Enterprise resource planning and supply chain technology provider Tensoft has released the Advanced Revenue Compliance Module for its Tensoft RCM Suite.
The software is designed to automate and streamline compliance with new regulatory statutes such as Financial Accounting Standards Board rules EITF 08-01 and EITF 09-03, as well as the American Institute of CPAs’ SOP 97-2 for software companies.
Available as a cloud application or installed in-house, the Advanced Revenue Compliance Module for Tensoft RCM is an extension of existing features in the program and can be added for customers already running Tensoft RCM or as an addition to Tensoft RCM for new customers.
The software aims to automate the revenue compliance process for technology companies, which often involves steps for determination, policy application, and allocation. In the first step, businesses make an annual determination of what their revenue policies will be. These policies are then applied when sales occur and, finally, revenue is recognized based on these policies.
“Technology businesses that are affected by revenue compliance issues include software companies, companies producing consumer products and medical devices, biotech and technology firms, and any company with multi-element sales, or with a product that contains some software component,” said Tensoft president and chief executive Bob Scarborough. "The Advanced Revenue Compliance Module for Tensoft RCM adds support for a company’s revenue determination, supports automation of the allocation and ensures auditability of the revenue recognition process. Through this process, we support the new — and existing — standards as well as compliance with them.”
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