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 […]
Revenue Recognition for Services and Contracts
Missed Tensoft’s complimentary webcast on “Revenue Recognition for Services and Contracts”? Here’s an excerpt from that, followed by a recording of the entire event: “So what we will be looking at today is the various types of services and contracts that technology companies run into, so time and materials type of contracts, work on the […]
Managing the Requirements for Multinational Operations at Start-ups and Smaller Companies
Tensoft has been located in Silicon Valley for many years, and over time I have observed the development of this hub of technology companies. Despite growing costs, Silicon Valley has remained the central location for high tech for many reasons, including the mobility of information, funding, support systems, people, and culture. However, for a variety […]
Free and CPE-Eligible Training Webcasts for Tensoft Customers
It’s that time of the year again, when the hot summer days dip into brisk autumn. While you may be tempted to stay in on these cool, rainy days, you can remain productive with some free training! Tensoft provides free training opportunities for finance, operations, customer service and sales professionals on a regular basis. If […]
How to Stay Current on the New Standards for Revenue Recognition
In today’s increasingly complex financial and regulatory environment, it can be challenging to stay current on the latest accounting guidance, and particularly on updates for the new standards for revenue recognition. To get a sense of how accounting and finance professionals are doing that today, I queried members of a popular online forum, Proformative, about […]