Reminders, Tips and Best Practices for InnoVergent Customers
Private companies need to be in compliance with the new Revenue Recognition Standard, ASC 606 starting January 1, 2019. By the deadline, revenue must be recognized on delivery of the performance obligations, defined in five steps:
- Identify the contract with a customer.
- Identify the contract performance obligations.
- Determine transaction price.
- Allocate transaction price to performance obligations.
- Recognize revenue when performance obligation is satisfied.
Whether it’s for public or private companies, Oracle | NetSuite from InnoVergent eases ASC 606 compliance by:
- Helping companies ensure transparency on public disclosures – an integrated system eases this process by connecting transactions, subscriptions and projects to the billing engine, and seamlessly flowing to financials, with full integration to advanced revenue management.
- Enabling you to run seamless billing and revenue recognition in the cloud – for example, Oracle | NetSuite supports “recipes” which give you the ability to automate how revenue is to berecognized on a contract. Recipes act in a similar fashion to how accounting systems depreciate a fixed asset.
- For more complex industries, SuiteBilling provides the first and only comprehensive cloud solution that synchronizes complex processes from order to billing to revenue recognition, all within one system – it unifies both billing and rev rec processes with complete controls and auditability to ease compliance while reducing risk.
Click here to learn more about Oracle | NetSuite’s Advanced Revenue Management (ARM) tool and visit our ASC 606 page to find out how we can help you navigate these changes.
Learn All the Adaptive Insights Efficiency Tricks with Optimization Services from InnoVergent
by Joseph Denk, Senior Consultant at InnoVergent and Adaptive Insights Certified Consultant
Do you hear complaints from budgeters and reporters about the amount of time it takes to open a spreadsheet in Adaptive Insights? What about from your integration administrators around maintaining dimension values and attributes?
Adaptive Insights has come a long way in the past few years. Two of those major advancements are increased speed of your software instance and dimension maintenance to support your granular level accounting and budgeting processes. Speeding up your instance in this case refers to the amount of time it takes for spreadsheets to open. 
When you have an instance with many levels, many periods, and many calculations, the amount of time it takes for a complex spreadsheet, for example an income statement spreadsheet, to open up can really begin to slow down.
There are new features and techniques available which will allow your spreadsheets to remain cached in the cloud and prevent re-caching from occurring. ‘Cached’ means that your data is stored in memory. This means that if a spreadsheet is cached, you don’t have to wait for the spreadsheet to calculate as the figures are already stored. Our deep knowledge and understanding of Adaptive can also help you utilize the appropriate formula syntax, account types, and spreadsheet options to ensure your instance spreadsheets open, and load at the fastest possible speeds.
There have also been numerous advancements which will decrease the amount of maintenance needed in your system. For instance, we now can integrate to your dimensions and auto populate these dimensions and their respective attributes on an automated cadence. How much time would that save you if you no longer had to manually complete this task every time you created a new dimension value in your source system?
Please reach out to us today to learn more. InnoVergent offers attractive Optimization Support packages, ranging from a prepaid bucket of hours, to prepaid unlimited support.
Click here to watch the InnoVergent Quick Tip Video
on how to develop detailed budgets using Adaptive Insights!
About Joseph Denk
Joseph successfully manages Adaptive Insights clients at InnoVergent. From project scoping to completion and moving on to ongoing, personalized support, his years of experience with finance and accounting software allow him to find the best possible solutions that meet each specific business challenge, delivering an excellent customer experience.
Want to learn more about Adaptive Insights? Contact Joseph at jdenk@innovergent.com.
E-Commerce Tax Formulas with Oracle | NetSuite and Avalara
Much like all the concerns regarding ASC 606 compliance, we have seen concern by companies who do business in different states, as Economic Nexus now forces them to be vigilant in order to 
remain in compliance in all states where sales are made.
“Online sellers can generate sales tax nexus through a range of selling activities, even with just a few employees. Even if you have a company with a single location — say, a California garage — you may be expected to pay sales tax in a dozen states or more, just from making a few small changes to how your products are shipped and sold.”
Source: Avalara.com.
This change can be time-consuming when done manually; however, there are a series of resources to understand your nexus requirements as an online or out-of-state seller. To further explore whether your company needs help with sales taxes, we’ll work with you to determine the best solutions to make sure you’re in compliance.
Avalara, an InnoVergent partner, integrates with Oracle | NetSuite and automatically tracks sales tax rules and rates, calculates automatically and in real time, and files and remits on your behalf. Click here to watch the Avalara video on Economic Nexus!
We hope you found InnoVergent Today helpful! For more on how we can help you achieve success contact one of our experts at info@innovergent.com or visit our services page!
