Revenue Management is a challenging task given the increasing complexity in corporate business models and more stringent Sarbanes-Oxley regulations. Government compliance standards require publicly traded companies to clearly define and document revenue policies and then translate them into actionable and repeatable business processes. Historically, organizations have been “getting by” through the use of primitive spreadsheets and loose revenue policies definitions. These unsophisticated methods no longer meet government requirements because they lack the needed rigor, accuracy and traceability and are also highly inefficient. In addition, Finance and Accounting departments are being forced to quickly account for business model changes that impact revenue recognition, forecasting, reporting and allocations.
HBSC has developed a methodology for helping organizations to clearly define the necessary policies and procedures, metrics, artifacts and roles that are necessary for compliance. In order to keep an accurate accounting of both revenue and deferred revenue, many organizations have recognized the need for the flexibility of an accounting subledger. HBSC has solved this challenge numerous times by teaming with third-party vendors such as Softrax to help design and implement Revenue Management solutions that complement the organization’s existing General Ledger. Our consultants have helped many clients design, architect and deliver sophisticated solutions that improve all aspects of revenue management while greatly reducing the risk of non-compliance. For more information on how HBSC can help with your revenue recognition challenges, contact us at 415-715-8767.