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SAP RAR Global User Group Meeting on April 7, 2016

Posted by Bramasol RevRec Team on Mon, Apr 4, 2016 @ 06:54 AM

Please join SAP and Bramasol for the Fifth SAP Revenue Accounting and Reporting (RAR) Global User Group Meeting on Thursday April 7 from 2 – 3 PM EST.

An update on SAP Revenue Accounting and Reporting v1.2 System Acceptance Testing (SAT – customer testing) event that took place March 28 – April 1, 2016 will be given.  Also, we will provide an update on the planned roadmap for SAP Revenue Accounting and Reporting (RAR) v1.3.

We will use GoTo Meeting for the event and will try to record the session.*

https://attendee.gotowebinar.com/register/2373280828410934532

The GoTo meeting will be opened 30 minutes prior to the meeting start to allow for users to join more easily.

Join Bramasol & SAP in the  Revenue Accounting and Reporting  User Group: Register Here

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Topics: SAP Revenue Accounting and Reporting

SAP RAR Cloud Solution gets Rev Rec Up and Running Quickly

Posted by Bramasol RevRec Team on Mon, Feb 8, 2016 @ 09:00 AM

Bramasol, the leader in SAP Revenue Recognition, is now offering SAP RAR in the Cloud Solutions to help you get Rev Rec projects up and running quickly.

We offer a cloud based SAP RAR solution that can send and receive to and from most major platforms including, SAP, Oracle, Microsoft Dynamics, or even Excel. 

Reduce the stress of upgrading, migrating platforms, or complex integration.  Using Amazon Web Services (AWS) to host the latest version of SAP RAR, we can have you up and running quickly and cost effectively.  Bramasol's certified SAP Revenue Accounting and Reporting consultants can work with you to set up your system, choose scenarios and get you started.

Click below to learn more about what Bramasol's SAP RAR in the cloud can do for you.

SAPRARcloudsolutions.jpg

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Topics: revenue recognition, SAP Revenue Accounting and Reporting, SAP RAR

RevRec Ready - Hot-Tip #12 Leverage RevRec to Drive Transformational Actions

Posted by Bramasol RevRec Team on Tue, Feb 2, 2016 @ 06:00 AM

RevRecReady-HotTipView RevRec as an Opportunity to Transform and Improve Processes 

The extent of impacts will vary by industry and by organization within the industry, but all companies will be impacted.  Some of the changes this will cause include additional or expanded disclosures, the inclusion of additional estimates and judgments in external Financial Reporting, and most likely new or modified business processes and controls.

It is important to note the last impact item from above: new or modified business processes and controls.  The new standard is not just an accounting exercise, but rather extends well past technical accounting into core business processes.

To get lots of detail on how to leverage these opportunities,, click here to read Larry McKinney's blog post "Revenue Recognition Projects: Driving Transformational Actions" on LinkedIn Pulse.

 

 Read all of the RevRec Ready Hot Tips here.

 Don't miss the upcoming webinar on February 25!

 RevRec Webinar:

Subscribe to the Bramasol Ignite Possible blog for a new RevRec Ready Hot Tip every week!

 

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Topics: revenue recognition, SAP Revenue Accounting and Reporting, revrec hot-tips

Insights from the Recent Revenue Recognition Bootcamp

Posted by Larry McKinney on Thu, Dec 17, 2015 @ 03:51 PM

Revenue Recognition changes are coming quickly and many companies have already begun to evaluate what compliance with the new standards means to them.  Some companies still have to evaluate the impact…to those companies I say the time is now.  The new Revenue Recognition guidelines take effect January 1, 2018 and the date is rapidly approaching. 

At the recent Revenue Recognition Bootcamp in Boston hosted by Bramasol—along with SAP, PwC, and Nakisa—many companies indicated they had begun evaluating the impacts of the IFRS 15 and ASC 606 (Revenue Recognition) changes but needed direction on how to approach implementing those changes.  If this sounds like the situation you are facing, you are not alone and more importantly, we are here to help.

