General Ledger Accounting and Revenue Recognition
BillingPlatform makes it easy to recognize revenue accurately and efficiently by integrating with your organization’s financial system structure and providing real-time updates.
Avoid costly errors and delays in recognizing revenue.
Save time with the platform posting to the general ledger as revenue events happen and as payments are made.
- General Ledger Mapping- Configure BillingPlatform to conform with the existing accounting structure; real-time assignment eliminates manual reconciliations.
- Revenue Recognition - Deploy BillingPlatform for diverse recognition scenarios that could include a set point-in-time, scheduled by specific time intervals, or by obligation for milestone completion.
- Taxation - Let BillingPlatform help you increase business agility while maintaining compliance with tax regulations in all the locations in which you and your customers operate.
- Regulatory Compliance - BillingPlatform’s superior handling of accounts, contracts, charging and revenue recognition means better adherence to international standards including GAAP, ASC606, IFRS15, PCI, SOC 1 and SOC 2.
- Worldwide Reach - With the globalization of business growing exponentially, use BillingPlatform to handle multiple languages, currencies, timezones and tax authorities within one system.
General Ledger Mapping
Integrate quickly with existing financial systems and reduce administrative burdens – no separate revenue module required.
Companies new to recurring revenue can face error-prone manual closing processes or the disruption of adapting or replacing deeply embedded corporate systems.
BillingPlatform’s unique architecture will match the existing financial structure, accounting periods and chart of accounts, enabling you to track forward-looking metrics: customer lifetime value, recurring profit margins, renewal rates, churn, and more.
With products and services becoming more complex, use a rules-based approach to designate when revenue should be declared while gaining robust reporting for audit purposes.
New accounting standards are increasing scrutiny on when recurring revenue is recognized; inflexible systems cause tedious reconciliations, closing delays or even require revenue restatements that can damage investor confidence.
Accurate revenue recognition helps with better cash flow forecasts; BillingPlatform’s ability to handle all pricing scenarios, discounts, and milestones is matched with superior customer contract management.
Strengthen stakeholder confidence and avoid reporting delays by ensuring adherence to regulations from both domestic and international accounting standards.
Many billing solutions fail when it comes to handling decentralized electronic billing with laws and rules that can vary by country, causing discrepancies between the compliance officer’s requirements and the system’s ability to execute.
With BillingPlatform, account hierarchies, workflow and business rules are aligned with compliance requirements from the start of the billing cycle through revenue recognition, payment and reporting in accordance with ASC606/IFRS15 and global standards.
When adding new markets, enhance your customer satisfaction by adjusting to regional and cross-border requirements for billing and taxation, including new regulatory oversight.
While English is the most common business language, companies may suffer customer backlash, competitive disadvantage and incur legal disputes if their financial systems can’t adapt to cultural preferences.
BillingPlatform provides a better global customer experience by offering different currencies, languages, timezone conversions and date formats in customer profiles, invoices and communication templates. Get different delivery options for electronic invoicing and address common tax or trade requirements.