BillingPlatform Enhances Real-Time Revenue Management Solution to Help Enterprises Streamline Financial Close
Industry leading, cloud-based software solution automates revenue management in real-time, giving accountants a single source of truth for billing and revenue accounting data
BillingPlatform, the revenue management solution for today’s innovative business models, today announced it has added new, enterprise-grade capabilities to its Revenue Recognition solution. The new capabilities are specifically designed for accounting staff to automate the entire billing and revenue recognition process in a single solution that leverages the same data model and delivers true real-time revenue management, helping to reduce errors, mitigate company risk by adhering to accounting standards and accelerate the close process.
BillingPlatform’s Revenue Recognition solution manages transaction complexity of subscription, usage and one-time offers with a flexible and powerful rule-based engine for revenue scheduling, which gives finance teams the flexibility to automatically allocate transactions to specific general ledger (GL) accounts in real-time to specify how and when revenue will be recognized. Users can also create custom revenue milestones and schedules that are unique to their customer base and manage revenue recognition across multiple subsidiaries and geographies. The solution is built for performance and has proven to provide users with the ability to process up to 750,000 invoices and book 2.3 million GL entries per hour.
“Given the opportunity to transform our quote-to-cash process, we defined a detailed plan to drive our next-gen monetization efforts,” said Tony Gaglione, director of engineering at WarnerMedia | DIRECTV. “After a thorough search, BillingPlatform was selected as the foundational engine of the solution to automate billing and revenue management. With the single solution from BillingPlatform, we reduced the complexities associated with our quote-to-cash processes, including the ability to automate billing and subledger entries to the general ledger. The results speak for themselves – from optimizing total cost of ownership through no/low-code configuration to realizing operational efficiencies by eliminating manual processes – the savings are significant.”
The advanced capabilities of BillingPlatform’s Revenue Recognition solution also include the ability to:
- Support all patterns of revenue recognition under ASC 606 and IFRS 15 accounting standards
- Automate revenue allocations based on standalone selling price (SSP)
- Establish custom rules by currency, geography and entity
- Manage intercompany allocations
- Apply revenue splits, including single charges recorded against multiple GL accounts
- Offer dual reporting for different accounting standards, including IFRS 15 and U.S. Generally Accepted Accounting Principles (GAAP)
“Our powerful, real-time Revenue Recognition solution is intuitive for accounting users and provides powerful automation capabilities that can address any pattern of recognition through configurable formulas to facilitate timely and accurate financial reporting,” said Leo Solomon, CTO and co-founder of BillingPlatform. “Our customers use BillingPlatform to integrate all of their systems in the revenue stack, including ERP systems, which provides a seamless sync of data, freeing up finance teams to make more strategic decisions and keep a closer eye on business trends and opportunities.”