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What tools are available to automate revenue recognition (specifically 08-1 related issues)

Does anyone know of any usfull software or sevices available to address 08-1 related rev rec. 

Answers

Topic Expert
J.D. Floyd
Title: Owner, CFO
Company: CFO Outsourcing Solutions, Inc.
(Owner, CFO, CFO Outsourcing Solutions, Inc.) |

No software that I know of. Your best solution is a staff member who knows Revenue Recognition for multi-element arrangements.

J.D. Floyd

Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

Intaact has a demo of their rev rec tool out; I believe NetSuite has one as well. Note that these just let you put the schedule in and deals with the complexities of the different components. Actually figuring out how the recognition should work is completely manual, and to J.D's point, requires an expert to set up the rules and make sure sales conform.

Kimberly Odom
Title: Software Vertical Marketing
Company: NetSuite
(Software Vertical Marketing, NetSuite) |

I agree with J.D. and Keith that staff with Revenue Accounting experience is important. NetSuite offers comprehensive solutions that automate rev rec with support for EITF 08-01, EITF 09-03, SOP 81-1/97-2/98-9 and SAB 101. Here is a link to a webinar specific to tools that support EITF 08-01. http://bit.ly/On9IIs

Dan Jebens
Title: CFO
Company: ToolWatch Corp
(CFO, ToolWatch Corp) |

Intacct and NetSuite are both great options but you still have to have someone that understands the rules. If you are a smaller company you may have to hire a part time CFO/Consultant to assist your staff. Many companies use spreadsheets which I think is a horrible option due to complexity and the risk of error. We started with spreadsheets, tried to find the budget for Intacct or NetSuite, and ended up building our own in a database. As soon as we have budget we are moving to a complete system. I recently saw a reasonably priced system you may want to check out: http://www.saasoptics.com/

Julia Cain
Title: Marketing Manager
Company: SOFTRAX
LinkedIn Profile
(Marketing Manager, SOFTRAX) |

Revenue Manager is great for companies seeking a solution that specifically addresses complex revenue recognition requirements (including ASC 606 & IFRS 15) not met by existing ERP systems. http://www.softrax.com/products

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