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SAP RevSym - Simplifying Revenue Recognition

Why SAP RevSym?

 ASC 606 - Financial Accounting Standards Board’s new revenue recognition standard has two main objectives. The first,  is to eliminate industry-specific guidance in order to create more transparent and uniform reporting across all types of companies. This will allow for a more generic comparison among companies and industries. Second, the standard seeks to give companies more judgment in applying accounting guidance to manage their businesses.

It prompts users through a detailed and consistent revenue recognition process which improves the efficiency of employees assigned to these tasks, ultimately saving a lot of money.The idea behind the new standard is to create uniformity and enable better and more objective comparisons among the vastly different businesses and business models.

SAP RevSym  addresses the multitudinous revenue recognition and sales expense challenges posed by ASC 606 and IFRS 15 internationally. It automates revenue recognition as well as accounting for commissions at the portfolio level or even at a deal-by-deal level. You can easily amortize the cost of sales or sales commissions for existing contracts, new contracts, contract renewals, and contract cancellations. 

Steps to Automate Revenue Recognition Process

Steps to Automate Revenue Recognition Process

Key Features

Automated Revenue Recognition

  • Automate IFRS 15 and ASC 606 revenue recognition and cost accounting
  • Automate prospective and retrospective treatment of contract modifications
  • Manage complex requirements easily such as SSP and SSP analysis variable considerations

Real-time
Reporting

  • Configure disclosure reports easily to address ASC 606 and IFRS 15 requirements
  • Update reports in real time as revenue is booked and recognized
  • Support complex revenue reporting requirements with multibooks functionality

Standardized
Compliance

  • Simplify audits with full traceability of updates in your cloud platform
  • Support internal controls with granular, role-based permissions
  • Exceed industry standards by using reliable, scalable and secure cloud platform
New Revenue Standard

Key Benefits 

AccelerateASC 606
and IFRS 15

Get access to advanced revenue recognition and reporting, that includes configurable, real-time disclosure reports, with the simple setup of accounting policies and rules.

Increase
Compliance

Reduce the financial close cycle, while enabling accurate, timely, and automated rule-based revenue recognition and also cost accounting.

Easily configure
Policies

Empower your business users with the ability to leverage real-time disclosure reports in sync with the new standards.

Looks Interesting?

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