As you probably know, revenue recognition can be a challenging process. With all of the changes that will be brought by ASC 606, it’s more important than ever to have a good grasp of the basics. To master those, there’s no better place to start than understanding the four principles of revenue recognition. Tensoft’s most […]
Tensoft RCM: New Feature Highlights
Tensoft recently released Feature Pack 3 for its revenue, billing and contract management solution, Tensoft RCM 2015. This release provides a number of new features requested by Tensoft customers, and is available both to new and existing Tensoft RCM customers now. In this blog post, I’ll describe a few of the new features that should […]
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 […]
Tensoft Revenue Lens in 2 Minutes
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 […]
Semiconductor Companies: Are You Ready for the New Revenue Recognition Rules?
In June 2010, the FASB issued the Proposed Accounting Standards Update for Revenue Recognition (Topic 605) which began a process that is set to massively change how U.S. corporations recognize revenue. Since 2010 comments have been made, revisions published and implementation guidance given, but there are probably many companies out there that don’t yet realize […]
Revenue Recognition for Technology Companies: Q & A
IMPORTANT NOTE: The information in this post is still accurate for current GAAP, until the ASC 606 standard is adopted. That will be in Jan 2018 for public companies, and Jan 2019 for most private companies. Last November, Jeffrey Werner gave a two-part training course on revenue recognition that covered a wide range of topics […]
Using Excel for Revenue Recognition Tracking?
Excel spreadsheets play a big part in how many companies do business, especially in accounting and finance departments. However, using spreadsheets for critical processes in your business can be risky. Watch this short video by Tensoft’s Customercare Manager, Anne Phan, to see some the risks you should be aware of when you use spreadsheets for […]
BESP- Best Estimated Selling Price : What’s the Big Deal?
During a Tensoft webcast entitled “Revenue Recognition Accounting for Software as a Service (SaaS)”, guest presenter Jeffrey Werner was asked the following question: How are you seeing the “Best Estimated Selling Price” working in practice, especially where there is no pricing history and management doesn’t establish firm pricing methodologies? Should we just bundle everything together […]
Implementing ASC 606: Potential Changes to Subscription Based Revenue Recognition
Welcome to Tensoft’s- Implementing ASC 606, the new revenue recognition standard and some of the changes to SaaS and Subscription based revenue recognition models for technology companies. My name is Jeffrey Werner, I am with the Werner Consulting Group, the revenue recognition consulting practice. Here’s some of the potential changes that SaaS and subscription services […]
How to Be Ready for the New Revenue Recognition Standard?
This free webcast on how to be ready for the new revenue recognition standard was hosted by Tensoft and presented by Silicon Valley software revenue recognition expert, Jeffrey Werner. The following is a partial transcription of the beginning of the recording below: “Today we are going to talk about the new FASB IASB revenue recognition […]