06 Feb Subscription revenue and AASB 15
Sage Intacct offers a range of features that can help organisations comply with AASB 15 or IFRS 15, an accounting standard that outlines the recognition, measurement, and presentation of revenue from contracts with customers.
One of the critical features of Sage Intacct that supports AASB15 is its advanced revenue management capabilities. With Intacct, organisations can track the progress of their contracts with customers, including the recognition of revenue and any changes to the original contract terms. This information is used to calculate revenue in accordance with IFRS 15, ensuring that the organisation’s financial statements are accurate and up-to-date.
In addition, Intacct provides robust reporting and analytics capabilities, allowing organisations to easily access the information they need to comply with AASB 15. With real-time data and powerful analytics tools, organisations can quickly analyse their financial data to identify any discrepancies and make adjustments as needed.
Another important aspect of Sage Intacct is its flexible architecture, which allows organisations to easily configure the system to meet their specific needs and requirements. This means that organisations can set up the system to automate key tasks and processes, reducing the risk of errors and increasing efficiency.
Sage Intacct is a powerful financial management system that can help organisations comply with AASB 15 by providing advanced revenue management capabilities, robust reporting and analytics tools, and a flexible architecture. With Intacct, organisations can streamline their financial operations, reduce errors, and increase efficiency, all while ensuring that their financial statements are accurate and up-to-date.
Download our eBook below for a more detailed overview of how to plan your path to compliance. In this guide, we will highlight the basics of AASB 15, what it means for your business and the risks of not taking action.Image designed by upklyak / Freepik