Solution brochure: Revenue Recognition
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The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued a new standard for revenue recognition, which will significantly change the way by which companies record revenue.
The new regulations Revenue from Contracts withCustomers are being considered as the biggest change to accounting rules in years. For a smooth transition, early preparation is not only recommended by experts, but crucial for successful compliance. With this in mind, smart companies are modifying processes and systems today, to ensure compliance and uninterrupted operations tomorrow.
The new standards specify a five-step process for recognizing revenue:
1. Identify the contract with the customer 2. Identify the separate performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the separate
performance obligations in the contract5. Recognize revenue when (or as) the business
satisfies a performance obligation
Nakisa and SAP have collaborated on a solution, extending SAPs revenue recognition and accounting capabilities.
It provides a centralized repository for abstracting, analyzing, and assessing revenue contract data in a compliant manner.
The solution enables your organization to:
9 Assess readiness for the new accounting standards and adopt the right tools for reporting compliance
9 Unify all sales contracts data into a single repository
9 Gain visibility into revenue-related data for better strategic planning and cost-efficient decision making
9 Obtain required accounting, financial, and audit validations quickly and efficiently
Copyright 2015 Nakisa Inc. All rights reserved.
GAIN A 360-DEGREE VIEW OF YOUR CONTRACT OBLIGATIONS for more efficient compliance and costs savings
Solution BrochureRevenue Recognition
A global leader in enterprise business solutions for Human Capital Management (HCM) and Finance, Nakisa delivers innovative, forward-thinking and robust human resource and financial management solutions that advance your business strategies. Available on premise and in the cloud.
See whats possible with Nakisas powerful visualization technology:
HCM: Nakisas Accelerators suite is designed to optimize organizational transformation, empower talent and stimulate employees engagement to deliver business results in an holistic fashion. In addition, Nakisas organizational and talent management solutions ensure organizational agility and promote alignment between the workforce and business strategies.
Finance: Nakisas lease administration, revenue recognition and equipment lease management solutions help customers better manage their assets and comply with accounting regulations. Working with a global network of partners and as a Tier 1 partner of SAP since 2007, Nakisa serves 800+ enterprise customers and over 4 million subscribers in 24 industries. Nakisa is proud to work with some of the worlds most renowned brands.
Copyright 2015 Nakisa Inc. All rights reserved.
A solution built for complianceFollowing the new five-step process for recognizing revenue, the solution helps you aggregate data into a single point of access for all contract information. Tag data entries and record any changes made throughout the life-cycle of a contract, as well as the author. You can establish and maintain an audit trail of actions and decisions made throughout the data collection and revenue recognition process to ensure full traceability, compliance and reporting.
Contract summaries for audits and approvalsBy generating contract summaries, users will be given a snapshot of all information that is relevant for reviews and audits, including a summary of performance obligations that are accessible for all stakeholders.
Role-based and user-friendly interfaceDefine user-roles and permissions to ensure compliant visibility into revenue contracts and data.Thanks to the modern, rich and intuitive design, the interface only requires minimal user training.
Stakeholders collaboration in the data collection processUsers can send messages, receive alerts, validate data accuracy, and quickly approve decisions throughout the lifecycle of a contract. The result is improved data accuracy and lower risk of non-compliance through the consistent review of information by legal advisers, accountants, government bodies, consultants, and other relevant stakeholders.
Configurable interfaceFor specific business requirements, the solution provides a configurable interface and AdminConsole that allow you to customize revenue contract attributes. Maximizing flexibility and efficiency, it helps simplify and standardize data entry for any revenue transaction types, such as performance-based incentive fees, licenses of intellectual property, future upgrades, additional vendor obligations, and more.
Built for compliance, the data collection follows the five-step process for recognizing revenue, as required by the new accounting standards