November 16, 2016
Winning Major Customer Adoption on Solutions to Prep for ASC 606
Posted by Armanino Financial Advisory Team
Armanino & Intacct Winning Major Customer Adoption on Solutions to Prepare for ASC 606
With the new accounting regulations for ASC 606 coming fast Intacct has announced strong customer momentum around its recently released contract and revenue management applications.
The 411 on 606
ASC 606 is a new revenue recognition guideline from the Financial Accounting Standards Board (FASB) that requires companies to identify performance obligations in all customer contracts, and approach revenue recognition on a contract basis, rather than a transaction basis. The new accounting standards go into effect in late 2017, but the transition to the new guidelines will impact companies much earlier. Now is the time to prepare.
Are You Ready?
In a recent survey of top finance executives at mid-sized U.S companies, Intacct found that only 16% of respondents believe their existing core accounting software is currently equipped to handle new requirements brought on by ASC 606. While most financial software vendors have only announced basic conceptual approaches about how they will help their clients address the new guidelines, Intacct has taken a proactive role to bring a comprehensive set of applications to the marketplace. In spring 2016, Intacct launched the industry’s first automated solution to help companies navigate the complexities created by ASC 606.
What Are Intacct Customers Saying?
Initial customer reaction to the new Intacct applications has been strong. Kollective, a leading cloud-based software-defined networking company, has been working with Armanino to implement Intacct’s new solutions.
Barry Harmon, CFO of Kollective, says, “The main benefit of Intacct is the ability of the system to substantially improve our efficiency. Intacct’s multicurrency Contact Billing and Revenue Recognition modules will allow us to automate and centralize our CRM process. Being able to future proof our business for the upcoming ASC 606 guidelines was icing on the cake. Any SaaS company looking to upgrade to Intacct will be amazed at the process improvements the system enables.”
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