BostonRevRecBootcamp.jpg

The simplest way to look at how the changes impact you is to do the following:

  1. Perform an Impact Assessment – Work with an accounting firm to understand how the changes impact your business.  In some cases this will not only be a reporting impact, but a business process impact.  Consider a company that pays its sales staff based on the revenue they generate.  Now the timing of that revenue is impacted.  Certainly consideration will have to be given to the compensation of the sales staff as the metric for determining compensation has changed.

  2. Identify the types of contracts you have – Group like contracts together.  If you have time based contracts, milestone based contracts, or contracts that include a gift with purchase component, it is important to identify how many different types of contracts you have.  This will help to determine the Performance Obligations (the goods or service) you will need to fulfil under the new method for recognizing revenue.

  3. Participate in a Proof of Concept (POC) – A POC enables you to actually see how the changes are implemented for your scenarios and what the new standards will look like.  A POC will use your data and contracts to prove out the solution provided by SAP.  This solution is included in your maintenance (so there is no additional software or license costs) and will work with anyone on SAP ECC EHp5 or higher.  It is fully integrated, supported, and ready for HANA.  Bramasol has been working with the product since its inception and are experts in its implementation.  We work closely with SAP and their development team on identifying requirements, testing the software, and supporting early adopters.

  4. Initiate a project – After completing the above steps, it is time to take action and start the project to implement a Revenue Recognition solution.  Bramasol has been involved in many POCs and several projects and one thing is certain, the time to start is now.  The earlier you get started, the more time you have for testing and planning for the change that is inevitable.  There is no indication for the standards boards that there will be a delay, so it is critical to start the process.  Projects range from six months to over two years depending on industry, volume and type of contract, reporting requirements, and preparation done prior to project execution.  I cannot stress this enough, you need to get started as soon as possible if not now.

Hopefully you have found this information helpful.  We at Bramasol, and I in particular, would love to discuss any topic with you in more detail.  Do not hesitate to reach out to us and let us know how we can help you. 

We have a team of consultants and subject matter experts along with our Revenue Recognition Center of Excellence ready to support you throughout the entire process.  We wish you success and look forward to helping you get there.

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Topics: revenue recognition, SAP Revenue Accounting and Reporting

SAP Revenue Recognition Bootcamp - Boston, Dec 8

Posted by Bramasol RevRec Team on Fri, Dec 4, 2015 @ 09:02 AM

Join us for a complementary one-day forum to help you get your revenue recognition projects off on the right foot.
 
Presented by SAP, Bramasol, PWC and Nakisa. Experts will showcase detailed demos of the solutions available to you, walk through project plans for actual revenue recognition initiatives, and provide tips, templates, and other resources.
 
Through extensive real-world experience and customer examples, you will discover what it takes to evaluate your current contracts and prepare your accounting systems, processes, and data to support the new standard as you:
  • Gain a thorough understanding of the new revenue recognition standard, deadlines, and reporting requirements
  • Walk through a 5-step model for modifying your current revenue recognition processes to meet the new standard
  • Receive decision criteria to help you select and implement the right SAP and third party tools and services to automate and streamline your project
  • Take home best practices for analyzing your current contracts, defining your performance obligations, and setting transaction pricing
  • Understand your two main options to transition: full vs partial retrospective
  • See how other companies are managing the tasks, communication, and coordination between their accounting, IT, policy, and project teams.
  • Prepare for the challenges and nuances of the testing and disclosure phases of this unique project and process.
Attendees are strongly encouraged to bring their important questions to discuss one-on-one with our knowledgeable and experienced panel of experts.
 
 

 

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Topics: revenue recognition, SAP Revenue Accounting and Reporting

Telco Customers Prepare for Accounting Standards Changes with SAP RAR 1.1

Posted by Bramasol RevRec Team on Mon, Nov 9, 2015 @ 10:00 AM

SAP has announced enhancements to the SAP® Revenue Accounting and Reporting application designed to help communications service providers (CSPs) simplify preparations for upcoming changes in International Financial Reporting Standards (IFRS).

