Gotransverse Expands Native Revenue Management to Increase Traceability and Functionality for Automated Revenue Recognition and Accounts Receivable Journal Entries
Rules-based Revenue Management and Multiple Ledgers Expand Revenue Recognition Possibilities and Improve Revenue Traceability
Gotransverse, the leading provider of enterprise order-to-cash solutions, has expanded the accounting and revenue recognition capabilities of the Gotransverse SaaS Agile Monetization Platform. Gotransverse’s Revenue Management application provides the flexibility to support billing-related accounting scenarios through highly configurable posting rules. Additionally, multiple accounts receivable sub-ledgers (AR Ledgers) enable users to model various revenue recognition strategies and perform comparative analysis.
The native AR Ledger is highly flexible and supports a robust rules-based methodology for creating journal entries. Each AR Ledger can be configured with specific attributes to support separate AR ledgers for company divisions, multiple corporate entities, and other groupings.
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“The platform’s native revenue recognition engine is incredibly flexible, allowing for a variety of standard posting rules and custom posting rules, when necessary,” said Geoff Coleman, Chief Product Officer at Gotransverse. “Using Gotransverse, our customers can recognize revenue over time based on the service period, agreement period, calendar year, estimated customer lifetime, contract period, and other variables. Gotransverse supports ASC606 revenue recognition and helps companies maintain compliance with GAAP and other financial regulations.”
Working in conjunction with the Gotransverse Connector Service, Revenue Management enables users to export custom-aggregated accounting entries to any ERP system based on customer-defined schedules. Gotransverse also includes tracking information as part of the export, which is recorded alongside the target ERP’s journal entry. This process provides a complete audit trail of individual accounting entries in Gotransverse, aggregated to individual lines in the journal entries recorded in the target ERP system. This traceability is vital for year-end audits. Moreover, Gotransverse has made it easier to trace accounting entries to underlying billing activity and vice versa. These functionalities enhance auditors’ confidence, often leading to a reduction in audit scope and costs. Overall, the Gotransverse Connector service offers full traceability from the ERP system to Gotransverse, improving the audit trail and reducing costs.
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“As business and billing models become more sophisticated, accounting support must be more flexible,” said Jennifer Meyer, Director of Product at Gotransverse. “The functionality in our native Revenue Management software enables customers to structure revenue recognition to suit their individual needs. The multiple AR Ledger feature allows for creating ‘what if’ scenarios without affecting the production AR Ledger. We have yet to encounter a customer use case that we couldn’t accommodate with our rules-based approach, provided the information exists in our system.”
The automation of Revenue Management offered by the Gotransverse Revenue Management application ensures compliance while simplifying auditing by providing complete traceability and audit histories. This feature guarantees that businesses can track every transaction and action, improving transparency and ensuring all policies and regulations are followed. By leveraging the automation capabilities of the Gotransverse Revenue Management application, organizations can streamline their revenue management processes, minimize errors, and increase efficiency.