From January 2018, companies in the US have to report their revenue according to the new Accounting Standards Codification (ASC) 606. The new standard is the joint effort of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). US companies will follow the ASC 606 standard issued by FASB while companies …
Forecasting accurate revenue is a key capability that companies want from their QTC investment. In majority implementations of QTC, customers forecast revenue from opportunities in pipeline and order bookings. But these forecast numbers are not accurate as the revenue numbers can change before opportunities are converted into bookings, and bookings may not reflect the right …
Do the standard reports from your ERP work? No, most of the standard reports which are developed during an ERP implementation do not help the financial user(s) during the time of busy month-ends or for any analysis. Generally, the reports are run in ERP systems but get published in Microsoft Excel to perform calculations and …
ASC606 has many provisions for revenue recognition, but here are the 6 key considerations that will impact the majority of the companies implementing the standard. The considerations are pricing, loyalty, rebates, sales compensation, royalties, and billing. Organizations should check their current revenue recognition practices around these items and understand how it will change with the …
Rebates are the incentives given to customers to buy or consume more goods and services that will meet the rebate criteria and earn the rebate amount. Typically rebates are offered in multiple tiers with higher tiers offering larger rebate amounts which will encourage customers to buy more goods and services. Because rebates are a future …
Do you think demos and POCs are all you need to finalize your product implementation decisions? But, you still have a high risk of failure. And, there are many reasons behind it. Let me tell you a story… Once there was a certain Mr. X with a lot of experience who joined a company as …
The key differences between Manufacturing BOM (PLM) and Sales BOM (CPQ) The world of products revolves around the bill of materials or product structure. It is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts and the quantities of each needed to manufacture an end product. BOMs are an integral part of the …
In today’s subscription economy, Quote To Cash is one of the common business processes across all organizations. The variety and complexity in its offerings require the best configuration of products, services, and pricing to create up-selling and cross-selling opportunities. With more and more companies offering their products and services in subscription models, the need of …
We all agree that Technology is changing faster than ever. Applications, Data and Infrastructure are becoming increasingly interconnected. Worldwide there is now a renewed interest from organisations to reassess their IT stack. Welcome to Boundary-less systems. A world where people, machines, consumers, et al interconnect. Sounds fancy when you read it. With rapid advancements in …
While working on proposal/contract output documents, one of the most common issues faced is to do changes, minor or major, in the data on the template in areas such as merge fields, clauses and static text. And it is a tedious task for a configuration engineer to go back and forth to make manual changes …
