You can use Replicon's Revenue Workbench to recognize revenue on an ongoing basis.
Replicon offers two default revenue recognition contracts, Percent of Completion and Equal Distribution. But, if your company uses another method, we can easily and affordably set you up with a custom revenue contract.
Once your contracts are enabled and project administrators have assigned them to projects, revenue managers can then carry out revenue runs to formally account for all recognizable revenue that has been earned for a project.
Revenue recognition is a common accounting procedure that officially accounts for revenue earned.
This procedure is necessary since, for example, you might be paid for a three-year project upon completion. To ensure a true picture of the state of that project, you need to credit part of that revenue to each of the three years.
Revenue recognition allows you to:
These are international revenue recognition standards that are just taking effect – both define the same rules.
With these new standards, regulators aim to eliminate industry-specific reporting methods to make it easier for analysts and others to compare the performance of different professional services companies.
If professional services companies fail to comply with these standards, they face penalties.
Our out of the box Percentage of Completion contract can be used to comply with these regulations.
Yes. See the Revenue report template or the Revenue Recognition Summary.