Announcing Revenue Recognition
Today we’re announcing the launch of our Revenue Recognition module, which completes the last pillar of the Subskribe quote-to-revenue platform. From day one, our promise to customers has been to provide a single, unified end-to-end system and we’re delighted to fulfill this promise today.
The Subskribe team is the first in the industry to deliver a unified quoting, billing and revenue recognition system that can handle dynamic deals natively, and we have done this in 2 years — a record by any stretch. We are grateful to our amazing team, design partners and investors for your help in making it happen.
Taking the Complexity Out of Revenue Recognition
Revenue recognition is a complex process, but it doesn’t need to be quite as complicated or laborious as it is for many organizations today.The ASC 606 and IFRS 15 revenue recognition standards were designed to streamline and standardize revenue recognition. Despite these objectives, revenue recognition feels as complicated as ever. The key reason: fragmented systems.
Maintaining siloed systems for quoting, billing, collections and revenue recognition — and let’s not forget Excel — can cripple efficiency, impede productivity, and create unacceptable headcount costs and financial statement risk.
The new Revenue Recognition module enables companies to tightly integrate all three functions — quoting, billing and revenue recognition — for efficient, accurate and compliant operations.
Best of all, the entire process is managed on a single platform:
Auditing, Tracking and Integrations Simplify Revenue Recognition
Subskribe’s Revenue Recognition tracks the complex details of SaaS transactions, including other common products sold such as training, customer support and professional services, so there’s never any doubt at what point in the revenue recognition cycle these transactions reside.
As a single platform that encompasses quoting, billing and revenue recognition, Subskribe can enable revenue teams to more dynamically and efficiently determine a company’s Standalone Selling Price, or SSP. The platform’s configurable discounting engine at the quoting stage allows for flexible reporting on discount segments at the product and account levels, facilitating what is often a complex and onerous SSP calculation process.
Simplifying revenue recognition provides several advantages for your business:
- Provides a more accurate picture of your business by recording revenue when it's earned in real time
- Enables you to more accurately forecast future revenues
- Helps you identify future growth opportunities through increased transparency into business performance and growth trajectory
- Enables you to record payments received in advance of services, for example with businesses whose service contracts require payment up front
Subskribe Revenue Recognition
With Subskribe’s Revenue Recognition, SaaS companies can now directly tie revenue recognition into the quoting and billing system, so revenue flows are easy to manage on one platform. More importantly, our integrations give finance teams the flexibility to automatically allocate transactions to specific GL accounts.
Sign up today to learn how to streamline your finance operations: https://www.subskribe.com/demo-request