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Five Signs You Need Outsourced Accounting Help

5 Signs Your Company Might Need An Outsourced Accounting Partner

August 23, 2017/1 Comment/in Outsourced Accounting /by rinehimerbaker

If you’re considering outsourcing any of your company’s financial management or accounting functions, you’re likely bursting at the seams with “so much to do in so little time.” But there are other reasons growing companies might need to hire outside, professional help. Let’s take a look at some common signs that it’s time to call out to a partner, “SOS!”

1. Things are Getting Complex—Fast

If your business is growing, every department gets affected at some point. New business requirements eventually take their toll. The finance and accounting areas may struggle under the strain of more transactions, more reporting requests, and more deadlines. Aside from the requirements, complexity in the work itself is often the culprit that drives financial teams to look for a partner to get them through to the next level.

What’s more, accounting and financial management may not be among the core competencies of your company—and executives want to invest outside of the “back office.” More than ever, you need guidance and support to navigate changes and set up systems that are ready for even more, and an outsourcing partner can be the ideal solution

2. Your Manual Processes Are Causing Delays

Manual inefficiencies in your department’s workflows might be holding you back. Invoices get sent out late, payments get paid late, reports don’t get delivered to managers on time, and the list goes on. If you’re mired in spreadsheets and duplicate entries, you’re aware of the amount of time you’re spending on tasks that can be automated—and that’s frustrating enough. But when these issues start impacting cash flow, they also start impacting your company’s ability to scale. Depend on a third-party to manage the time-sensitive tasks using up-to-date technology so you can stay on schedule and keep your cash flow flowing…and growing.

3. What Risk Management?

Privacy laws, data breaches, tax and compliance issues, reporting requirements…there are so many reasons for organizations to consistently scrutinize the fine print and hustle to keep up with the latest industry rules regulations. It’s always possible for something to get lost in translation, or for something to fall through the cracks. But if you don’t have the checks and balances in place to ensure security, safety, and compliance, you’re leaving your business at risk for any number of costly errors, omissions, or even fraud.

For instance, you may have a lack of internal controls—maybe there are multiple people handling payments transactions. On the other hand, maybe only one person has access to all the systems. Both scenarios leave your systems and cash vulnerable. Trusting a third-party to handle your tax compliance, payroll or or other back-office tasks is a great way to safeguard your assets and get on the path to better risk management.

4. You’re Facing A Skills Gap

When leaders in your C-suite start asking questions you’re not prepared to answer, or you don’t have time to answer quickly enough, you know it’s time to evaluate your team’s competencies. Maybe there’s not an analyst on your team—or someone who’s a “whiz” at reporting. Or perhaps there are not enough people on your team. If you’re not in the financial (or strategic) position to hire new employees, an outsourced accounting partner can easily fill in the gaps and add even more value.

Read Closing the Skills Gap with Outsourced Accounting to learn more.

5. Your Technology Simply Isn’t Keeping Up

It’s possible that some of the challenges described above can be met head-on through a technology upgrade. Moving over to a cloud-based financial management and accounting software solution is the answer for many growing companies who feel the pain points of growth. With the right technology, tools, and know-how to keep processes running smoothly across systems, your team will be coasting through tasks in no time.

Naturally, if your team isn’t ready to implement a new system—or if you need more time to assess your options—it might make sense to outsource some of your accounting tasks.

Contact us if you’d like help evaluating your current system or staffing needs. We offer both outsourced accounting and cloud technology solutions that can be customized for your growing business.

Three Financial Time Drains for Trade Contractors

There are over 10 million trade service contractors, and while some operate as single independent contractors, many others operate in a larger business unit, with large-scale time management, purchasing, and accounting needs, run either by a business manager or staff who needs to manage purchasing, labor, billing and more.

Whether you’re in the business of electrical work, plumbing, HVAC services, data networking, roofing, painting, carpentry, sheet metal, or one of the many other trades, your industry faces some unique back office challenges.

With this in mind, one of the biggest concerns is likely this: You’re doing more and more work each month, and expected to get it done in the same amount of time. While you used to be making or supporting decisions that positioned your company for growth, nowadays you’re struggling to just complete the basics. In essence, you’re working in your business, not working on it.

