Acing complex rev rec for high tech on a growth path

Company type

Small, private

Industry

Technology

Solution areas

Strategic Projects, Small Business

Challenge:

A fast-growing high tech company wanting to ace its first audit had hired outside help with revenue recognition, but the accounting treatment raised some big questions.
They asked RoseRyan to step in and gave clear expectations: The work had to be redone to pass an audit.
It wasn’t a simple assignment—the company had complex, multiple-element agreements.

Solution:

Our accounting ace documented the fact pattern of a representative sample of agreements and collaborated closely with the CFO to determine a rev rec approach that would suit the company’s needs.
After the acid test—verification by the auditors—she set to work applying industry-specific GAAP literature to more than 300 deals closed in the four years since the company’s launch.
The consultant developed and implemented best-practice processes, such as an easy-to-use rev rec model and a template for documenting future arrangements to ensure consistency and reduce the risk of accounting mistakes.

With a revenue recognition model that accurately reflects the company’s performance, the client sailed through the first audit and is in great shape for future growth.

Results:

Complicated sales contracts revenue recorded

Easy audit process

Clear sailing around technical accounting issues

Time-saving best practices

Workable rev rec model

Ongoing connection to expertise, support

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