The business services industry is a very broad industry, encompassing many different categories of business operations; all of them provide some sort of non-financial service to other companies. Nearly every business in operation has need of at least one of the different kinds of service offered by the industry. These services include advertising, marketing, consulting, logistics and security.
Revenue accounting is becoming far more complex and auditors are now examining financial records in finer detail. Unfortunately, typical accounting systems do not handle complex revenue processes well because they were designed for a world in which revenue was simple. Customer relationships defined by multi-element agreements involving bundled line items, tiered pricing, complex discounts, multiple billing methods, and long-term support and maintenance agreements can generate extremely complex accounting challenges. As a result, your financial infrastructure must be robust and extremely flexible especially where revenue in concerned.
Accountnet automates revenue accounting, and excels when complex issues occur across multiple business models, corporate entities, and currencies
Apply revenue recognition policies on an enterprise basis.
• Support multiple business models with bundled revenue streams including: product, maintenance, subscription, transaction, usage, and services
• Automatic date schedule creation based upon product type, order type, revenue compliance rules
• Recognition based on dates, events, and % complete values
• Multi-entity support
• Multi-currency support per FASB 52 guidelines
• Support the revenue allocation process as part of the standard business flow