Working in vs. Working on Your Trade Contractor Business

For an accounting professional, manager, or other business leader at a trade contractor, working in your business is simple: spending your day completing the necessary tasks in line with your job description.

However, when you’re working on your business, you’re getting all of the necessary tasks done, but also doing work to improve the business. This could include anything from highlighting opportunities for purchasing to save money, finding new opportunities for the project department to improve efficiency, or even finding ways to generate new business. Simply put, working on your business is where the money is made.

Unfortunately, one of the problems that trade contractors face is that leaders constantly get caught up in the minutiae of the daily grind and lose sight of the big picture. With rare exceptions, the people at a business want to help said business grow, but they often lack the processes or technology to do so.

If you really want to start focusing on the big picture, you need to take a step back, look at your everyday tasks, and look for certain things you can automate, so you to get back to working on your business.

Three Necessary Time Drains Preventing You from Working On Your Business

While the trade may differ, the process of accounting for it is relatively similar, and if you’re like most, you waste away on manual processes surrounding one or more of the following tasks.

Contracts, Completion, and Revenue Recognition

Much of your work is based in contracts, and whether you’re looking at the current way of doing business (PCM/CCM) or the ones about to take hold (performance obligation), bringing everything together poses challenges and creates a lot of work.

If the current method seems laborious, the new standards about to take hold will create a new set of challenges, as the contractor task force has been among the most vocal of the AICPA working groups who have noted implementation challenges. For businesses with outdated, manual processes, this means you will be doing a lot more work transitioning to the new standard and managing contracts under it.

The Cure: Technology Designed with ASC 606 in Mind

Revenue Recognition for trade contractor organizations can be a complex series of decisions and paperwork—both under the new and old standard. However, with major changes on the horizon, having plans, processes, and technology in place can be the first step in a successful transition to new standards. Sage Intacct was built to make contract management under the new standard simple, handling the complex requirements and providing peace of mind for accounting and project teams.

Learn more about the new standard and how Sage Intacct is ready to tackle the challenges it presents here.

Project Cost and Profitability Tracking

You have to answer a lot of questions on a daily basis. Will this job be completed on time? On budget? Do we have the people to take this job on this date?

Back-office professionals at trade contractors need to be able to answer these questions quickly, efficiently, and accurately. If your answer to any of these questions was “I don’t know” or “let me get back to you,” you don’t have a complete picture of your business. You need to have a complete view of each project—from materials to labor—before, during, and after the project. More importantly, it’s vital that you can come up with answers to these questions quickly.

The Cure: Speed through Automation, Visibility Through Dashboards and More

By automating your processes and setting up dashboards, you can receive and present information quickly, clearly, and compellingly—when and where you need to present it. Sage Intacct offers the right project insight when and where you need it. Whether in the form of dashboards, analytics, or project accounting-focused design, Sage Intacct can handle anything a finance team at a trade contractor can throw at it.

Cash Flow

Just as you need to look at projects before, during, and after, you need to be able to present a cash flow statement for both these projects and for the organization as a whole. This is the job not only of the back office, but of the project manager as well, who needs to be able to accurately present a schedule of values.

Financially savvy companies use standardized processes to ensure that the ability to be cash flow positive exists earlier in the project. PMs need to understand that their goal is to define a revenue recognition strategy that ensures a good cash position for their projects.

The Cure: Anytime, Anywhere Access for Those Who Need It Most

To make this happen, trade contractors need to combine automation with mobility, allowing project managers to access the numbers, submit costs, mark up the costs based on predetermined standards, and get all of this to billing—whenever and wherever. However, thanks to the cloud, providing access to the people who need it is easier than ever. Sage Intacct was recently recognized for its cash management function. Learn more about the feature and how it can make everything from billing to planning easier here.

The Challenges in Accounting for Trade Contractors Don’t Stop There

These are just a few of the time drains that finance and accounting professionals at trade contractors face every day, month, quarter, or year. However, by taking steps to increase automation, mobility, and reporting, the jobs mentioned above can be completed in less time, so you can get back to working on your business.

Sage Intacct provides the automation, reporting capabilities, and analytics you need to make decisions and prepare for the road ahead. Whether you need to manage a team of 10, 100, or 1,000 contractors, Sage Intacct can grow with you, working with other technology you need to manage your business.

