The new revenue recognition standard (ASC 606) changed the revenue recognition landscape in a way that companies may want to rethink some processes to better enable the revenue reporting now required. Whether your organization implemented a minimally viable solution, is mostly automated, or is a private company still weighing options, consider post-adoption next steps to streamline and optimize your quote to cash (“Q2C”) and close to report (“C2R”) processes as summarized below.
Instead of relying on manual processes to address ASC 606 compliance, many companies can benefit from implementing software to automate revenue reporting. To be clear, incorporating automation systems will require a front-loaded investment to select the new systems and get them up and running. But the long-term value proposition can be well worth it. Potential advantages include:
Whether you are considering an initial automation or other solutions to optimize your implementation of the new standard, PwC offers deep and integrated expertise in ASC 606 adoption and its many impacts on your business model. We can help you evaluate and implement a wide range of revenue automation solutions and enabling process changes to address areas beyond the scope of automation. Contact us for a closer look at your situation and potential solutions for your organization.
Partner, Digital Risk Solutions, PwC US
Principal, Digital Risk Solutions, PwC US
Principal, Digital Risk Solutions Leader, PwC US
Partner, Accounting Advisory services, PwC US