With acquisition of RevLock, Chargebee RevRec helps users automate complex financial reporting processes
Chargebee, the leading subscription billing and revenue management platform, today announced its acquisition of revenue recognition platform RevLock to expand the company’s product offerings. By combining the two services, users can unlock automated revenue recognition as part of their billing processes, minimizing time-intensive manual labor and ensuring compliance with local and federal reporting regulations.
“Our mission at Chargebee is to solve important challenges for our customers and empower subscription-first businesses to grow with confidence. As we continue to build a category leading product for subscription management and billing we see revenue recognition as the natural next step,” said Krish Subramanian, Co-founder and CEO at Chargebee. “With Chargebee RevRec, we are committed to offering our customers a best-in-class solution that automates some of the most challenging aspects of the billing process for subscription-based businesses.
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The acquisition comes on the heels of Chargebee’s latest funding round, where the company reached unicorn status as it increased capital to expand product capabilities for its global customer base. RevLock and Chargebee have partnered through integrations for the past year, and this acquisition brings the two companies together as Chargebee RevRec.
“Our experience with the Chargebee and RevLock partnership has been seamless from start to finish. Not only does the product add tremendous value to our company by eliminating hours of manual labor and delivering accurate results, it has also provided a standardized framework for our revenue recognition process. We can better understand our data and trust the reporting without worrying about rapid changes to our business and compliance with GAAP. It’s completely automated!” – Robert Pejovich, Accounting Manager at GoSite, Inc.
Chargebee RevRec automates revenue recognition processes for SaaS companies and helps them stay compliant to changing regulations, including the revenue recognition standard ASC 606, developed by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). Under the regulation, revenue is only recognized when the contractual obligation is met with the delivery of service, instead of when payment is made. With this acquisition, Chargebee customers can:
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- Recognize revenue based on the 5-step compliance model outlined by the ASC 606 standard
- Achieve complete visibility through detailed reporting and dashboards
- Manage modifications arising mid-cycle, such as bonuses or refunds
- Seamlessly integrate with billing and collections and ERP systems
- Avoid costly errors and miscalculations by keeping up with changing accounting standards and interpretations
- Make quick and accurate decisions
“We are thrilled to join Chargebee and offer RevRec so that modern-day finance leaders will have a one-stop solution to digitally transform recurring invoicing, accounts receivables and financial reporting,” added Craig Kirsch, CEO of RevLock.
