The sales team has a different view of revenue than the finance team, and the executive team may talk about it differently as well. To keep up with the company’s growth and the rapid pace of transactions, companies need to know where to turn to ensure their revenue is properly recognized.
This work entails adopting policies and procedures that are practical and tailored to the way the company runs. It also may require some education, in order for finance and the sales team to be on the same page when it comes to revenue recognition. And, of course, it requires an understanding of what documentation is needed so that the auditors can understand the reasoning behind the company’s revenue accounting decisions.