Latest release adds new functionality to Spiff’s ASC606 tool, making it the most automated, robust and flexible in the market
Spiff, the leading sales commission software for forward-thinking revenue and sales organizations, released the ASC606 Commission Expense report, which allows customers to maintain balances by ledger accounts including the ability to break down amounts and groups using unlimited levels of subgrouping down to the obligation line level details. Commission Expense reports give Finance and Accounting teams access to advanced reporting capabilities that enable them to create audit-ready reports in a few clicks, reducing human error and enhancing their accuracy and efficiency.
The Spiff ASC606 / IFRS 15 solution is built on top of the Spiff Designer, the heart of the Spiff platform that enables users to streamline workflows and save significant time with a customizable and user-friendly interface, resulting in the most automated, robust and flexible Commission Expensing tool in the market.
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The new Commission Expense Report adds to Spiff’s existing ASC606 solution and includes:
- New grid, pivot and export technology which allows customers to slice and dice ASC606 data for any Finance, Accounting and Audit needs
- New low-code accounting configuration options including Type-ahead, Helpers, and Color coding formulas to easily support advanced technical accounting rules
- As-of date opening and closing ledger account balances, debit/credit activity in the period with the detailed amortization schedule
- Carry-forward of ledger account balances and analyze by any dimension: Legal entity, Customer, Contract, Rep, Currency, Department, Plans and much more
- New commission expense calculated fields – capitalized, amortized, remaining-to-amortize amounts and 10 more directly available out-of-the-box
- Support for any reporting time period and capitalization time period allowing full visibility
- Ability to pivot easily the online report using filters, unlimited groupings and dimensions to improve ease of navigation in mass accounting data, save filters and report format
- Ability to add unlimited context fields, custom fields and non-accounting related items
- Report & Export of detailed and aggregated accounting debit and credit journal entries
Raphael Bres, Chief Product Officer says, “Spiff delivers the first low-code accounting and reporting engine which can easily combine accruals, commission expense and revenue recognition in one report using a single source of truth. This breakthrough in accounting technology streamlines accurate journal entries generation, reporting, compliance, analysis, auditing and reconciliations on an ongoing basis and at period-end close.”
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