ASC 606 Step-by-Step Step 4: Allocate Transaction Price

August 9, 2017/0 Comments/in ASC 606 IFRS 15, Intacct /by rinehimerbaker

With just over a year to go for private companies to have their ASC 606 plans in place, many organizations are yet to have done much to get the ball rolling. This is why we began this series, to introduce you to the various steps involved in recognizing revenue under the new standard.

Background

As part of an ongoing series, we are breaking down the 156-page standard and providing key takeaways, including who ASC 606 affects, a brief overview on the five steps, and a look at how ASC 606 will affect different industries, but today we would like to introduce a deeper look at each step:

Identify Contract(s) with a Customer
Identify Performance Obligations in the Contract
Determine the Transaction Price
Allocate the Transaction Price to the Performance Obligations in a Contract (August)
Recognize the Revenue When (or as) the Entity Satisfies a Performance Obligation (September)

ASC 606 Deep Dive Step 4: Allocating Transaction Price to the Performance Obligations

Biggest Impacts: Software, Telecommunications

With considerations including standalone selling price, allocating discounts and variable consideration, and changes in the transaction price, there are certain pitfalls in allocating price to each obligation.

Determine/Estimate Standalone Selling Prices

After Step 3, determining the transaction price as a whole, you will need to determine the standalone selling price of each good and/or service promised in step 4. As is often the case, the way to do this is to determine the price based on standalone sales of the good or service to similarly situated customers.

However, this is not often observable. When this is the case, a seller is to determine standalone prices in one of three ways:

Adjusted Market Assessment Approach: Evaluate the market in which goods or services are sold and estimate the price that customers are willing to pay.
Expected Cost Plus Margin Approach: Forecast the expected costs of satisfying a performance obligation and add an appropriate margin for that good or service.
Residual Approach (rare): Subtract the sum of observable stand-alone selling prices of other goods or services promised from the transaction price. This is only usable if the following two criteria are met:
- The entity sells the same good or service to different customers (at or near the same time) for a broad range of amounts (that is, the selling price is highly variable because a representative standalone selling price is not discernible from past transactions or other observable evidence).
- The entity has not yet established a price for that good or service, and the good or service has not previously been sold on a standalone basis (that is, the selling price is uncertain).

Oddly, for US-based businesses, the new standard will provide more flexibility for organizations than the previous standard, a rare occurrence within ASC 606 according to the KPMG Revenue Issues in Depth Article. Under the current standard, standalone selling prices are often established by determining vendor-specific objective evidence (VSOE).

Developing a Standalone Price Determining Framework

Notably, determining standalone prices will require a fair amount of judgement from the selling entity, as many organizations do not have robust processes in place for determining prices. To reasonably establish controls, KPMG recommends organizations follow this five-step process.

Gather all reasonably available data points (cost to manufacture, profit margins, third-party pricing, etc.)
Consider adjustments based on market conditions (demand, competition, awareness) and entity-specific factors (market share, pricing, bundled pricing)
Consider organizing selling prices into meaningful groups.
Weigh available information and make the best estimate.
Establish ongoing processes for monitoring and evaluating prices.

Allocating a Discount

A discount should be allocated entirely to one or more, but not all, performance obligations in the contract if all of the following criteria are met:

The entity regularly sells each distinct good or service (or each bundle of distinct goods or services) in the contract on a standalone basis.
The entity also regularly sells on a standalone basis a bundle (or bundles) of some of those distinct goods or services at a discount to the standalone selling prices of the goods or services in each bundle.
The discount attributable to each bundle of goods or services described in (b) is substantially the same as the discount in the contract, and an analysis of the goods or services in each bundle provides observable evidence of the performance obligation (or performance obligations) to which the entire discount in the contract belongs.

If a discount is allocated entirely to one or more performance obligations in the contract, an entity should allocate the discount before using the residual approach to estimate the standalone selling price of a good or service.

KPMG brings up a few observations, most notably that entities should take a different approach when a large amount of goods and services are bundled in various ways, and to establish a policy for determining what ‘regularly sells’ together.

