Contract Onboarding

Revenue Management: Contract Onboarding

Automating ASC 606 or IFRS-15 compliance can be very complicated and time-consuming, especially when it comes to rebuilding contract activity under new rules to satisfy retrospective reporting requirements. Unlike other financial solutions, Sage Intacct has contract onboarding capabilities that automatically creates your accounting baseline for historical and in-flight contracts, roughly halving the time of a manual implementation by providing retrospective reporting at go-live.

Save time

By establishing a solid accounting baseline to bill, report and recognise revenue, you can fully automate your revenue recognition. Loading and managing performance obligations is a complex process that often leads to errors. But with Sage Intacct automating the rebuilding of historical activity into your subledger, retrospective reporting and insight is possible. Balances can be set to enable revenue recognition and billing going forward, to save you time in the future too.

Retrospective reporting

No matter your transaction approach, Sage Intacct's contract onboarding utility establishes the baseline you need. The new standard requires a full retrospective approach or a modified approach for historical records. At go-live, you can easily compare your results to previous years spanning across all financial reports, all while taking advantage of Sage Intacct's powerful reporting dimensions.

Reduce risk

Reduce errors and implementation risk with Sage Intacct's automated and fully tested contract onboarding. Accuracy can be ensured by allowing clients to preview and reconcile the subledger, and mistakes can be easily fixed by undoing processing activity and automatically reprocessing the data. Once contract balances have been validated and signed off, you can lock down your work to finalise all ASC 606 accounts and balances.

Speed up onboard acquisitions

Contracts for acquired companies can be processed through the contract onboarding utility, saving weeks in the integration process for each individual acquisition. Access to user training means there's no need to reconnect with implementation partners to onboard newly acquired companies, making growth and expansion quick and simple.

With Sage Intacct's contract onboarding, you can:

• Process historical events with revenue recognition.
• Invoice for quantity-based and fixed price billing methods.
• Conduct expense amortisation and process cancellations.
• Handle multi-element arrangement allocations.
• Review and reconcile contract balances in the subledger.
• Process beginning balances.
• Choose a full retrospective or modified retrospective approach.
• Reduce error with automated processing.
• Preview and reconcile.
• Easily correct mistakes with automatic reprocessing.
• Lock entries before processing for maximum accuracy

To learn more about how Sage Intacct's financial management software could help you simplify contract onboarding, get in touch today.