SAN RAMON, Calif., July 13. 28, 2022 (GLOBE NEWSWIRE) — SaaS companies can sign an agreement, send an invoice and even receive funds. But they can’t recognize revenue – or “recognize” it, in accounting jargon – until they’ve provided the service. With SaaS, accounting becomes tricky.
But not with Register. Today, Subskribe launched a new revenue recognition module for its adaptive quoting and invoicing platform, enabling SaaS companies to tightly integrate all three functions – quoting, invoicing and revenue recognition – for fast operations. and compliant.
Subskribe’s revenue recognition module tracks intricate details of SaaS offerings, including line items such as onboarding training, user support, and professional services, so there’s no doubt about the fact that these services have been fully provided or are still due to the customer.
“Even if a SaaS company signs an annual contract and gets paid upfront on day one, they are not allowed to post that revenue on their books,” said Durga Pandey, CEO and co-founder of Subskribe. “Many SaaS companies use specialized revenue recognition software to track performance obligations from quote to payment. But it adds complexity, cost and overhead. It is much more efficient to integrate revenue recognition into the quoting and invoicing system, so revenue streams are easy to manage. It is now possible with Subskribe.
Subskribe’s revenue recognition uses the same innovative order-based data schema as its quoting and invoicing modules. This means that a sale can be quoted, accepted, invoiced and then recognized on the Subskribe platform. This integrated approach increases visibility, eliminates costly data transformations or re-keying, and streamlines compliance.
“There is currently a lot of scrutiny on public market SaaS companies to accurately report revenue. They need a reliable framework to track revenue across the lifecycle of a contract,” Pandey said. “It turns out that it’s a lot harder than you imagined when there are dedicated sales quoting systems, a different invoicing system, another general ledger and revenue recognition system, plus a fair amount of Excel for good measure. With Subskribe, the whole process can be managed on one platform.
Subskribe Revenue Recognition provides the following features:
- Revenue audit up to the order of the item on a specific contract
- Accurate tracking of remaining performance obligations on a PO line contract
- Ability to reallocate revenue to compensate for discounted or add-on services or products
- Shared account name and product name conventions for quotes and billing
- Integration with popular GL accounting software, ERPs and project management tools
- Handling complex allocations and SSP-based contract changes.
“Under ASC-606, revenue recognition is a top priority for fast-growing software vendors like UiPath – and a real challenge, both operationally and from a SOX control perspective. We need to understand the revenue, cost and margin perspective down to the product and customer level,” said Mihai Faur, SVP Finance, Global Controller at UiPath. “Subskribe tightly integrates revenue recognition with quotes and invoicing, reducing complexity while adding transparency. It is a disruptive new tool in the market that will help streamline quoting, invoicing and revenue recognition processes and operations. You don’t have to be an accountant to see the value.
As a single platform that encompasses quoting, invoicing, and revenue recognition, Subskribe can enable revenue teams to more dynamically and efficiently determine a company’s Autonomous Selling Price, or SSP. The platform’s configurable quote-stage discount engine enables flexible reporting across product and account-level discount segments, facilitating what is often a complex and onerous SSP calculation process.
Revenue Recognition is now available as an add-on for all users of the Subskribe platform. For more information or to schedule a demo, visit register here.
Subskribe is the adaptive quoting and invoicing platform for modern SaaS businesses. Totally unified. No silos. Zero matching, from order to turnover. Designed in collaboration with some of the world’s leading SaaS companies, Subskribe helps businesses maximize revenue through innovative transaction structures such as scale-up commitments, mid-term upsells, and flexible discounts. The result is faster time to market, increased revenue growth and massive operational savings. Based in the San Francisco Bay Area, Subskribe is backed by venture capital firms such as 8VC and Slow Ventures. For more information, visit www.subskribe.com.
Firebrand Communications for Subscript