Allocating Variable Consideration

Variable consideration that is promised in a contract may be attributable to the entire contract or to a specific part of the contract, such as either of the following:

One or more, but not all, performance obligations in the contract (for example, a bonus may be contingent on an entity transferring a promised good or service within a specified period of time)
One or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation (in accordance with FASB ASC 606-10-25-14(b)) (for example, the consideration promised for the second year of a two-year cleaning service contract will increase on the basis of movements in a specified inflation index)

While discussed after the application of discounts in the standard, variable consideration allocation needs to be completed before allocating a discount. For more information, see our discussion on the differences between variable consideration and discounting in our analysis of step 2.

Changes in Transaction Price

Prices change, and for that, there are certain paths to follow and pitfalls to watch. If and when this does happen, an entity should allocate to the performance obligations in the contract any subsequent changes in the transaction price on the same basis as at contract inception.

Consequently, the transaction price should not be reallocated to reflect changes in standalone selling prices after contract inception. Amounts allocated to a satisfied performance obligation should be recognized as revenue, or as a reduction of revenue, in the period in which the transaction price changes.

Allocating Price Changes to Performance Obligations

A change in the transaction price should be allocated entirely to one or more, but not all, performance obligations or distinct goods or services promised in a series that forms part of a single performance obligation, but only if both of the following criteria are met:

The terms of the change in transaction price relate specifically to the entity’s efforts to satisfy the performance obligation or transfer the distinct good or service (or to a specific outcome from satisfying the performance obligation or transferring the distinct good or service).
Allocating the change in transaction price entirely to the performance obligation or the distinct good or service is consistent with the overall objective for allocating the transaction price to performance obligations, when considering all of the performance obligations and payment terms in the contract.

A change in the transaction price that arises as a result of a contract modification should be accounted for in accordance with the guidance on contract modifications. However, for a change in the transaction price that occurs after a contract modification, an entity should apply the guidance in whichever of the following ways is applicable:

Allocate the change in the transaction price to the performance obligations identified in the contract before the modification if, and to the extent that, the change in the transaction price is attributable to an amount of variable consideration promised before the modification and the modification is accounted for as if it were a termination of the existing contract and the creation of a new contract (in accordance with FASB ASC 606-10-25-13(a)).
In all other cases in which the modification was not accounted for as a separate contract (in accordance with FASB ASC 606-10-25-12), allocate the change in the transaction price to the performance obligations in the modified contract (that is, the performance obligations that were unsatisfied or partially unsatisfied immediately after the modification).

Conclusion: Time to Get Moving

16 months may seem like a long time (it’s only five if you’re a public entity), but many organizations are seeing challenges in making the move to implement new processes and systems to meet the requirements of the new standard.

Even if we’re posting monthly blogs leading up to the effective date, you should already be looking at transition methods and other industry-specific considerations that you need to make. To address this, we’ve compiled a list of resources for companies looking to prepare for the upcoming standard:

On Demand Webcasts: ASC 606/IFRS 15

Sage Intacct recently presented a three-part series on the new standards, which you can view on-demand.

We welcome you to peer through the full text, the AICPA guidance, and to get in contact with us to learn more about preparing for ASC 606 with outsourced accounting services and/or a new accounting software designed with new RevRec Standards in mind.

What Sage’s Acquisition of Intacct Means for the Software Market

July 31, 2017/0 Comments/in Intacct /by rinehimerbaker

If you haven’t heard the news, international leader in software for accounting and finance Sage recently announced that it was acquiring leader and innovator in the cloud accounting space Intacct for nearly $1B.

The acquisition was announced in a press release on 25 July 2017, and has had profound impacts on the accounting space. Now that the dust has settled, we would like to take a big picture look at the acquisition, the impact for both companies, and why we feel it will be a positive for customers—both potential and current.

Addressing Two Major Needs for Sage

If you’ve paid a lot of attention to the recent financial disclosures of the Sage company, you will know that prior to the Intacct acquisition, the company has seen headwinds in getting on to the cloud. While making some progress with the release of Sage One and X3, but in the words of AccountingWEB Managing Editor Seth Fineberg, “cloud has eluded Sage in that it never built a cloud financial product [on par with a company like Intacct].”

Fineberg goes on to explain just how much of a win this for Sage, in that it continues their successful strategy of growth through acquisition.

Additionally, this acquisition will help both companies compete in markets in which they needed to improve—Sage in the US and Intacct globally.

