Get ASC 606 Compliant, Automated Expense Recognition
Chargebee RevRec now delivers the same end-to-end, compliant automation for your expenses as it does for your revenues.
Just like revenue, companies are required to recognize expenses–such as sales commissions, deferred charges, and other contract-related costs over time or as incurred depending on facts and circumstances.
How it helps
This update fully automates expense recognition that’s ASC 606 / IFRS 15 compliant and doesn’t require any manual calculations. Chargebee RevRec allows customers to easily account for contract costs and amortize contract-related expenses the way they want–over an economic life on a transactional or portfolio basis. This data gets pushed directly back to the general ledger via journal entry for accurate and timely financial reporting.
Be More Efficient and Accurate With Chargebee RevRec’s Integrations
The latest integrations ensure that Chargebee RevRec is a flexible solution that can integrate with a customer’s entire tech stack.
Disparate systems and manual interventions are often the culprits of bad data, improper revenue recognition, and ultimately misstated financial statements. By connecting common data sources, customers can enjoy a seamless flow of critical data–from their front-end / CRM to their back-end accounting system / GRP.
How it helps
By integrating with common data sources, Chargebee RevRec enables seamless processing of critical financial data housed in a revenue subledger that becomes the single source of truth for all revenue transactions. Customers can achieve maximum efficiency and analyze accurate revenue reporting in a single system without manual intervention.
Align Your 4-4-5 Fiscal Calendar With Your Accounting Cycle
Many retail businesses operate with a 4-4-5 fiscal calendar year.
A solid revenue recognition solution will enable users to align their custom fiscal calendar year to their accounting cycle to ensure compliance and accurate financial reporting.
How it helps
This new update lets customers automatically align their 4-4-5 fiscal calendar with their accounting cycle, enabling accurate reporting and metrics tied back to their revenue sub-ledger.
Chargebee Is Here To Future-Proof Your Business
As many of us try to interpret today’s market turbulence, Chargebee RevRec is here to ensure you’re not stuck interpreting your revenue recognition in growth-crippling spreadsheets or other manually intensive processes.