The IFRS changes will have significant impact on how carriers recognize revenue. The software enhancements simplify the tasks of archiving large amounts of data, updating forward- and backward-looking information, and integrating with the SAP hybris® Billing solution.

SAP Revenue Accounting and Reporting, version 1.1, is now available for early-adoption customers as part of the SAP Ramp-Up program

For assistance with understanding the benefits of SAP 1.1 or downloading the software, click below.

Request RevRec Consulting Support

 

 

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Topics: revenue recognition, SAP Revenue Accounting and Reporting

NYC RevRec Summit

Posted by Bramasol RevRec Team on Tue, Nov 3, 2015 @ 01:29 PM

It was great to see such a good turnout for the most recent Revenue Recognition Summit, which was held Nov 3 at the SAP office in downtown New York City.  

In addition to the formal presentations from SAP, EY and Bramasol, led by Pete Graham, Solution Leader, Revenue Accounting & Reporting and Simple Finance, there was also a lively give and take discussion between all of  the attendees. 

This series of RevRec Summits is designed to keep companies informed on the newest developments in technology, compliance issues and best practices, while also providing an excellent opportunity for participants to network with their peers and to get answers for their specific questions.

NYCRevRecSummitNov03

Thanks to all who attended.  

If you couldn't make it and want to stay informed about future RevRec Summits, click below.  Keep Informed About Upcoming RevRec Events

If you're interested in learning more, sign up here to attend the new Bramasol Webinar Series on Simplifying Finance and Revenue Recognition.

 

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Topics: revenue recognition, SAP Revenue Accounting and Reporting

RevRec Ready - Hot-Tip #11 Assess Operational Loads and Data Migration

Posted by Bramasol RevRec Team on Wed, Oct 28, 2015 @ 04:05 AM

RevRecReady-HotTipAssess Operational Loads and Data Migration. 

  • Model the operational loads for pre and post migration scenarios
  • Plan Migration activities in early stages of the Project
  • Assess the data load in terms of volume and complexity prior to migration.

 

 Read all of the RevRec Ready Hot Tips here.

 

 RevRec Ready

Subscribe to the Bramasol Ignite Possible blog for a new RevRec Ready Hot Tip every week!

 

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Topics: revenue recognition, SAP Revenue Accounting and Reporting, revrec hot-tips

Next RevRec Summit in New York, Nov 3

Posted by Bramasol RevRec Team on Thu, Oct 15, 2015 @ 07:48 AM

As the leader in SAP Revenue Accounting and Reporting, Bramasol will be presenting at the upcoming EY/SAP Revenue Recognition Summits Series. The EY/SAP Summits focus on how we’re working together to help educate companies about the impact of the new standard on systems and processes.

The next summit, co-hosted by EY and SAP is taking place November 3, 2015, at the SAP office in downtown NY. 

This will be a fantastic opportunity for you to network with your peers and participate in an interactive discussion on the accounting, systems and business process implications of the Revenue Recognition standard lead by Pete Graham, Solution Leader, Revenue Accounting & Reporting and Simple Finance, SAP and several of EY Revenue Recognition leaders. 

Please RSVP today by clicking here to be redirected to the registration link.

EY-SAP-NovSummitNY

RevRec Ready eBook

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Topics: revenue recognition, SAP Revenue Accounting and Reporting

RevRec Ready - Hot-Tip #10 Start with a Proof of Concept

Posted by Bramasol RevRec Team on Tue, Oct 13, 2015 @ 08:57 AM

RevRecReady-HotTipNot quite ready for a full blown project? Try a Proof of Concept. 

Choose one or two key scenarios and work with a partner like Bramasol to implement them.  

You will learn a lot about your partner, your business and what it will take to implement fully. 

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Often the failure to get started and inability to lay out a well-structured path to success results from buying into the dangerous misconceptions that we call the “Seven Myths of Revenue Recognition”.

Learn about these myths and how to avoid being hurt by them.

 

 RevRec Ready eBook

Subscribe to the Bramasol Ignite Possible blog for a new RevRec Ready Hot Tip every week!

 

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Topics: revenue recognition, SAP Revenue Accounting and Reporting, revrec hot-tips

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