Revenue Recognition: As Easy As Depreciating A Fixed Asset
ASC 606 Compliance Requirements Made Easy by NetSuite’s Advanced Revenue Management and SuiteBilling
In December of 2017, the most significant changes to accounting standards handed down by the FASB (Financial Accounting Standards Board) in decades will take effect for public companies, with deadlines for private companies not far behind. Known as ASC 606, the regulations provide standards for revenue recognition.
ASC 606 will have broad-reaching effects that extend beyond accounting processes—even having the ability to impact compensation tied to sales. Leveraging the revenue recognition automation features within NetSuite ensures seamless management and compliance, and allows you to focus time and energy on easing change management aspects of the new regulations — and ensuring organizational alliance.