Gravity Software, which provides mid-market accounting software written on the Microsoft Dynamics 365 platform, has released a revenue recognition module.
This tool, which is available as an add-on to Gravity's software for an additional cost, is designed to help companies appropriately recognize revenue and expenses in the period it is earned in accordance with new accounting standards from the International Accounting Standards Board and the Financial Accounting Standards Board.
Businesses that deal in annual contracts, products with future release schedules, SaaS, and training classes planned for future periods are likely to be affected by the new rev rec rules. Gravity’s new module is meant to simplify the process of calculating the correct revenue in each period. After the initial setup, clients just need to post their invoices as they normally would, and post the revenue recognition entries once a month.
“We are very pleased to provide our clients with a tool for more reliable and accurate financial statements that truly represent revenue and the associated costs that have been earned by companies,” said John Silvani, president and CEO of Gravity, in a statement.
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