Revenue Recognition Best Practices
SalesLogistix provides consulting services to help your sales, contracts, and legal teams efficiently handle GAAP and SOX compliance while reducing manual tasks. Our clients report dramatic improvements in quote and contract compliance, with significant reductions in error rates.
Here's a checklist of revenue recognition best practices. Score yourself to see how more effective your booking and revenue management can be:
- Does the forecasting system automatically distinguish between product, support, and service components of a deal?
- Does the forecasting system properly handle recurring revenues, subscriptions, and contingent deals when they happen?
- Does the SFA / CRM system reinforce company policy regarding revenue recognition?
- Does the SFA / CRM system enforce quoting and booking rules on every deal?
- Are any records deleted by users? Can quotes or contracts be changed after they're booked?
- Do you have a business process that could stand up to the scrutiny of an external auditor?
- Do you have policies for terminating SFA / CRM system access before the employee leaves the company?
- Do you have ways to ensure that people have reading, reporting, and editing access only to the required data? Can you prove that the access privileges match your current org chart?
- Are "all” forecasts based only on SFA / CRM system data?
SalesLogistix brings its customers up to best practices in all these areas. We've done it for public and private companies, from 10 to 200 sales reps.
Revenue recognition and compliance are not things to handle on a 'best efforts" basis. Get the forecasting visibility and control you need so there's always clean decision that can be documented if necessary.
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