By Greg Ekker, Sage Intacct
We had a fantastic time in Las Vegas last week at our largest-ever annual user conference, Sage Intacct Advantage 2019. As we look back on the event, we’d be remiss if we didn’t share a few highlights with those of you who weren’t able to join us this year. Of the nearly 200 sessions, our favorites are always those led by our customers, so I thought I’d kick things off with a recap of a popular breakout panel on ASC 606.
I had the privilege to moderate this session with Sage Intacct customers Grant Christianson of Code42 (also a 2019 Customer Hero Award winner) and Elliot Goldman of Rapid Ratings International. We were joined on stage by ASC 606 industry expert, advisor, and standards board member, Tony Sondhi, as well as implementer Chris Price of AcctTwo. I hit the jackpot with these panelists, and we covered a lot of ground as each one shared experiences and lessons learned on the road to ASC 606 compliance.
For the purposes of this blog post, I’ll summarize three of their key takeaways.
Takeaway #1: Take the time to understand your contract types
The most significant piece of advice that every speaker reinforced was to start with an in-depth contract review. Grant explained how his team analyzed all of their standard contract clauses across both on-prem and cloud-based subscription revenue streams. In fact, Code42 hired a revenue director who took the time to involve people from across product, professional services, and sales ops, and document revenue recognition decisions and policies in a detailed white paper for future reference.