San Francisco, California, August 7, 2023 – OneBill Software, a leading billing and revenue management solution, announced their new revenue recognition module to meet global standards such as ASC 606 and IFRS 15.
Using the OneBill’s revenue recognition module, businesses can now track and recognize revenue with optimum accuracy, based on global standards such as ASC606 or IFRS 15. More specifically, the revenue recognition module provides a five-step process to define the rules for tracking revenue and recognizing them based on the contract definition:
- Step 1: Identify the contract with the customer
- Step 2: Identify the Performance Obligations(POB) in the contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to the Performance Obligation
- Step 5: Recognize Revenue when the Performance Obligation is satisfied
Beyond the necessity to remain legally compliant, businesses can reduce manual effort and errors in the revenue recognition process and achieve increased accuracy and consistency in revenue recognition.
“With an increasing number of businesses needing to legally meet ASC 606 and IFRS 15 standards, we are thrilled to be able to offer our customers the peace of mind that our platform has them covered through our advanced revenue recognition capabilities,” said Founder & CEO, OneBill, JK Chelladurai.
Learn more about OneBill’s revenue recognition features here: www.onebillsoftware.com/billing-revenue-management
OneBill is an intelligent end-to-end revenue management ecosystem that consists of opportunity tracking, product configuration, quoting, contract management, customer relationship management, order fulfillment, inventory management, consumption rating, taxation, billing, payment processing, A/R management and revenue recognition, while supporting vendor/reseller management to agent commissioning.
Barathi Balakrishnan – VP, Marketing