By David Appel, Sage Intacct
I recently led a best practices webinar on ASC 606. Our panel of ASC 606 experts shared fantastic insights that would benefit growing subscription and SaaS companies who haven’t yet tackled or are still struggling to comply with the accounting, financial reporting, and revenue recognition from ASC 606. Let me introduce the panelists and share a few of the fantastic insights from the discussion.
The tips we discussed fall into five main buckets:
- It’s a team effort
- Think about processes across teams and systems in order to automate and scale
- Read your contracts to know the promises made, both explicit, and implicit
- Build a deal desk
- Automate with five steps
To watch an on-demand recording of the webinar, go here.
Our panel of finance experts
- Tony Sondhi, President, A.C. Sondhi & Associates—Tony founded and runs A. C. Sondhi & Associates, LLC, a financial consulting and investment advisory firm. His areas of expertise include revenue, lease, securitization, and reporting. He has served as an expert witness and helped companies with SEC Comment Letters. Tony is a member of the Emerging Issues Task Force (EITF) of the FASB and a member of the Investor Advisory Group of the PCAOB.