CFOs have long described the operational challenges they face, particularly when closing their month, quarter, and year. Among these challenges, the collection of fulfillment data, i.e. the satisfaction of delivery events, service milestones or % of completion and other metrics that trigger the recognition of revenue, has been often described as ‘the long pole in the tent of the close process’. This is particularly true for companies that maintain large service organizations to assist in delivering value to clients.
Exasperating this issue, CFOs now have to contend with new revenue recognition guidelines under ASC 606. These guidelines will fundamentally change the way companies process revenue. ERP systems, by their nature, tend to be a mile wide and ½ an inch deep. It is extremely difficult for any single ERP vendor to keep pace with the complexity in any, let alone all, of the areas an ERP system touches. This has led to a need to migrate revenue processing to spreadsheets and other disparate systems. On the services and fulfillment side, processes often consist of files emailed around the organization to track the work that has been done creating a nightmare for finance organizations striving to rapidly and accurately close their books.
Purchasing expensive customizations, rip and replacing systems, or relying on manual workarounds - create unnecessary disruption and risk. An ERP augmentation strategy, where a company maintains a strong ERP background, but augments with modules from vendors focused specifically on that area can be a better way to go. Softrax has spent over 17 years focused on automating even the most complex revenue recognition processes. Similarly, Changepoint has revolutionized how Professional Services Organizations are managed.
This one-hour webinar will discuss how Softrax and Changepoint enable companies like Tyler Technologies to overcome the significant challenge CFOs face in managing the impact of fulfillment data on revenue recognition and the close process.
During this webinar you will learn:
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Tom is currently the General Manager of Softrax. He has worked in the area of automating complex revenue recognition for over 5 years with Softrax. Prior to this he has over 17 years of experience with start-up software companies, including SES, HyPerformix, Parasoft, rPath, and iTKO. Mr. Zauli started his career as an Electrical & Systems Engineer for GE Aerospace.
Greg has more than 25 years of experience in the information technology industry, encompassing software support, development, presales, professional services, and product management. In addition to his 14 years with Changepoint, he has held various leadership positions in different market verticals within the IT area including health, educational, and print and electronic media industries.
Jeff has more than 15 years of experience in accounting for multi-element arrangements across various industries spending the past eight years focused on the complex software revenue recognition environment as the Director of Revenue for Tyler Technologies headquartered in Plano, TX. In addition to roles in finance, over his career, he has held various roles in IT and project management earning several professional designations for IT security, audit and control as well as the Project Management Institute’s Project Management Professional (PMP) designation.