We are excited to announce that the next generation of Tensoft’s revenue recognition solution, Tensoft RCM 2018, has arrived and is available now! For Tensoft, its customer needs are of paramount importance. This major release is packed with new features and enhancements to help customers keep up with latest revenue standards and make their lives more efficient. The functionality changes are designed to benefit both new and existing customers.
As you know from our previous RCM version, we are no longer dependent on an ERP to create the revenue agreement. The revenue agreements are created directly from contract billings creating a tighter link between the contract module (information like period performance, the invoice numbers, etc.) and revenue agreement module.
We know that the contract pricing update and upload tool introduced in Tensoft RCM 2015 FP3 simplified the management of existing contracts by allowing users to upload revisions and update as needed. This new 2018 version takes this feature one step forward and enhances it to make it more user-friendly and add controls around what data can and can’t be updated. It’s a big functionality change geared to improve the ability to update existing contracts.
The importance of having all the system requirements in place before planning an upgrade cannot be overstated. With Tensoft RCM 2018, we have upgraded the technology minimum requirements to fit more current systems:
• Microsoft .NET Framework version 4.5
• Microsoft SQL Server 2014 STD/ ENT 64 bit
• Windows Server 2012 STD/ ENT
Having the most current SQL server and .net interfaces enhances security, productivity and performance, and will be beneficial to customers in the long run.
One of the other key highlights of Tensoft RCM 2018 is the introduction of a non-ERP specific integration model to manage things like customers, items and revenue agreements. We now have a standard web service package that allows a more streamlined and customizable integration with a variety of ERP systems. This is highly beneficial for customers who do not use the GP application.
Another cool feature that we are planning to be a part of Tensoft RCM 2018 in the future is the ability to modify revenue agreements that exist today. Previously, there wasn’t a way to edit the overall values of a revenue agreement. The only solution was to enter a new agreement and void the previous one. Under the new ASC 606 standards, if a large multi-element arrangement contract needs to be modified, it must be treated with special accounting needs. This new feature will allow customers to edit the existing agreements.
If you’d like to learn more about Tensoft RCM, please visit Tensoft’s website, or contact us.