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Art & Science of Revenue Automation – practical lessons for automating revenue under ASC 606
The effective date of ASC 606 is rapidly approaching and many, if not most, companies are focusing significant attention on the adoption process. The new standard and adoption process presents companies with many challenges, but also opportunities. Revenue recognition at most companies is a notoriously manual process, inherently risky and prone to error. Therefore, many companies are seizing this opportunity to invest in technology to automate revenue recognition. Reflecting on our ASC 606 clients, largely all companies have plans to invest resources on technology to support the adoption and more specifically to automate revenue.
Technology offers enormous benefits in terms of efficiency, controls, and reporting. However, as revenue is inherently complex, to succeed in automating you will need a mix of both “science and art”. Some of the practical lessons we have learned are:
· The standard is new – everyone is learning
· The importance of data
· Understand the timelines
· It’s a journey
In the coming weeks, through the LinkedIn series titled Art & Science of Revenue Automation, Jason Pikoos will take an in depth look into each of these lessons.
Interested in reading the full Art & Science of Revenue Automation white paper?
Download here: Art & Science of Revenue Automation