Expanding the Scope and Backing of Intacct

With Intacct’s history spanning nearly two decades, a majority of its growth came in the last 7 years. In other words, Intacct was so far ahead of its time, it was quietly improving, ready for the rise of “the cloud” in the past few years, as explained in Fineberg’s article:

“[For Intacct] I can’t not see this as a win. I got to know them 15 years ago when I started covering the space, and to their credit they were able to grow steadily in an area that really has only recently been embraced, or at least largely accepted, by accountants … that being “the cloud.””

In 2017, the cloud is quickly becoming the go-to option for finance and accounting, and with this deal, Intacct will have the global backing of a power player—combined with its high amount of loyalty from customers and channel partners.

The Power of Millions, the Continued Innovation of Intacct

As one of the largest international vendors of accounting software and ERP, Sage brings decades of experience in the space and the market presence needed to fuel Intacct and its sellers to the next level. For Intacct, its partners, and its customers, this means more innovation, as well as increased validation that cloud accounting and ERP is the present and future of delivery.

In addition to the major validation that this provides Intacct, the company will still stay true to its heart, with CEO Robert Reid staying on to lead the growth and innovation. At rinehimerbaker, we are committed to providing the same quality service that our customers expect and deserve, and are excited for the road ahead. Learn more about making the most of your growth with the power of Sage Intacct here, and contact us to learn more.

How Cloud Accounting Lets Users Take Control of Process

July 28, 2017/0 Comments/in Cloud, Intacct /by rinehimerbaker

When you consider the many pain points of using yesterday’s financial management processes—non-integrated systems, cumbersome data entry and re-entry, error-prone spreadsheets, unsecured and vulnerable data, etc.—it’s easy to see why “enhanced control” is one of the key reasons for system upgrades. Your business data, which is getting ever-more voluminous and complex as you grow, requires secure and reliable management.

Want More Control? Your Solution is in the Cloud

Today’s cloud-based financial management and accounting software solutions offer just what you need. Let’s explore the ways your business can enjoy enhanced control at the hands of a cloud-based system:

Data and Process Control

Manual processes are, by nature, out of control: they create time, cost, and data efficiencies that can be hard to recoup. When your finance and accounting staff are shuffling through stacks of paper, waiting on wet ink signatures, re-keying data into multiple systems, copy and pasting and managing multiple formulas in spreadsheets, there are many opportunities for costly human error and data isn’t being used efficiently or to its potential. Plus, there are likely more strategic projects your employees could be working on, if only some of their day-to-day activities were automated.

Learn more about How Intacct’s Cloud-Based Financial Software Supports Growing Business with Automation

Cloud-based financial management software is designed to replace manual workflows with automatic, streamlined processes. The result is faster, less costly outcomes—and more control over your staff’s time, data, and costs. And keep in mind, the process of setting up your cloud-based system is completely customizable and flexible. That means you’ll be able to configure your software, templates, and workflows based on the way you work today—and how you want to work tomorrow.

Compliance Control

One of the main advantages of moving your financial data and processes into the cloud is that you’ll enjoy the automation and controls around accounting, billing and reporting that you needs to stay audit-ready and always-in-compliance. That’s because your system can be set up according to the business rules, internal controls, workflows, terms of engagement, and any other data or documentation factors that are required for your organization to maintain compliance and deliver according to regulations. You’ll also have data integrity that ensures your reporting (to employees, the government, investors, etc.) is accurate, up-to-date, and easy-to-understand.

You’ll find more about having audit-ready financials in 5 Common Accounting Mistakes Made By Growing Companies

Cost Control

Cloud technology is inherently affordable. It offers capabilities to SMBs and rapidly growing companies that were once available to only enterprise organizations with massive IT budgets. Here are some high points:

Hosted software is managed by your vendor, taking the pressure (and costs) off of your internal IT support team.
Data and tools are accessible using a browser or app on any internet-connected computer or device, so your business doesn’t need to invest in new hardware to support the system.
Access is subscription-based, so adding new users and scaling for business growth is easier and less costly when compared with buying software licenses and installing software on office machines.

Finally, and perhaps most significantly, the combination of streamlined automation and data transparency virtually transform your financial and accounting operations so your team is more productive and strategically oriented. The impact on costs in the long-term can be substantial. In fact, Intacct customers enjoy and average ROI of over 250% when switching to Intacct.

