Madhuri Koneru, Founder & CEOThe new revenue standard (ASC 606) embodies a major change in revenue recognition and impacts companies across many industries. However, there seem to be very few automation options in the traditional accounting systems. It is baffling to see the most important number on the financials being maintained on hundreds of spreadsheets at both big and small companies. Industry experts believe that the new standard makes it nearly impossible to scale revenue recognition operations with traditional quote-to-cash systems or spreadsheets. New cloud technology companies such as Revenue Edge, with their unique approach to revenue recognition automation offer a promising solution for automating the New Revenue Standard. “While the New Standard’s five step process can seem intimidating, we help companies automate revenue recognition with a systematic approach, so they achieve compliance with the new standard and avoid error prone manual calculations,” says Madhuri Koneru, Founder and CEO of Revenue Edge. Revenue Edge has charted a niche in the industry for its ability to remove distress associated with the ever-changing revenue rules as well as the revenue treatment due to changes in a company’s business models.
Revenue Edge has entered into a partnership with Oracle and works toward bringing to its users a powerful revenue automation solution for Revenue Accounting and Revenue Forecasting to Oracle Financials users. The firm takes a standardized approach to connect with Oracle as well as other major ERP systems using Informatica Cloud. With pre-built templates for syncing orders and invoices, Revenue Edge can connect to Oracle to perform revenue allocations and all revenue calculations, thereby functioning as a true revenue sub ledger for Oracle Financials.
Companies selling SaaS/ Subscription services, stand alone hardware, software, as well as hardware with embedded software see huge benefits from automating their revenue operations using Revenue Edge.
Revenue Edge provides substantial benefits in efficiency of our revenue operations and the quality and consistency of revenue reporting, thereby enhancing our bottom-line
The solution’s unique architecture supports automation from end to end including revenue allocation, estimated selling price analysis, contingent revenue automation, revenue, deferred revenue and revenue backlog with reconciliations built within the system. The software is able to process hundreds of use cases by configuring to specific business needs without rewriting code for each implementation. For instance, Telestream a leading global provider of digital media encoding, delivery, workflow automation, and cross-platform compatibility solutions was looking to move away from spreadsheets for revenue and needed a system for handling their revenue which included hardware, software, support and subscription revenue streams. “Revenue Edge provides substantial benefits in efficiency of our revenue operations and the quality and consistency of revenue reporting, thereby enhancing our bottom-line. With Revenue Edge, all of our revenue transactions are automated with various in built data reconciliation reports specific to our processes thus eliminating processing data outside of the system,” says Neal Petersen, CFO of Telestream. “We strive for perfection at every step to ensure that our solution achieves complete automation for our customers,” affirms Madhuri.
Forging ahead, the firm plans to strengthen its partnership with Oracle to adapt and thrive in the shifting technology and business landscape to bring in more innovation into its existing solution.