Making the complex simple
Revenue recognition software to make life easier
Revenue recognition has traditionally been one of the most time-consuming parts of a finance team’s workload. Often completed in spreadsheets, with staff manually collating information from various sources and making manual adjustments, iplicit can automate the whole job and save large amounts of time.
This reduces errors and ensures completeness without rekeying of data, improving the information available to decision-makers in real-time.
Automating revenue recognition with iplicit
iplicit's cloud accounting software automates the process of calculating deferred revenue, turning a previously laborious process into the work of moments. Discover how much time your finance team can save with these features:
Revenue recognition when invoicing
Set how the revenue needs to be deferred and over what period. iplicit then takes that invoice and apportions the revenue to the accounts on the right dates over the specified time automatically.
You can defer on a “straight line” basis, with the funds split evenly over a set number of months or recognise revenue quarterly, or on a specific date in the future. Select an existing “deferment profile” or create one of your own as needed.
Analysing deferred revenue
iplicit allows you to view records of deferred revenue by individual customer, by groups of customers, or by projects recognised so far. All of this can be presented in graphical form. Users can also pull up a customer’s record and see what they ordered, their invoice details, how much revenue has been recognised so far and how much remains deferred.
The deferred income schedules are available in real time in iplicit, enabling better forecasting and oversight at the click of a button.
Deferred revenue is a heavily regulated area of finance and iplicit takes care of it in line with IFRS15 and GAAP requirements.
Handling revenue recognition through iplicit makes it much easier for the finance director and their team to prepare management accounts and year-end accounts.
Users can be confident that deferred revenue was applied properly from the moment the original information was entered, with no unpleasant surprises to come.
Automating revenue recognition through iplicit saves large amounts of staff time and provides reassurance to internal stakeholders, auditors and potential investors that deferred revenue is treated in a compliant and transparent way.
Speak to one of our experts to find out how iplicit can transform your finance function
Cloud Accounting Features
Customer Quotes and Invoices
Create and send branded quotes and invoices. Invoices can be based on products supplied, jobs done, timesheets, regular charges, data from other systems or created on an ad-hoc basis.
Purchase Orders and Supplier Invoices
Generate purchase orders quickly, link them to products and services, send them automatically for authorisation and then out to your suppliers. When goods are received, issue receipts and take care of stock control. It’s easy to log, authorise and settle supplier invoices too.
Cash Management and Bank Reconciliation
With imported bank statements, iplicit recognises transactions based on rules and history. Simply check and click OK. Cash receipts and payments are easily documented, including printing or emailing appropriate receipts.
Manage your credit control risk effortlessly. Monitor collection performance across all customers and any other criteria you wish. Use aged debt reporting to see where to focus your activities. And issue statements and reminder letters automatically.
Commercial tax responsibilities are easily looked after, using tax codes, rates and tax systems to generate the figures you need for returns. Produce a VAT estimate at any time and automatically submit your return to HMRC.
Expenses and Timesheets
Staff can use iplicit to record and submit their expenses claims and timesheets. You can review expenses, and time can be assigned to a cost centre and/or a project to monitor performance and efficiency.
However you pay your staff and suppliers, iplicit eases the process – from making quick payments to an individual or company to multiple creditor transactions based on your selection criteria.
Period End Accounts
Manage accounting transactions for key business periods seamlessly. Ensure month-end control checks, reconciliations and accounting adjustments are finalised to meet management reporting deadlines.
Multi-currency and Multi-company Management
iplicit handles the complexities of doing business. Manage the finances of several businesses together. Log transactions in multiple currencies if you trade overseas and get reports in your favoured currencies.
Most businesses require a variety of authorisation processes. Within iplicit, these processes can be set up in our workflow engine. That way, documents are routed and escalated automatically based on rules you define.
Deferred Revenue Automation
Automatically calculate the spread of revenue based on your required time period and then automate the monthly process of reversals and journals to accurately recognise the revenue in a compliant manner.
Project and Job Costing
Obtain real-time views of costs, commitments, time spent, current forecast and profitability for individual and groups of projects. Manage resources and report on project progress.
“The robots are not coming for your jobs, they’re coming for your tasks.” So said Dan Black, Talent Acquisition Leader at EY, in a recent interview for HR Grapevine.
Budgeting and reporting for a multi-academy trust can be an onerous task. Before one year’s accounts are settled and filed, planning for the next has to be well under way – and budgeting
Many accountants have not been able to serve medium-sized clients as well as they would like because of a lack of affordable finance software, a leading industry event will hear.