Order to cash and revenue recognition automation
Deloitte offers a comprehensive suite of services aimed at streamlining the order to cash and revenue recognition process. Our services include, but are not limited to, developing global standardized policies, creating centers of excellence, and implementing advanced automation tools to handle key processes. Deloitte's approach is built on deep technical accounting knowledge, extensive domain experience, and strategic technology alliances with market-leading providers.
How do you get started on the journey?
To get started with streamlining the revenue recognition process, Deloitte’s approach begins by conducting a comprehensive assessment of your current processes to identify inefficiencies, identify gaps, and create a plan that helps your company move forward depending on your budget and complexity. A target future state model can identify quick wins, prioritized solutions, and ‘no regret’ steps forward. Develop a target future state model that emphasizes connectivity, collaboration, and transparency, aiming to save time and reduce costs.
- Increase system integration to minimize manual interventions and enhance accuracy and implement automation tools to handle revenue recognition and order to cash processes.
- To mitigate risks, it is crucial to develop global standardized policies and procedures and establish data consistency with a common information model. Additionally, creating accountability mechanisms for root cause analysis and error correction, particularly in billing and dispute management, will enhance process reliability.
- Engaging professionals with experience in leveraging their deep technical accounting knowledge to operationalize the accounting requirements leveraging strategic alliances with enterprise level technology providers will bring the necessary expertise and tools to your organization.
- Implement project governance, establishing necessary controls, and continuously monitoring and adjusting the processes will ensure ongoing efficiency and effectiveness.
Why is this important to your company?
Streamlining the revenue recognition process is important for companies to keep up with growth, changing revenue structures, and evolving market demands. The complexity of ASC 606 and constrained resources can pose significant challenges, making it essential to revisit people, processes, and technology capabilities. By simplifying, standardizing, and automating these processes, companies can reduce the risk of errors, optimize reporting, and utilize data-driven insights to drive strategic decisions. This not only ensures compliance but also enhances overall operational efficiency and effectiveness.
How can Deloitte help?
Deloitte can help companies navigate the complexities of revenue recognition by providing tailored solutions that address specific business needs and challenges. With deep technical accounting knowledge and extensive experience across various industries, Deloitte's professionals guide clients through the transformation process, from strategic planning to operationalization. Our strategic alliances with leading technology providers ensure that clients have access to the best tools and capabilities in the marketplace, enabling seamless and effective implementation.
The value we bring:
- ASC606 assessment and implementation experience across industries
- Deep revenue recognition knowledge
- Efficient approach, tools, and accelerators
- Globally connected team
- Multi-functional team that knows audit, finance, tax, technology implementation, and more
- Strong technology alliances and relationships
- Integrated array of innovative technologies and expansive resources
- Leveraging data-driven insights
End-to-end services:
Deloitte provides end-to-end services that cover the entire order to cash and revenue recognition process. From contract creation, customer orders, to recognizing revenue, Deloitte's approach offers tailored delivery which can include automating contract identification and extraction, using advanced analytics to identify performance obligations, supporting the build and design of automated pricing models, and implementing automated revenue recognition systems.
This holistic approach ensures timely and accurate revenue reporting, reduces manual processes, and increases system integration, driving consistency, accuracy, and efficiency across the order-to-cash cycle.
Please visit the Deloitte Accounting Research Tool website for a more comprehensive collection of news and Deloitte publications related to the new revenue recognition standard, ASC 606-related guidance on revenue-generating activities, and guidance on the converged IFRS and GAAP standards.
The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.
