Organizations with global operations and a high volume and complexity of customer invoicing transactions require automation solutions to meet IFRS 15 and ASC 606 compliance requirements. International Financial Reporting Standard (IFRS) 15 and Accounting Standard Codification (ASC) 606 pertain to revenue from contracts with customers. They establish the principles an entity must apply for recognizing revenue from a contract with a customer.
Organizations operating in industries such as media and entertainment with digital streaming and subscription services, video conferencing and collaboration platforms, social media and ad-tech companies, and SaaS-based business application providers generally handle a very high volume of invoicing, accrual, and revenue recognition transactions. For global organizations, these transactions occur across multiple currencies and time zones. The need for global consolidation and multiple reporting requirements, including compliance with local GAAP, adds further complexity. The combination of high volume and stringent revenue recognition scenarios makes automation an imperative for CFOs and CIOs.
Oracle Revenue Management Cloud Service (RMCS) helps organizations automate customer invoicing, credit and rebill, and accrual transactions to achieve IFRS 15 and ASC 606 compliance. Automating revenue recognition transactions streamlines the accounts receivable (AR) function and enables personnel to focus on customer service and revenue analytics rather than manual processing. This contributes to a better user experience, making it a top priority for CIOs and CFOs worldwide.
This blog is authored by Devarshi Oza, Associate Vice President – Development & Consulting Services at IT Convergence.
A Certified Management Accountant (FCMA) and Finance & Technology Subject Matter Expert, Devarshi is a trusted partner to executive teams for enterprise applications, finance and accounts transformation, with hands-on experience in ERP implementations, IT governance, and global delivery.
Download our white paper to learn how automating revenue compliance with Oracle RMCS can help your organization streamline revenue processes, strengthen compliance, and gain greater control over financial reporting.
