ZUORA RevPro - Revenue Recognition (ASC 606 / IFRS 15)Avoid a Rev Wreck by implementing RevPro
As your business anticipates the compliance demands for ASC 606 and IFRS 15, avoidance is not the answer.
Taking the first step – analyzing the impact the new standards will have on your specific business – enables you to realize your digital transformation goals to understand the impact the new rules will have on your forecasting, key performance metrics, accounting policies, financial reporting and budgeting.
Protomind’s Revenue Recognition services include technical accounting, systems evaluations and implementations, business process re-engineering, and analytics. Protomind’s teams of seasoned consultants have extensive revenue recognition compliance and documentation experience, as well as technology and process improvement expertise to support you.
Gap Assessment Services
Protominds will help you address the disparity between where your company stands today on revenue recognition compared to where it needs to be in order to be fully compliant with ASC 606 and IFRS 15.
Planning and Documentation
We provide a comprehensive plan to address the discrepancies uncovered by the analysis, including the gap analysis & potential exposure for the company, areas of the company affected by the new standard and the processes which need to change, the projected impact on existing metrics as well as budgeting and forecasting and changes to contract terms and conditions.
Protominds delivers a side-by-side comparison of current processes versus compliance requirements of the new regulations.
Roadmap to Compliance
We focus on people, process and technology augmentation and improvements that will be necessary to adhere to ASC 606 and IFRS 15 along with a timeline for implementation. This analysis allows CFOs to report to the executive team and board on any next steps and investments required to meet the new regulatory deadlines.
Systems Evaluation and Implementation Services
Protomind’s successful track record of RevPro implementations across different industries and geographies helps us conduct a strategic evaluation of your existing software systems, your team and your requirements to be compliant with the new ASC 606 and IFRS 15 guidelines. Then we’ll help you implement RevPro.
What Is RevPro?
RevPro is the leading revenue recognition and forecasting solution, with more than $250 billion in revenue under management. RevPro’s rules-based engine automates even the most complex revenue processes to produce consistent and accurate revenue data quickly and easily. It integrates with any ERP – or works as a stand-alone solution – and is deployed under a convenient on-cloud model. In an industry guided by ever-evolving standards, it’s reassuring to know RevPro complies with both current and future guidelines from both FASB and IASB.
Why Automate Your Revenue Recognition Processes?
Even though many key business processes have become automated for better efficiency, accuracy and simplicity, the most important one of all – revenue recognition – still relies on manual processes, incurring substantial risk of restatements, errors, and fines. In addition, FASB is issuing new guidance that makes it more important than ever to automate revenue recognition to stay in compliance. You should consider automating your revenue recognition NOW.
- Revenue and Deferred Revenue Management – In accordance with your accounting policies and business rules
- Grouping of Contracts – For multiple element arrangement allocation
- Fair Value – For VSOE, BESP, SSP, RSSP calculations and allocations
- Dual Guidance books -To follow rules of ASC 605/606 and IFRS 15/16
- Variable Consideration – To manage the tracking and accounting from estimates through actual, releases and clearing
- Multiple Cost – accounting for multiple user defined cost types
- Comprehensive Accounting – for COGS, Sales Commissions, rebates ad accruals in conjunction with revenue
- Robust Reporting – for operational and reporting purposes
- Forecasting and Projections – for better management decision-making
What’s In It?
RevPro consists of 4 modules designed to fit your needs, based on your business requirements and revenue policies
Revenue Management & Allocation
RevPro’s Revenue Management module allows you to manage the timing, amount and amortization method of revenue recognition. It also allows you to manage cost of goods sold, commissions, rebates, accruals and royalties. Set up your revenue policies and business rules to track revenue and watch the unparalleled power of RevPro. RevPro’s Revenue Allocation module automates the Fair Value calculations (VSOE, TPE, SSP, BESP) and performs the required revenue allocations, automatically allocating and tracking all calculations at the transaction level, giving transparency and traceability to the expected adjustments, allowing you to focus on review and compliance rather than mastering complex spreadsheets.
RevPro’s Revenue Forecasting module delivers a full suite of operational reports required by the revenue team to close the financial period – whether it’s month-, quarter- or year-end. From reconciliation reports to revenue waterfalls, this module’s unique reporting gives you peace of mind that you have the answers to all your revenue questions and, more importantly, are ready to answer audit questions.
Variable Consideration (VC) Analyzer
Companies who face a great deal of variable consideration have to go through historical transactions to estimate the VC amount/percent for future contracts. This auditable process needs to be proved with sufficient disclosures. RevPro’s VC analyzer allows companies to analyze the historical data using different stratification options and produce results from the various data populations. The outcome of this process can be used for future contracts. The results and supporting details will be stored in RevPro for future audits and disclosures.
Revenue Intelligence / RevPro Analytics
RevPro’s Analytics module enhances operational reporting capabilities and adds performance analytics dashboards – giving key decision makers up-to-the-minute revenue visibility and metrics. You can take advantage of the “slice-and-dice” functionality on pre-formatted reports or leverage the reporting platform to build your own reports and revenue dashboards. Why Use RevPro?
- Eliminate Spreadsheet Errors
- Shorten Period End close
- Reduce Audit Time and Fees
Better Data Visibility
- See the Complete Revenue Picture
- Improve Decision-Making
- Better Analysis and Forecasting
Flexibility in Deployment
- Configurable Rule Sets
- ERP Integration; No Co-Dependence
- Can Work Without ERP,Too
Comply with GAAP/IFRS
- Full Compliance with GAAP/IFRS
- Dual Reporting for Comparison
- Updated to Meet Newest Rules