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How to expertly evaluate your options for a subscription revenue recognition tool across four important categories: revenue management, revenue compliance, revenue forecasting, and resources and technology
Revenue management: Automate revenue recognition to support a scalable subscription business model
Revenue compliance: The cost of compliance is astronomical. Consistent, cost-effective compliance with ASC-606, IFRS-15, and more global revenue recognition standards is closer than you think
Revenue forecasting: Better understand the health and trajectory of your business revenue and be able to make more accurate predictions
Resources & technology: Free up your internal staff so they can focus on what matters in the business while staying up-to-date with the latest revenue recognition software
Revenue recognition is a generally accepted accounting principle (GAAP) that indicates how revenue is recognized in a business setting. With subscription revenue recognition, revenue is recognized when the funds from a product or service are earned–not just collected. This is dependent on the subscription contract terms.
While this may seem like a straightforward process, it requires a level of expertise and understanding that most businesses cannot manage long-term.
Revenue recognition for recurring revenue businesses continues to be more complex and regulated. The cost of compliance continues to grow, and subscription businesses are forced to steal from internal resources just to keep up with revenue recognition demands. While spreadsheets may work with a single product or service offering and a basic subscription revenue model, any growth-minded business will encounter mountainous roadblocks when it comes time to scale to an automated, configurable revenue recognition process.
Use this handy and comprehensive checklist to determine if your current solution fits the bill now and in the future, or if outsourcing your revenue recognition software is in your best interest. From revenue management automation to in-depth revenue compliance and efficient use of resources, our guide to selecting the right revenue recognition software for your business is chock-full of experience from our Chief Technology Officer, Chief Financial Officer, and accounting team.
If you’re ready to figure this out once and for all, download our subscription revenue recognition software evaluation checklist now. In the meantime, here’s a quick snapshot of the checklist:
Simplifying subscription revenue recognition: A guide to selecting the right software for your business
Subscription revenue recognition continues to be more complex and regulated. A streamlined, automated solution ensures consistent compliance with global revenue reporting requirements. While many ambitious teams set out to achieve this on their own, it becomes alarmingly apparent that this is a feat most subscription businesses can’t commit to on their own.
Use this checklist to understand the non-negotiable features of subscription revenue recognition software to make an informed decision about continuing with your current method or outsourcing with a partner. Your most impactful considerations will fall under these four categories:
Resources & technology
At its core, revenue recognition software allows you to better manage all revenue. Without the foundation of revenue management, your business will struggle to get to a better place with compliance, forecasting, and resource management.
You want to: Effectively manage subscription-related revenue recognition with state-of-the-art capabilities and built-in flexibilities.
Revenue recognition automation: Streamline accounting and reporting processes with advanced revenue management automation for faster, more accurate processes.
Fully configurable & adaptable: Configure your revenue management the way you want and need it to work. You should be able to handle price changes, quantity adjustments, upgrades, downgrades, pauses, and restarts quickly and easily.