Tensoft Revenue Lens can help your company get rid of lack of visibility over your contract statuses, prepare your revenue reports for audit visits, and ditch the error-prone spreadsheets. With Tensoft Revenue Lens, your company can enjoy smoother processes, less errors, and better revenue reporting. For a quick overview of Tensoft Revenue Lens, we’ve created […]
Contract Billing – What’s the Big Deal?
We recently spoke with the Revenue Manager of a mid-market information technology and services company about their revenue recognition process. Her company sells hardware, software, services, and support, in various combinations. These may be sold directly through the channel and on an e-commerce platform. Each of their sales orders has many moving parts including billing […]
How Tensoft Revenue Lens Supports the Five-Step Revenue Recognition Model
By now, the five-step revenue recognition model for recognizing revenue under ASC 606 is familiar to most accountants. The five steps of this model are: 1) Identify the contract with a customer; 2) Identify the performance obligation in the contract; 3) Determine the transaction price; 4) Allocate the transaction price; and, 5) Recognize revenue as […]
ASC 606, Potential Impacts to Your Business Model: Part 3
The last in the series on the ‘Impact of ASC 606’ that a re-seller or a distributor business should be aware of with potential impacts to their business model is: “Modifications and Amendments to Contracts.” [The following is a partial transcription from the webcast, “Implementing ASC 606: Potential Changes to Distributor and Reseller Based Revenue […]
ASC 606, Potential Impacts to your Business Model: Part 2
Continuing the series on the ‘Impact of ASC 606’, here’s another area that a re-seller or a distributor business should be aware of with potential impacts to their business model: “How to Determine Estimated Transaction Price.” [The following is a partial transcription from the webcast, “Implementing ASC 606: Potential Changes to Distributor and Reseller Based […]
ASC 606, Potential Impacts to Your Business Model: Part 1
This is the first in a series of blog posts on the impact of ASC 606, the new revenue recognition standard, on your business and accounting if you’re a re-seller or a distributor business. This topic was discussed in depth in the free online webcast hosted by Tensoft on “Implementing ASC 606: Potential Changes to […]
Need Revenue Recognition Quickly? Check Out Tensoft’s Express Solution
As an established cloud revenue recognition application provider for omni-channel software and technology companies, Tensoft understands that the needs of emerging start-ups and mid-sized companies are not always very different from that of larger companies. In fact, smaller software and technology enterprises often have the operational complexities of much larger companies. A key difference, however, […]
Revenue Recognition Challenges in the Software Industry
Recognizing revenue can be particularly challenging in the software industry. The challenges can arise from the sales process, the volume / complexity of the sales transactions, the number of inputs required in the revenue process, or from the appropriate accounting standards that apply to your business. Occasionally you may have all of the above! I’ll […]
Top 10 Tensoft Blog Posts of 2020
Happy Holidays! I think one thing we all can agree on is that 2020 has been a crazy year – unexpected to say the least. As we navigate through these unprecedented times, here a few tips that can help in your journey of SaaS and ERP applications in the semiconductor and software industries. At the […]
A Framework for Analyzing Your Company’s Revenue Recognition Needs
There are many scenarios where what you sell does not move directly to revenue. Revenue is deferred largely because it has not been earned yet due to some need to deliver over time or possibly events that have not yet occurred. When you need to defer revenue you need to identify the sale to the […]