Big-Picture Control

Because cloud-based solutions are built for flexibility—both within the core financial management system itself and in integrations support—users get a 360-degree view into their financials, no matter where the data is coming from. Intacct’s solution, for instance, captures both financial and operational data, and it’s capable of syncing up with your business’s other digital systems and best-in-breed software, so decision-makers have access to metrics and insights spanning their organization. These can be as holistic or granular as they need to be, and they’re easily explored using web-based dashboards.

Security Control

As detailed in Cloud Solutions Deliver Security and Peace of Mind to Today’s Financial Teams, financial management and accounting software solutions like Intacct’s offer multiple security safeguards across their applications, processes, and servers to ensure customers’ data is “safer in the cloud” than it could ever be living in on-premise and paper-based systems.

No matter how you look at it, you can trust your financial data and processes to the cloud. Contact us if you’d like to learn more about our expertise with cloud technology and discuss solutions that might make sense for your growing business.

Two Nonprofit QuickBooks Upgrade Success Stories

July 25, 2017/0 Comments/in Intacct, Nonprofits, Outgrowing QuickBooks /by rinehimerbaker

QuickBooks, along with other entry-level accounting software, is amazing for businesses who are just starting out, but there comes a time for all organizations in which its manual processes, lack of visibility, and reliance on spreadsheets to get basic tasks done makes the software less and less affordable. While the actual costs haven’t increased, the labor costs have, and you’re on the verge of attempting to find another highly-paid accountant just to get the job done.

However, look at it this way. As great as it would be to have another likeminded person in the office, finding an accounting professional during the current war for talent and with the current skills gap in accounting is no easy task. Not to mention, recent data shows that it’s cheaper to upgrade than it is to hire.

This is why we would like to share with you a few success stories from companies just like yours who were feeling the limitations of their entry-level software and made the move to take their processes to the cloud with Intacct.

USA Fencing Gives QuickBooks the Black Card

For the most grievous penalties in fencing, the referee hands out what’s known as a black card, resulting in elimination from the match and event. For a nonprofit with growth in mind, QuickBooks wasn’t keeping up, holding the organization back and standing between the accountants and their goals.

With three major revenue streams, a need for specific control of restricted funds, and major funders with high expectations, USA Fencing was pushing QuickBooks beyond its limitations and needed to get free—and fast.

In this, USA Fencing began looking at next steps, evaluating Blackbaud and Intacct, letting the two vendors duel it out before declaring a winner.

“When it became clear that we needed a more powerful system to handle our nonprofit accounting needs, we evaluated both Intacct and Blackbaud,” said Keri Khan, director of finance and business services at USA Fencing. “Intacct was without a doubt the best choice for us because of its flexible report writing capabilities, its accessibility in the cloud, and its overall ease-of-use across all our key financial workflows.”

Today, USA Fencing has been able to continue growing without pain, increasing productivity and gaining peace of mind. Among the key wins that Intacct has provided to USA Fencing:

Cutting month-end reporting times in half.
Doubling the speed of expense reimbursements for athletes, employees, and contractors.
Streamlined purchasing workflows, reducing the time and effort needed to make simple or complex purchases.

Learn more about USA Fencing’s move to the cloud and read the entire case study here.

White Ribbon Alliance Leverages Intacct for Multi-Currency Accounting

With over 150 countries in its international coalition and an increasingly diverse funding portfolio, White Ribbon had to meet numerous fund accounting and compliance requirements, and found that QuickBooks wasn’t able to keep up. In fact, QuickBooks was holding White Ribbon Alliance back so much that they were facing a 2 to 3 month lag in the financial close process.

When comparing solutions White Ribbon Alliance looked at Intacct and NetSuite, deciding on Intacct for its ability to handle multiple currencies and entities.

Intacct’s cloud-based system ended up as a clear choice over NetSuite because of its impressive multi-entity and multi-currency capabilities, as well as the great experience we had with the Intacct team who showed a clear commitment to ongoing product enhancement and customer success.

White Ribbon turned to Intacct to streamline manual fund accounting processes and increase productivity. The process improvements provided by Intacct enabled White Ribbon Alliance to add new countries and services without any additional financial headcount, simplify its global business management, automate key financial processes, speed its monthly financial close process, and improve business visibility. These streamlined processes have also cut out a 2 to 3 month lag in the organization’s financial close process. Read the entire case study here.

