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 […]
How to Compute & Post Revenue in Tensoft Revenue Lens
Month end revenue recognition is straightforward with Revenue Lens. Your sales have been transformed into revenue agreements. Computing and recognizing revenue is fast and accurate. Tensoft Revenue Lens simplifies revenue recognition and reporting. It automates your revenue recognition process and makes it as easy as “Compute, Post, Report”. With the APIs, you can use any […]
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 […]
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 […]
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 […]
2021 Year in Review: Top Tensoft Blog Posts
It feels like yesterday when we were bidding goodbye to 2020 and were ready to roll into 2021 hoping things will be back to normal. But 2021 surprised us all! It redefined “normal” in many ways. While none of us know how 2022 will look like, one thing you can be sure of is our […]
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 […]
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 […]
eCommerce Revenue Recognition Pitfalls for Technology Companies
Revenue recognition is a big topic, especially if you are a technology company. The accounting standards are complex when determining what is revenue, when it can be recognized, and even how it is allocated among the line items in a single sales transaction. Multi-element arrangements – sales of multiple related items in the same sales […]
From Semiconductor ERP to Software Revenue Recognition
I met Tensoft’s other co-founder, William White, when we were both attending graduate school at UCLA. I was working at Deltek at the time, and had a background in the business and user experience side of software applications, while William came from a technical and systems development background at IBM. William and I worked on […]