NetSuite Cloud ERP has introduced a new revenue recognition module called Advanced Revenue Management (ARM) that streamlines and automates all revenue management processes in order to help strengthen compliance, boost efficiency and improve visibility. This is in keeping with the new accounting standard ASC 606 that defines the principles & guidelines on how international companies recognize revenue from contracts with customers, and also to report financials more accurately.

With the implementation of this new standard affecting existing accounting and ERP systems, and also with rapidly changing rules such as the latest EITF 08-01 and 09-03 regulations on multi-element sales, finance teams were left to wrestle with complex spreadsheets that limited productivity and visibility, leaving behind a fair share of errors and non-compliance risks. The ARM module offered by NetSuite is an asset for companies; with fully automated revenue recognition and multi-currency & multi-subsidiary intelligence. This enables for an integrated workflow for simultaneous revenue recognition and billing.Benefits of NetSuite Advanced Revenue Management (ARM) Module:

• Compliance with Multiple Accounting and Revenue Recognition Standards, including ASC 605, 606 and IFRS 15
• Flexible Revenue Recognition Capabilities and Accurate & Timely Reporting of Financial Results
• Powerful Multi-Book Accounting Engine that can Record and Post Revenue-Related Activity to all Books concurrently – not only Book-Specific Fair Value Prices but also Book-   Specific Foreign Currency Management
• Robust Support to Percentage-of-Completion Accounting and Event-Driven Revenue Plans
• Efficient Revenue Contracts Management to Seamlessly Navigate Complexities, through Dynamic Fair Value Pricing and Powerful Allocation Calculator
• Integrated Front and Back-Office Processes to manage Recurring Revenue Streams
• Automated Revenue Forecasting, Allocation, Recognition, Reclassification and Auditing through a rule-based Event Handling Framework NetSuite ARM Implementation with Techcloudpro:

As an expert Oracle NetSuite Solution Partner, Techcloudpro can help integrate the NetSuite Advanced Revenue Management (ARM) Module with your existing NetSuite Cloud ERP Solution. Click here to Request a Demo.
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