Ready to Learn More?

At rinehimerbaker, we are committed to helping growing companies and nonprofits to handle their needs with cloud accounting. We would love to speak with you about your next steps and provide insight on how to proceed. Preview our guide to outgrowing QuickBooks below, download the entire whitepaper here, and learn even more by reading “Life After QuickBooks,” a guide from our friends at Intacct.

How Best of Breed Applications Ramp up the Benefits of the Cloud

July 20, 2017/0 Comments/in Cloud /by rinehimerbaker

In yesterday’s post, we discussed how you can get up and running in the cloud with minimal downtime or interference. Today, however, we would like to discuss the importance of best-of-breed applications in amplifying the benefits of the cloud—ramping up the speed of implementation, offering you even lower total cost of ownership and faster ROI, and providing your team the software it needs.

What is Best of Breed Software?

In simple terms, best-of breed (or best in class) software is a focused application. Rather than choosing an all-encompassing, monolithic application that touches multiple business lines, a best of breed application is designed to suit the needs of a specific function. This has long been a highly politicized debate in the software selection process, and the debate has been raging for nearly 50 years.

Prior to the rise of the cloud, each side of the debate made headway, pushing toward suites during crises in the 70s and early 2000s, and best of breed during times of economic stability. However the move toward best of breed has taken off, regardless of economic conditions, in the past decade for three major reasons: The push toward the cloud, the diversification of business, and the sheer amount of solutions available.

Now, departments can get a software with all the functionality they need at an affordable price. Sales departments can get the CRM they need, HR can get the HCM software, and payroll can choose on their needs, knowing that each application is built to work with others. Learn more from the Intacct blog, Build Your Own Ecosystem with Best in Class Applications.

Best of Breed Makes Software Selection Easier

What’s the hardest part about selecting software? Getting everyone on board. Selecting a suite requires buy-in from dozens of parts in your organization, and someone always gets the short end of the stick. Even in the heyday of enterprise suites, if half the organization wanted SAP and the other half wanted Oracle, someone was “compromising (losing).”

Even today, there are a multitude of cloud suites. That doesn’t make the selection process any easier or the prospect of compromising any more pleasant. So don’t.

When looking at best of breed applications, you need to include fewer teams, and everyone can get what they want and need. Much less “compromise.”

Best of Breed Cuts Implementation Times Further

If cloud can cut down an implementation time, opting for function-focused software can drive down the time and costs even further. According to Panorama ERP research, in 2015, 57% of ERP (suite) projects had cost and duration overruns and 7% of projects failed. This is a dangerous thought for businesses who make massive investments to make a project happen only to hear over and over that a partner needs more time and money to make a project happen.

Comparatively, best of breed applications, by nature, affect less of your business at once, and get to take the concept of “minimal business impact” to a new level.

Think of an implementation project like a surgery. The doctor (your implementation partner) can either go in, complete the surgery, and have the patient out the door and healthy quickly, or the doctor can open up the patient, increasing the risk, cost, and recovery time.

If they both had the same end result, which would you choose? A risky, intervention-heavy implementation or a minimal intervention surgery (or series of surgeries) that had less risk and equal if not more reward.

Huge ROI, Rapid Payback

As mentioned in our previous blog, the cloud offers both rapid payback and big returns on investment in the form of increased productivity and lower upfront costs. Now imagine that you are not only picking the best application for your specific business and business line, but you are stacking the odds in your favor by reducing the implementation time and risk by choosing a best of breed cloud application.

For companies taking part in this, they are seeing massive ROIs. For example, cloud visionary and best of breed accounting and finance software Intacct has crunched the numbers and found that on average, its customers achieve an average 250% ROI with the solution and less than 6-month payback period.

Focused Upgrades

The cloud makes updates and upgrades easy, completing update projects when you’re off the clock, pushing updates through with no manual work on your behalf. Now, updates have to be easy, and provide minimal interference with your business, because most best of breed software solutions update more often than a suite. Since a best of breed provider can put all of its R&D into making one product better (as opposed to spreading money across multiple platforms), updates are more frequent and more user-focused.

