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. 

Corporate finance professionals depend on tools and technologies for critical information they need to drive timely decisions and to anticipate emerging issues that could impact the business.

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).

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.  

Assess 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.

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.

Not 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.

In my previous blog I suggested that there are three things that we must do if we are to succeed at anything.:  Focused preparation that is aligned to our corporate vision, excellence in execution and thoughtful follow through.  The crucial first steps are to create a clear vision of success and then setting goals to achieve that vision.  Embarking on any project be it a presentation or an IT project such as Revenue Accounting without a vision and roadmap/goals is insanity.  It is akin to getting in a car and driving with no destination in mind, no map, and no idea of when you plan to get there.  Then add a mud-covered windscreen and you have a recipe for disaster.