Cloud ERP provider Intacct has released a new solution that connects ERP systems with customer relationship management systems to help businesses comply with revenue recognition standards.
The solution, Intacct Contract Billing for CRM, is delivered through native, built-in connectivity between Intacct cloud ERP applications and Salesforce CRM applications, and is designed to eliminate the need to deploy or maintain integration software that connects ERP and CRM processes. Together with Salesforce, it is designed to provide a complete workflow solution.
According to Intacct, Contract Billing for CRM is designed to help users meet the requirements of ASC 606, the new revenue management guidelines from the Financial Accounting Standards Board that will require companies to identify performance obligations in all customer contracts and approach revenue recognition on a contract, rather than transaction, basis.
The solution aims to facilitate tracking the performance obligations that are the fundamental drivers of revenue recognition under the new guidelines; automate dual accounting treatment of orders and renewals according to current and new guidelines; and automate dual reporting that's required for compliance during transition to the new rules.
“Growing revenue with flexible pricing models just got easier for companies that use Salesforce CRM,” said Dan Miller, vice president of product management at Intacct. “Whether companies are looking for greater automation in pricing and billing, tighter integration with their automated revenue recognition, or a seamless data flow between Salesforce and their financials, Intacct Contract Billing for CRM adapts to their needs.”
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