Automate revenue recognition, improve operations, reduce risk and realize greater value

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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.

Optimize revenue recognition

Shifting from manual to automated

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:

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How you can improve operations, reduce risk and add value by automating revenue recognition processes.
  • Reduce or refocus: Automating manual processes can help reduce manual labor or free up resources to focus on higher value added activities.
  • To err is human…: Reducing the need to manually input data into spreadsheets can lead to a big reduction in error-driven headaches, including the risk of a restatement. Leverage automation to enhance checks and controls to improve quality.
  • Put the pedal to the metal: Streamlining the high-pressure process of closing the books can accelerate your time to close and decrease staffing costs.
  • Get the big picture: Stronger reporting and visibility allows for greater insight into customer behavior, thus allowing the company to adjust current business models (e.g., pricing) or to create new business models/revenue streams.
  • Avoid playing catch up: Revenue automation can help facilitate a swift response and quickly scale to inevitable business shifts and increasingly complex demands.

How PwC can help

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.

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Peter Schraeder

Partner, Digital Risk Solutions, PwC US

Stephen Sullivan

Principal, Digital Risk Solutions, PwC US

Shane Foley

Principal, Digital Risk Solutions Leader, PwC US

Stig Haavardtun

Partner, Accounting Advisory services, PwC US

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