CompuData Leverages Intacct Contract & Revenue Management to Help Companies Navigate ASC 606

PHILADELPHIA - April 10, 2017 - PRLog -- CompuData, a leading business technologies innovator specializing in Enterprise Resource Planning (ERP) implementations and strategies, is leveraging Intacct Contract and Revenue Management to help companies navigate the complexities created by the Financial Accounting Standards Board's (FASB) Accounting Standards Update (ASU), Revenue from Contracts with Customers (Topic 606) – which is changing the way companies with client contracts manage revenue reporting.

Intacct Contract and Revenue Management marks the ERP industry's first automated solution to help companies navigate the complexities created by ASC 606, as well as the similarly issued International Accounting Standards Board (IASB) International Reporting Standards (IFRS) 15, Revenue from Contracts with Customer update.

When FASB originally issued ASC 606, it was supposed to be effective in 2017. However, due to the magnitude of the change, the effective date has since been delayed until the start of 2018 for public companies, and the start of 2019 for private companies.

"Although you may think you have plenty of time, the reality is the contracts you are writing today that extend into the 2018 and 2019 adoption timeframes must be accounted for under ASC 606," reports Angela Nadeau, CEO of CompuData. "It's essential to ensure revenue recognition processes are running smoothly, well in advance of the deadline."

Under ASC 606, subscription-based companies will recognize revenue over time as the performance obligation is delivered to the customer. Companies with even moderately complex customer contracts are going to find that the new rules will have extensive impacts best dealt with by software designed specifically to handle the new requirements. While the changes required by ASC 606 will be felt across the organization, finance and IT departments will bear the greatest burdens. Existing financial systems will need to be updated, while finance teams must overhaul existing processes and systems to ensure compliance.

"For organizations operating under complex billing arrangements, like usage-based billing, it's incredibly important that billing and revenue recognition systems work in concert, so that when the customer consumes the benefits of the performance obligations, an organization can recognize the revenue," cautions CompuData's Nadeau. "Intacct Contract and Revenue Management is a new module for Intacct's cloud ERP solution that fully addresses all the upcoming rules for revenue reallocation and expense amortization—using automation, not spreadsheets."

Intacct Contract and Revenue Management, which encompasses applications for contract and subscription billing, as well as contract revenue management, enables finance teams to automate complex processes for addressing all new ASC 606 and IFRS 15 rules for revenue reallocation and expense amortization. In addition, it enables companies to  disclose the impact of changes with confidence using automated dual treatment at the transaction-level and solve the most onerous requirement for transitioning to the new rules with automated dual reporting.

About Intacct
https://us.intacct.com/accounting-software-products?refer...

Intacct is the innovation and customer satisfaction leader in cloud ERP software. Bringing cloud computing to finance and accounting, Intacct's innovative and award-winning applications are the preferred financial applications for AICPA business solutions. In use by organizations from startups to public companies, Intacct is designed to improve company performance and make finance more productive. For more information, visit www.intacct.com.

About CompuData
http://www.compudata.com/

CompuData (www.compudata.com) specializes in providing Enterprise Resource Planning (ERP), managed IT services and cloud hosting technologies. With more than 45 years of performance as a business technology innovator to businesses, CompuData offers a vast spectrum of IT solutions not limited to the areas of software selection, implementation, training and deployment for financial services, SaaS and subscription businesses, professional services businesses, distributors, and MTO or ETO manufacturing industries., professional services, For more information, contact CompuData online at www.compudata.com/contact/ or call 800-223-3282 and follow CompuData on Twitter @CompuDataInc, Facebook and LinkedIn.