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 […]
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 of the risks you should be aware of when you use spreadsheets […]
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 […]
Structuring Software Sales Transactions for Optimal Revenue Recognition
As a NASBA registered CPE sponsor, Tensoft is required to run polling questions during our webcasts for participants who want CPE credit. Polling questions provide great feedback that helps us ensure valuable content for the attendees. Often the polling questions are interesting and informative on their own. One of our webcasts “Structuring Software Sales Transactions […]