How does your company go to market (GTM)? For many financial leaders this is a new question to consider, especially in regards to its relationship to revenue recognition. In my experience, this is actually a critical understanding, impacting everything from the business solutions you use to the productivity of your company. For technology companies, revenue is […]
You’re Invited to Momentum, Tensoft’s Customer User Conference
We are excited to announce Momentum, our virtual user conference, for all Tensoft customers. This event offers 3 days of complimentary training sessions led by product experts to discover new features and best practices. The conference will be held from Tuesday, September 17 to Thursday, September 19 and feature sessions on Tensoft SemiOps, DemandOps, Revenue […]
OrthoFi Manages Complex Revenue Recognition with Tensoft
Editor’s Note: This blog post was originally published on October 28, 2020. OrthoFi, a tech enabled service for orthodontic practices based in Denver, Colorado, needed a trusted solution to manage their complex revenue recognition system. After evaluating both, internal and external options, they decided to implement Tensoft Revenue Lens. Anne Richard, the Controller at OrthoFi, […]
Dashboards in Tensoft Revenue Lens
In Tensoft Revenue lens, we have a few different dashboards to give you a quick overview of your data: Revenue Dashboard: The revenue dashboard shows the revenue recognized each month. It also displays pie charts of your top customers, top rule types, and top selling items. New Agreements Dashboard: With the new agreements dashboard, you […]
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 […]
SMB With “Big Data” Challenges? You’re Not Alone
If you’re an SMB (Small and Medium sized Business) with “big data” challenges, you’re probably like many of Tensoft’s customers – trying to find key and actionable information in a sea of data. You have sales information, customer information, inventory information, revenue information, details about customer contracts and future billings. But wait a minute, you’re […]
How to Onboard Documents into Tensoft Revenue Lens
Adding Tensoft Revenue Lens to your financial systems requires two tasks. The first task is to set up our application. The second task is to bring your sales into Revenue Lens. The ideal is to capture the sales data where it occurs and to move that into Revenue Lens. Your sales may happen online, or […]
Revenue Recognition: Five-Step Model
We all know that the new revenue recognition standard’s rules are in effect for the public companies. So how do the Tensoft revenue recognition solution fits into this new model? Tensoft Revenue Lens, is equipped to handle the variable consideration and contract modifications through the ability to update transaction price of the contract when estimates […]
How Revenue Recognition Can Help Align Sales and Finance (Instead of Pitting Them Against Each Other in a Spiral of Death)
Revenue recognition – and the finance team that applies it – often ends up being the bane of creative sales deals, seen as cramping the sales department’s ability to maximize the amount of money that they bring in the door. This is the natural result of the very different goals of finance and sales. Finance […]
How to Manage Your Complex Billing and Subscription Needs
Are you looking for a solution that captures all your contract billings in one place and manages it per its customer agreement? Do you need functionality to handle your various billing models including recurring billing, milestone billing and usage billing? Then Tensoft Revenue Lens might be perfect for you! This family of cloud applications includes […]
