An effective billing system can simplify even the most complex financial processes: revenue recognition and general ledger management. Without automation in critical payment processing or data extensions to outlying financial systems, these billing functions can become difficult to complete manually. Luckily, there is a solution.
BillingPlatform simplifies the financial period closing processes, associates closing data to your general ledger, and recognizes different forms of payment processing without the risk of manual spreadsheet processes. This level of configurability and automation gives you the freedom to become more strategic, timely and accurate in your financial reporting.
Watch this video to see just how BillingPlatform helps with revenue recognition with built-in automated tools. You’ll see the BillingPlatform provides:
● Configurable automation workflows and rules to balance financial accounts
● Real-time processes for revenue recognition
● Built-in tools to modify ledgers and forecasts
What to learn more? Read this whitepaper to learn how a billing system should adapt to evolving product portfolios, new customer segments, and new functional requirements to support a changing business.
Revenue Recognition Video Transcript
Can I Manage Revenue Recognition and General Ledger in my Billing System?
With BillingPlatform you can automate the process of recognizing revenue with the ability to configure of general ledger accounts and revenue recognition rules that make assignments in real-time as billing, payment and credit events happen.
Because the platform lets you associate any data element in the system with your general ledger and revenue recognition rules, you can apply highly specific logic to real-time transactions to automatically ensure up-to-the-minute compliance with revenue recognition requirements. This level of configurability and automation gives you the freedom to become more strategic, timely and accurate in your financial reporting.
Speed financial period closing processes with real-time general ledger transactions and recognized revenue events that integrate into downstream ERP and accounting systems.
First configure your chart of accounts. In BllingPlatform, you can create a general ledger account Hierarchy consisting of all relevant general ledger accounts in your organization. Simply specify the name, hierarchy and account type.
Next, configure your general ledger assignments and revenue recognition rules with tools that let you define the structure and logic for point-in-time, scheduled or obligation-based revenue recognition.
Leverage the platform to dynamically allocate transactions’ general ledger date, currency and amount to specific debit and credit accounts. Specify how and when revenue will be recognized by specifying the type of revenue recognition rule, the timing of the revenue recognition event, and the interval on which the recognition rule will be assessed.
Once you have your general ledger accounts and revenue recognition rules configured, BillingPlatform will do all of the scheduling and assignments for you. View your transactions, forecasts and allocations using configurable pages and reports. Export your transaction reports in any format for downstream, accounting integrations. Modify general ledger assignments manually if needed using simple, built-in tools.
With BillingPlatform you’ll assign your financial transactions and execute revenue recognition in real-time, as events happen. By using the platform approach, you can configure exactly what you need for compliance and general business strategy. Automate the process of recognizing revenue to shave days off your closing process and ensure accuracy in reporting and audits.
Please contact us for more information about how BillingPlatform can help you with revenue recognition and other global monetization needs.