Subscription companies, companies with deferred revenue, usually start by managing revenue in Excel. Revenue recognition in a spreadsheet makes sense when you are a small company because it’s a small data set, material, less revenue going through the system and fewer transactions. When your company starts growing revenue management gets complicated. Sometimes the challenge is increased volume – the files become very large, and the calculations become unwieldy and more prone to errors. Sometimes the challenge is the complexity of each individual sale, or changes after the original sale. At the same time, reporting and analysis becomes more critical as there is more revenue and now you need more reports out of the system. Consistency and auditability become more important too. But your existing system does not support it and so you are forced into a new system.
With Tensoft Revenue Lens, you will find both a system that’s straightforward to implement and is really structured and rules based. There is not much user intervention to generate consistent inputs and outputs. The idea is to make the implementation easy and cost effective to where you have the time and resources to make the change.
Tensoft Revenue Lens is a tool that manages revenue recognition from the start of a transaction – takes an inbound sales document and transforms it into a revenue agreement by applying rules to recognize revenue according to the accounting revenue standards (ASC 606 & IFRS 15).
It integrates with Excel and so you can use it to upload your existing data or to import new transactions. It can integrate to your sales systems too – so that we capture the sales from all of your channels. Revenue Lens handles revenue recognition in a more structured way. It uses a database that can handle calculations a lot faster than Excel. So, you are spending less time on the calculations and more time on the analytics. You’ve got additional dimensional data that you can tag information to each of the transactions. The reporting is quick with broader ways to view the data.
View the short video above to get a quick overview of Tensoft Revenue Lens.
To learn more about Tensoft Revenue Lens, contact us today.