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 financial systems.
- General Ledger Integration- 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.
- International Capabilities - With the globalization of business growing exponentially, use BillingPlatform to handle multiple currencies, timezones, languages, and tax authorities within one system.
General Ledger Integration
Integrate quickly with existing financial systems and reduce administrative burdens – no separate revenue module required.
Companies new to recurring revenue can face roadblocks when trying account for the new financial activity.
There’s no need to rip out the entire general ledger and financial reporting system. BillingPlatform’s unique architecture will link to existing financial structure accounting periods and chart accounts enabling product agility while maintaining the strict control environment.
With products and services becoming more complex, it is important to use a rules-based approach to designate when revenue should be recognized.
New accounting standards, such as ASC 606, increase scrutiny on how and when recurring revenue is recognized; inflexible systems cause tedious reconciliations, closing delays or even require revenue restatements that can damage investor confidence.
Our Revenue Recognition layer is native to our platform and therefore can easily tie into any data field within the system that may influence a recognition schedule
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. Additionally, discrepancies between required detail and summarized systems of record can be crippling.
ASC606/IFRS15 compliant, BillingPlatform’s rules-based engine configures according to accounting policy and control environment. Our modern reporting flexibility enables efficient audit support and overall compliance.
When adding new markets, enhance your customer satisfaction by adjusting to regional and international 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 invoicing and address common tax or trade requirements.