NEW ASC 606 Solution from Bloomberg Tax
See Through the Complexity
Accounting and revenue recognition are more complicated than ever before. Auditors are closely examining financial records and many financial systems are unable to keep up with evolving regulations and requirements.
Bloomberg Tax understands that all revenue is vital to your business, which is why we introduced a new ASC 606 solution. Companies can now ensure they are compliant with the latest revenue recognition requirements without setting up manual processes to track revenue.Request Information
By leveraging software on the Advantage™ platform from Bloomberg Tax, the ASC 606 solution can deliver immediate visibility into the impacts of guideline changes on your company’s finances. The solution centralizes the revenue recognition process and complies with the new ASC 606 standard, saving time and resources. With automated calculations, period-end close times are reduced, and a complete picture of your company's recognized and deferred revenue is clearly shown.
The ASC 606 solution from Bloomberg Tax also integrates with ERP systems to ensure accuracy and efficiency across all parts of the organization responsible for revenue recognition. Administrators can maintain a strong control over audit trails, reports, and reconciliation adjustments. The solution increases productivity by providing industry professionals with efficient, automated workflows that incorporate a business rules engine and calculations to ensure the proper accounting of revenue. The ASC 606 solution manages and reports on modifications to amortization calculations, particularly in situations where complex subscription and contract rules exist that change over time.
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“The ASC 606 solution from Bloomberg Tax is a natural extension of our expanding GAAP solution set that includes fixed and leased assets accounting software.”
Bloomberg Tax's ASC 606 solution standardizes data, processes, and workflows, providing companies with:
- Centralized financial control and automation for revenue recognition
- Automated workflows and a business rules engine that ensures all revenue recognition contracts reflect the impact of any changes, including options and extensions that often trigger adjustments and allocations of contract price
- Flexible reporting methods and on-demand forecasting that help identify changes to contract components and their impact on revenue recognition
- A central repository for contracts and supporting documents
- Ability to create journal entries that facilitate booking adjustments to accounts
- Data import into ERP systems to further streamline revenue management and maintain internal controls
- Audit trails that demonstrate who, what, and when changes were made to revenue assets
Revenue Recognition — What Private Companies Can Learn From Public Companies' Implementation Experience — Interview with Deloitte PartnersRead more
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