ASC-606 and IFRS-15, the standards currently mandated in the US and Europe, states that revenue should be recognized only when performance obligations are met. For a subscription business, this can get challenging when you account for mid-cycle upgrades, downgrades, cancellations, and the refunds or discounts attributed to it.
When done right, revenue recognition in accordance with ASC-606 and IFRS-15 can help you improve revenue predictability, and converge on your true valuation.
The integration helps you to automatically sync customers, subscriptions, invoices, credit notes, and unbilled charges from Chargebee into Sales Orders in RevLock. When cancellation, renewals, upgrades, or downgrades occur before the defined date, proration is handled automatically in Revlock.
With the RevLock integration, you can automate the Standalone Selling Price (SSP) calculation for your performance obligations based on easily configured rules. Any modifications to the subscriptions are automatically sent over to RevLock, and the transaction price is allocated accordingly based on any defined rules.
Get multiple dimensions of your revenue recognition reports by product, customer, and revenue waterfall within RevLock. Derive insights from Contract Assets and Contract Liabilities reports. With the Chargebee+RevLock integration, even your monthly book closures are a breeze with quicker, traceable reconciliations.
