Features
Comply with ASC 606. Eliminate Spreadsheets. Get Timely and Accurate Revenue Results.
Contracts Captured
Customer Contract Database
Customer Contract Database
One "source of truth" for accounting's interpretation of customer contract data. Note that this often differs from data used by sales for commissions or by operations for billings.
Termination clauses and renewal terms, as well as contract modifications, could impact accounting's interpretation of the overall relationship. This data needs to be captured, controlled and managed.
Rule Driven
Revenue Recognition Rules
Revenue Recognition Rules
Setup simple rules to handle your contract revenue and commissions deferral and subsequent recognition or amortization. These include:
Stand-Alone Selling Price ("SSP") Library. Helps establish stand alone selling prices for each product and it's performance obligations in a sales order. This also is the engine that drives revenue re-allocation.
Revenue Recognition Rules. Help identify performance obligations for each product sold and also determine how to defer and recognize revenue as the obligation is fulfilled.
Commissions Deferral and Amortization Rules. Help identify portions of commission to be deferred over the expected life of the customers and the recognition rules governing amortization.
Accounting Centric
Accounting Event Workflow
Accounting Event Workflow
REVLOCK is an event-based accounting rules engine. As customer contracts are identified, the workflow automates the following events:
Identification of individual performance obligations.
Computation of transaction price based on accounting interpretation of terms.
Matching product price to SSP.
Re-allocating revenue based on relative SSP per product.
Recognition of revenue based on rules and tracking of deferred revenue.
Allocation of sales commissions, if any.
Revenue Ledger
Accounting Sub-Ledger
Accounting Sub-Ledger
Automating rules or math is one thing, but a true accounting system needs to understand accounting close processes.
This component represents the ability to run closes, book entries, maintain a sub-ledger, track balances over time, and configure posting logic to a general ledger. Transparency, drilling to the lowest level of detail, and reconciliations are key features in this component to ensure an audit trail of all computations.
Advanced Analytics
Reporting and Analytics
Reporting and Analytics
You need more than just journal entries in order to understand revenue results. This component allows you to report revenue at multiple levels (e.g., sales order, customer) across multiple dimensions (e.g., product line, geography, currency) and across multiple time periods.
Analyze trends and explain changes with precision. View all perspectives of revenue at one time -- Booking, Billings and Revenue. This component allows for real-time and mobile interaction with foundational reports plus custom dashboards.
Audit Easy
Controls Framework
Controls Framework
If my results aren't "auditable," can they really be compliant? Given this is truly an accounting application, it needs to have a higher level of controls that enable management and other stakeholders an ability to trust the process and its results. This includes managing access, maintaining records of changes, preventative control detectors, embedded completeness and accuracy checks, and robust data and application security.
