Close quickly with confidence and report financials faster and accurately


NetSuite’s Advanced Revenue Management solution helps companies comply with accounting standards including IFRS 15, ASC 605 and 606, and report financial results in a timely manner. The solution automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event handling framework. Whether your business conducts sales transactions that consist of products or services, or both, and, whether these transactions occur at a single point in time or across different milestones, NetSuite’s revenue recognition solution will help you schedule, calculate and present revenue on your financial statements accurately.

Features

Revenue Recognition for all industries

NetSuite’s award-winning financial management software enables accounting departments to account for any contract under any revenue standard, for any given set of products and services including software and service contracts specified in accordance with IFRS 15 (and various preceding standards).

Key Capabilities
  • Supports Percentage-of-Completion Accounting
  • Supports Event Driven Revenue Plans
  • Intelligent fair value lookup for stand-alone selling price or ESP/TPE/VSOE

Multiple Performance Obligations

NetSuite provides robust and comprehensive configurable capabilities based on requirements of IFRS 15 / ASC 606 and ASC 605, enabling systematic compliance for complexities associated with accurately managing revenue contracts.

Key Capabilities
  • Flexible Revenue Contracts
  • Dynamic Fair Value Pricing
  • Powerful Allocation Calculator

Revenue Recognition in Accordance with Multiple Accounting Standards

Report financial results accurately within revenue recognition mandates based on multiple global accounting standards (e.g. GAAP, IFRS); leverage a powerful Multi-Book Accounting engine that can record and post revenue-related activity to all books concurrently.

Key Capabilities
  • Book-Specific Fair Value Prices, Revenue Rules, Plans and Arrangements
  • Book-Specific Foreign Currency Management
  • Book-Specific Financial Reporting

Resources


Streamline, Automate and Comply Revenue Recognition

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