Bloomberg Tax has introduced an ASC 606 solution for its Advantage tax management system to help companies comply with the new revenue recognition standard.
The ASC 606 solution uses SaaS, or Software as a Service, technology, similar to cloud computing. The new revenue recognition standard is forcing companies to scramble to come into compliance. The standard took effect at the end of last year for public companies and is scheduled to take effect at the end of this year for private companies.
Bloomberg Tax’s ASC 606 solution includes features such as centralized financial control, automation and an audit trail for revenue recognition. It also supports a variety of reporting methods and on-demand forecasting to help identify changes in contract components and their effect on revenue recognition. The software also offers the ability to generate journal entries that allow booking adjustments to accounts. In addition, it supports data import into ERP systems to streamline revenue management and maintain internal controls. It has a central repository for contracts and supporting documents, along with automated workflow and a business rules engine.
“The ASC 606 solution from Bloomberg Tax Technology is a natural extension of our expanding GAAP solution set that includes fixed and leased assets accounting software,” said Ken Crutchfield, vice president and general manager of Bloomberg Tax Technology, in a statement. “Our ASC 606 solution solves for rules around complex contracts and leverages proven amortization calculations from our flagship fixed assets product.”
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