Have you realized that there is a great opportunity hidden inside your revenue recognition compliance process?

In this new blog post, we are widening the view to look beyond compliance and explore how companies can leverage end-to-end Automated Revenue Management capabilities to Comply, Optimize and Transform™ their enterprise-wide revenue processes.

As part of Bramasol’s Comply, Optimize, Transform™ approach for serving both the near-term and long-term goals of our clients, we deal with a wide range of targeted process improvements spanning many financial systems of importance to CFOs and company leadership.

This blog is part of an ongoing series on the Digital Solutions Economy™ (DSE). For additional context on DSE, please see my blogs on “The Digital Solutions Economy is More Than Just Subscriptions” and “Disruption is Happening in Consumer Products Companies. How Should You Deal with It?”

As today’s globally competitive landscape requires companies to tailor their organizations to be more responsive to local and regional market and customer requirements, they also must deal with increasing challenges for enterprise-wide integration and efficiency.

Companies that offer products and services to consumers are currently grappling with multiple tidal waves of disruption across virtually all industry segments.

Treasury is one of the most important aspects within the Office of the CFO and is a critical factor for success in every company. However, treasury functions are not always unified and integrated. In too many companies, the evolution of disparate applications for cash, banking, risk management and other key treasury missions has created a patchwork of legacy systems that can stifle productivity and increase risks.

Over recent years, companies have focused significant time and effort to comply with revenue recognition standards ASC 606 and IFRS 15. In previous blog posts, we’ve drilled down and looked at various aspects of RevRec compliance including the importance of Optimization and Integration, options for deploying SAP RAR in the Cloud, and leveraging Analytics for Disclosure Reporting.

In today’s globally competitive environment, companies need to take a strategic approach to how they manage financial processes while engaging with both suppliers and customers across a range of different countries, regions, and markets. This will require a higher level of seamless integration between the Office of the CFO and various frontline manufacturing, logistics and supply chain functions.

As we move into 2021, companies are finalizing their plans, budgets and operational improvement processes for the coming year. One of the key challenges that many organizations face is how best to optimize and integrate their ASC 842 / IFRS 16 compliance within their overall business systems.