Revenue Recognition Criteria: Sage Intacct Wins 2017 Stevie Award

‘Tis the season for ASC 606 compliance. The transition to the new revenue recognition criteria guidelines, especially for contract management- and subscription-based businesses, can be messy and stressful. These companies must track and report revenue under the both existing and new rules—a time-consuming process fraught with error. Sage Intacct Contract and Revenue Management, winner of a 2017 Silver Stevie Award, completely automates dual reporting and posting with different accounting treatments for current and ASC 606 and IFRS 15 guidelines.

Sage Intacct Contract and Revenue Management encompasses applications for, as well as contract revenue management. Part of Sage Intacct’s cloud ERP system, these applications form the industry’s first automated solution to help mid-sized companies navigate the complexities created by the upcoming ASC 606 and IFRS 15 revenue recognition guidelines—the most sweeping accounting changes in over a decade. The applications feature a contract-centric architecture that also streamlines the complexities of subscription billing to help companies grow revenue.

The Stevie Award was given in the Best Product or Service of the Year – Software – Cloud Enterprise Resource category in The 15th Annual American Business Awards. This is the nation’s premier business awards program, and all organizations operating in the U.S.A. are eligible to submit nominations. More than 190 professionals worldwide participated in the judging process to select this year’s winners, while more than 3,600 nominations from virtually every industry were submitted for consideration.

“Each year the judges find the quality and variety of the nominations to be greater than the year before. The 2017 competition was intense and every organization that has won should be proud,” said Michael Gallagher, president and founder of the Stevie Awards.

This award from the American Business Awards continues a string of product awards for Intacct over the past few months. Previous awards include: Accounting Today naming Intacct Contract and Revenue Management one of the Top New Products for 2017, being named to PC Magazine’s list of the Best Business Products of 2016, and winning a 2016 Best in Biz Awards for Best New Product of the Year

The deadlines for ASC 606 compliance are quickly approaching—December 15, 2017, for public companies and December 15, 2018, for private companies. There’s no time to waste on old accounting methods, such as QuickBooks and Excel. Instead, rely on award-winning Sage Intacct Contract and Revenue Management to save you time and effort, help you meet the revenue recognition criteria, and free you to focus on your core business and profitably serve your customers. The technology experts at Arxis can help—contact us today!