Recognition Summit at Leeyo.com/summit.
Contact: Matt Ream