– Leeyo Software, a pioneer of revenue cycle automation software, discussed changes coming to its signature product, RevPro, to maintain compliance with revised industry guideline in a webinar held September 25th. The online presentation signals the company’s dedication to remain at the forefront in the automation of the revenue recognition process. Joining the webinar were dozens of customers, partners and others interested in how Leeyo was going to be addressing the new guidance.
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,” Leeyo has been working to ensure RevPro users are equipped with current and accurate revenue cycle automation software solutions. In referencing the five steps into which revenue recognition guidance is now grouped, speaker Kathy Pearson, Leeyo’s Director of Technical Accounting, said, “Our goal is to look at how those five steps map into what RevPro does today and what we are working on for RevPro 3.0…and how it’s going to meet the new standard.”
As noted in the webinar, time is of the essence as public companies following GAAP will need to adopt the new standards for periods starting after December 15, 2016. Privately-held companies have an extra year, and companies under IFRS have the option to adopt the new standards earlier. Nearly 60% of the attendees who responded said that they planned to begin implementation in 2015, but haven’t decided which of the optional implementation methods they were going to adopt.
Over the last several years, significant changes in accounting guidance have forced most corporate accounting professionals to use unwieldy, customized PC-based spreadsheets to track, allocate and manage their revenue and COGS. This difficulty has been compounded by the fact that the leading ERP systems have not responded to these changes, and have not included capabilities to meet complex accounting and regulatory requirements that govern multiple element arrangements.
During the webinar, Leeyo also announced that sneak previews of RevPro 3.0 will be made available to customers and partners later this year. Revenue accountants and their IT partners can learn more about RevPro’s changes and how Leeyo is adopting the converged revenue recognition guidance at https://leeyo.com/revenue-recognition/asc-606/
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.
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Contact: Matt Ream