Due to uncertainties in business, most of the organizations reveal their need for advanced revenue management at a certain point of time. A revenue management policy helps to manage your finance while defining your future strategies. It helps organizations to comply with accounting standards such as ASC 605, 606, and IFRS 15.
To stay on top of revenue management can be a daunting task in the lack of right software configuration allied. If your finance team is still performing revenue management using complex spreadsheets, it will certainly limit your productivity levels and visibility along with the possibility of errors and non-compliance.
In order to handle such things, revenue management system in NetSuite provides complete support for the entire revenue recognition standards. Such solution will help your finance team in terms of increased productivity, improved visibility, and compliance with automated revenue recognition calculation, reporting & analysis, and dashboards to ensure regular monitoring.
Here are the key benefits of Advanced Revenue Management
Revenue Recognition For All Industries
NetSuite Revenue Management Software empowers the finance & accounting departments to account for any contract under any revenue recognition standard for any given set of products & services which is specified in ASC 605 standard.
Such functionality supports revenue accounting for projects by leveraging percentage-of-completion concept. Finance Admins can align revenue with event triggers. For instance, fulfillment of a product or item, bill generation against sales order or work initiation on a particular project.
Key functionalities include:
- Support percentage of completion accounting
- Support event-driven revenue plans
- Intelligent fair value lookup for stand-alone selling or ESP/TPE/VSOE
Multiple Performance Obligations
With robust, vast configurable capabilities, revenue management module helps to support event-driven revenue plans. Also, single performance obligation can be linked with multiple plans which in turn to support partial order fulfillment and billings.
With the use of powerful allocation calculator, organizations can leverage fair value pricing to automate allocation arrangement across all the elements within the arrangement that also includes the support for ASC 605 and ASC 606 as per IFRC 15 standards.
Key functionalities include:
- Flexible revenue contracts
- Dynamic fair value pricing
- Powerful allocation calculator
Compliance With Multiple Accounting Standards
Leveraging multiple accounting standards help accounting departments to record and post revenue allied transactions to all accounting books concurrently by eliminating data entry redundancy and manual intervention.
Revenue recognition module enables accounting departments to make use of book-specific functional currencies while performing calculation for general ledger. Organizations can seamlessly perform book-specific foreign currency management along with real-time visibility for any accounting book.
Key functionalities include:
- Book-specific fair value prices, revenue rules, plans and arrangements
- Book-specific foreign currency management
- Book-specific financial reporting
Organizations those who are looking for an advanced revenue management system in NetSuite, inoday –an authorized NetSuite Consulting Partner can help you in this pursuit.
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