Has your company implemented or are you in the process of implementing new revenue recognition guidance under EITF 08-1 / 09-3 (ASU 2009 13 & 14)?
Does your company sell both hardware and software in bundled arrangements?
If so, we would like to hear about it how you are approaching the implementation phase.
Implementing EITF 08-1 / 09-3 (ASY 2009 13 & 14)
Answers
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We are looking at software to help with our software rev rec conversion. Currently considering NetSuite and Softrax. There is simply too much transaction volume to do it by Excel. I think we would induce errors galore and we would have to integrate anything we do with our financial system, so we are trying to get a high level of integration and automation. Adoption is coming at us quickly and we're working hard to get there. I get the feeling, just based on how little conversation there is on this topic (not just at Proformative, but in my other finance/acct'g networking groups offline) that folks have not quite woken up to this one yet.
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We are and ASP software company have a significant amount of deferred revenue in multiple combinations. We use NetSuite to manage it and the cost is very reasonable and it works fine.
I used Softrax at a SaaS company that also sold some software on a traditional license/maintenance model and had professional services, Softrax worked just fine for all of the revenue streams.
Just curious on their pricing model - can you provide any information? Is it a flat rate (per month); is it based on revenue size or number of transactions or number of users?
My network of recruiters and software implementers has told me that companies generally have not started implementing 08-1. I expect a big rush to implement in the fall
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