LONDON, Oct. 28, 2020 /PRNewswire/ --
Five years after the FASB issued a new set of standard on Revenue recognition, we're only now seeing the impact of adopting revenue on paper. With various transition methods permissible as highlighted by PwC, how accurate are the numbers?
Companies offering subscriptions as part of their business model, rely on accurate revenue reporting to help determine their financial position and the health of their company. Bluefort, a European-based Microsoft ISV partner warns that these numbers could be inaccurate, and Subscription companies risk financial compliance and direct revenue losses.
Popular subscription options from companies are "annual plans". Even though the customer is paying upfront for goods or services annually, the goods or services are delivered over the course of the year. This means the incoming revenue can only be recognised at every point the goods or services are delivered, not in advance when the customer pays.
Only a few ERP software solutions can process this "delay", also called "deferred revenue". Some software billing engines can do this too; however, they are not integrated with one another. "When you can't trust your revenue numbers, you're in trouble," says Bjorn Kuijt, Chief Commercial Officer at Bluefort.
Companies who are non-compliant now have additional options in the Microsoft Dynamics stack of software. Bluefort, is changing the competitive landscape for subscription management and revenue recognition with its License and Subscription App (LISA), available to Microsoft Dynamics 365 enterprise customers in the U.K. Recognised as a Visionary by Gartner in the Enterprise ERP space throughout 2020, Microsoft Dynamics 365 has the capability to recognise your revenue over a period of time.
"Historically, you either had to manipulate the data in order to get accurate revenue numbers, or you had to invest in software integration to connect your ERP and your Billing engine. Now you can get both in one application framework, and it's scalable," says Edward Borg Grech, Chief Executive Officer at Bluefort.
Coupled with Bluefort's LISA solution to manage the entire subscription process, companies have an off-the-shelf solution available which check all the requirements:
- IFRS 15 and ASC 606 compliance
- End-to-end management of subscription lifecycle
- Accurate revenue recognition
- Best in-class architecture and security
- Available in the Microsoft ecosystem of Apps
"We've already established strategic partnerships with Dynamics 365 Implementers in the U.K. If you need subscription management, we can help. With LISA, you'll be able to manage subscriptions of various complexities and accurately account for your revenue," continues Kuijt. "LISA gives you the necessary edge to succeed in the subscription economy." See more on Microsoft AppSource.
Bluefort is a Microsoft Gold Partner and ISV that enables businesses to digitally transform using cutting edge technology. Bluefort is focused on delivering tangible value to businesses through extension of Microsoft Dynamics 365 business applications. Established in Malta, our customers and partners around the globe receive managed services collaboration, support and cloud maintenance. Visit our website on www.bluefort.eu or follow us on LinkedIn at https://www.linkedin.com/company/bluefort
Name: Bjorn Kuijt
Title: Chief Commercial Officer - Bluefort
Phone number: +356 9980 6118
Email address: email@example.com
Name: Edward Borg Grech
Title: Chief Executive Officer - Bluefort
Phone number: +356 9927 6893
Email address: firstname.lastname@example.org
Name: Amor Herbst
Title: Sales & Marketing Specialist
Phone number: +356 9914 3155
Email address: email@example.com