SAN JOSE, CA – December 30, 2010 — Tensoft, a leading end-to-end ERP and supply chain solution provider for the technology industry, announced today the Advanced Revenue Compliance Module for its Tensoft RCM Suite. The new module option is designed to automate and streamline compliance with regulatory statutes such as the new U.S. Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03, as well as statutes such as AICPA SOP 97-2 for software companies.
“Tensoft focuses on delivering solutions to the specific issues that affect technology companies, and revenue compliance is a huge issue for most tech businesses,” says Tensoft President and CEO Bob Scarborough. “Technology businesses that are affected by revenue compliance issues include software companies, companies producing consumer products and medical devices, biotech and technology firms, and any company with multi-element sales, or with a product that contains some software component,” he adds.
The revenue compliance process for technology companies can be broken down to three steps: 1) determination; 2) policy application; and, 3) allocation. In the first step, businesses make an annual determination of what their revenue policies will be. In the second step, these policies are applied when sales occur. In the final step, revenue is recognized on a regular basis, based on these policies.
“The Advanced Revenue Compliance Module for Tensoft RCM adds support for a company’s revenue determination, supports automation of the allocation and ensures auditability of the revenue recognition process,” Scarborough continues. “Through this process, we support the new – and existing — standards as well as compliance with them. Our software enables companies to run their systems in a compliant way – supporting auditable and consistent application of their specific required standards.”
Available immediately as a cloud application or installed in-house, the Advanced Revenue Compliance Module for Tensoft RCM is an extension of existing functionality and can be easily added for customers already running Tensoft RCM, or is available in addition to Tensoft RCM for new customers. For more information, contact Tensoft directly at firstname.lastname@example.org or call (888) 450-4030 x406.
Tensoft, Inc. specializes in innovative, end-to-end business management solutions for the technology industry. Tensoft’s focused technology industry solutions have been created to extend broad, horizontal ERP functionality to meet the specialized needs of the technology industry. Founded in 1996, Tensoft delivers results tailored specifically to each customer’s needs. The company sells its software products and cloud applications directly to customers and partners with established firms in the U.S., Canada, and Europe to re-sell and provide local support for its products and applications. For more information, go to www.tensoft.com or call (888) 450-4030 x406.