Cloud Accounting NetSuite Consultant - Revenue Recognition Gets Easier with the Right System

7 Ways Cloud Accounting Helps Automate for Easier Revenue Recognition – A NetSuite Consultant Review

Revenue recognition has always been a contentious topic in the accounting world, and with little question: revenue is one of the most critical measures used to gauge a company’s performance. As NetSuite consultants, we understand that staying on top of the intricacies of revenue recognition presents a major challenge. Can it be make simpler?

Spreadsheets might be sufficient to track sales of a couple customers, but what happens when you grow? New sales are continually coming in. They have different dollar amounts and different rules. Some will be 100% recognized this month while others won’t be recognized until later. You are growing your company, but the more sales, products, and customers you add, the more complex your tracking becomes. 

Do you have an integrated revenue recognition software to support growth? OR do you have people dedicated to filling out spreadsheets then manually entering it again to send an invoice? Dual entry usually requires additional resources. Manual systems, unlike cloud accounting systems,  take a lot of time and effort to maintain, and not only is there potential for error, but a spreadsheet-based system is also difficult to audit and trace back to original invoices. In addition, there is limited reporting functionality with a spreadsheet-based system. You are very limited in how you can view and analyze information critical to decision making.

But what if you had a cloud accounting tool that completely automated your revenue recognition process? A system that integrates with your existing ERP applications you’re using and provides complete support for all key revenue recognition functions? Integrating your revenue recognition functionality means your accounting group can put their focus where it needs to be – growing profitability.

Cloud Accounting and Automating Revenue Recognition

Here are 7 examples how automating revenue recognition with a cloud accounting system will help your organization:

1. Efficiently meet revenue recognition standards
2. Comply with AICPA, FASB and SEC regulations
3. Improve finance productivity and reduce the cost and time of calculating, recording and reporting on revenue recognition
4. Reduce or even eliminate the use of spreadsheets, dramatically reduce errors and gain strong, compliant processes
5. Improve accuracy by ensuring the proper review, approval, and execution of revenue to be recognized
6. Gain clear visibility and monitoring throughout the recognition process, from summary to detail to Estimated Selling Prices (ESPs) and key variances
7. Because you’ll be operating in the cloud, you’ll stay ahead with automatic updates on the latest revenue recognition rule changes. No need to manually update your complex web of spreadsheets.

Those are just the basics. Automation and integration can also provide the functionality to get higher-level forecasts and projections based on work you’ve contracted for but have not yet completed. Designate any time span -- whether it’s the next year or the next five years – and view projections at the touch of a button on your dashboard.

From compliance to improved productivity to forecasting to improved accuracy, automating your revenue recognition cloud accounting system can improve your bottom line.

On-premise software options lack the ability to react quickly to your needs. When you invest in a leading cloud-based software company know what you need and you’ll get a quick response. There are no layers of bureaucracy to maneuver through, no team of consultants who have to give their stamp of approval, and no paying of millions of dollars and waiting for months to get the service and attention you need right now.

As NetSuite consultants, our team at goGirtualOffice, helps CFOs, Owners, Controllers, Accountants and IT managers with a fit assessment to decide if NetSuite is the right solution for some or all of your business needs. Contact us or email or call 888-773-2123 today!

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Focusing on NetSuite since 2005, our team is one of the top NetSuite companies in the world. How is this possible? We focus on you! Contact us or email or call 888-773-2123 today and we’ll help you see if NetSuite is the right solution for some or all of your business needs.

NetSuite is a cloud-based Enterprise Resource Planning (ERP) platform that enables organizations to grow and unify their departments. Its built-in flexibility, real-time business intelligence, commerce-ready platform is designed for a modern company. NetSuite lowers costs and reduces hassle for IT. One platform spanning back office financials to customer records to professional services provides visibility and simplified integration.

Another version was previously published on goVirtualOffice’s Blog by Dirk Shimpach on August 2, 2017 - Simplifying Revenue Recognition with Automation, Integration 

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