To ensure consistent application of rev rec rules, companies need to be armed with a strong internal understanding of how ASC606 applies to their particular business model. Where internal know-how comes up short, third-party consultants can provide the additional expertise – and peace of mind – when assessing the impact of revenue recognition.
At SOFTRAX, the challenges created by new accounting regulations are ones we’re very familiar with. And after 15 years of helping companies come to grips with changes in standards, we’re proud to be able to offer a modular, open-ended solution that conveniently handles the revenue recognition needs of IFRS 15 and ASC 606 – all without changing or replacing the systems your company most relies on. It doesn’t just streamline your business, but also de-risks your most important – and audit-vulnerable – revenue recognition processes with intelligent automation and effective security and information controls. And with extensive audit trails and data visibility, you’re well-prepared even in the event of SEC action.
Softrax can help you understand the potential impacts of the new revenue recognition standard, by working with you to develop an implementation strategy that ensures your business is ready to meet the challenges of ASC 606 and beyond. To learn more, just speak with a representative and schedule a free demo today.