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Revenue Recoginition is an accounting term. A simple definition of revenue recoginition is that a company cannot recognise revenue until the goods or services being sold have been delivered to the customers. When customers pays money for goods that has been sold, there are some rules that need to be followed to record the revenue.
The sales transactions that are handled through your business may comprise of goods, services or both. Relying on what you’re offering and what the agreed payment schedule is, sales transactions may involve a single transactions, or trasactions that happens across diffrent milesstones. NetSuite revenue recognition management solution which can help your organization comply with accounting standards and real time financial reports.
NetSuite’s revenue recognition solution will help you schedule, calculate and present revenue on your financial statements accurately. Automate revenue recognition with financially intelligent capabilities to report results in accordance with accounting standards.
Get benefits with NetSuite revenue recognition management solutions
- Get Report with accuracy
- Close with confidence
- Streamline the backoffice
- Improve business performance with real-time access to revenue-related ending balances
Some of the features included in this solution
- Flexible Revenue Recoginition scheduling
- Revenue management with multiple deliverables
- Percentage of completion accounting
- software and service contracts
- Effective revenue activity management
- Timely account of reconciliations.
With NetSuite’s revenue recognition solution, and the real time reports that you can view on your dashboard, this means you will constantly have an accurate, current view of your Forecasting and Financials.
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