Additionally, since best of breed solutions were built to integrate, the updates are completed with integrations in mind, so you won’t lose a connection, for instance, between finance and CRM. For suites, the answer is a bit more ambiguous, as most of them were built to be the “end all, be all,” so an update can leave your IT team scrambling to make fixes to an integration—all because Bob in sales wasn’t happy with the CRM offered by the suite.

All While Offering the Security, Control, and Scalability You Deserve

Not only are cloud applications inherently more secure than on-premises ones, the decision to build an ecosystem of applications will also help your IT team to mitigate the risks of Shadow IT. The biggest problem with suites is that certain modules end up becoming “shelfware” when professionals decide to break away from the suite to choose something more efficient.

Unfortunately, it’s much harder to find a product that can connect a suite to a “non-approved application.” This leads to a situation where an employee “goes rogue,” adding a tool without IT support to make his or her job easier. Unfortunately, an unvetted, unapproved software connected to your most important business processes isn’t exactly a boon for safety or security.

By letting people choose from a list of approved applications (as opposed to one), you get better security due to better adoption.

Conclusion: Cloud + Best of Breed = Winning

When you look at the cloud, the best way to amplify the advantages, minimize business interruption, and get up and running is to leverage best of breed applications to take the value further. While we feel that we’ve presented the facts, if you’re still not convinced, we’d love to field your questions. Get in contact with rinehimerbaker to learn more.

How Upgrading to the Cloud Lets You Hit the Ground Running

July 19, 2017/0 Comments/in Cloud /by rinehimerbaker

At growing businesses, momentum is the name of the game. New customers, new revenue streams, new funding sources—no matter the industry, it’s a great feeling to watch your organization start making a larger impact. For some organizations, however, there comes a point where growth becomes painful.

Normally, this painful growth occurs when you start pushing a system or software beyond its limits. People can always rise to the occasion, but expecting enterprise level output from entry-level software would be akin to taking a pontoon boat into the Atlantic.

When you outgrow an entry level software, there are many things that stand in your way. Manual processes, an overreliance on paper and spreadsheets, or even something like a limitation on file size or processing speed, there are always some roadblocks that pop up.

Even if this ‘status quo’ sounds painful, the prospect of moving to a new application may sound just as dreadful. The selection process, the implementation process, and training process may make the status quo sound surprisingly pleasant. There are many reasons this thought process is wrong and could even be dangerous.

Over the next two days, we will be sharing with you two blogs. Today’s blog will share with you how a cloud solution lets you ‘hit the ground running,’ minimizing implementation hiccups and allowing you to start using it quickly. Tomorrow’s article will cover these same benefits, offering insights on why a best of breed/best in class solution can amplify the advantages.

Quick, Efficient Implementation

There’s no denying that a software implementation is a hassle. From the ego-deflating process in which you are told that your current processes are faulty to the implementation process in which you entrust an organization to move business critical data, you need all of this to be completed in as little time as possible, with minimal interruption.

Think of the implementation process as a major remodel. You understand that what you have now isn’t working, but making a change requires input from stakeholders, quotes from vendors, and a fair amount of time in which someone will be poking around and kicking up dust. This is why you want your implementation partner to get the job done as efficiently, accurately, and quietly as possible.

Take a look at the three different software delivery models, however, and you’ll notice that the biggest difference between the three models is the implementation time:

On-Premises: 12-24 Months

An on-premises implementation could take up to two years to complete. While there are many reasons for this, the main driver for time, cost, and likelihood of overruns stemming from the hardware installation process.

Hosted Applications: 6-24 Months

Vendors who sell hosted applications claim to be selling applications “in the cloud,” when they are still selling an on-premises application. It’ll save you on electric bills, but it won’t change much else—you get all the pitfalls and pain points of an on-premises implementation, you get the added hassle of setting up access, and it’s still taking just as long. In fact, a recent article on the rinehimerbaker site, Don’t Fall Into A Faux Cloud Trap, explored the many pitfalls of hosted applications.

Cloud Applications: As Little as 3 Months

In the cloud, you can be up and running much more quickly. For example, a best of breed accounting software implementation could be completed in as little as 3 months (full suites may take up to 12 months for midsized organizations). Learn more about how best of breed makes this happen.

Rapid Payback, High ROI

If you can get software up and running faster, you can reap the rewards sooner. With a lower risk of cost and time overruns, fewer opportunities for the project to fail completely, and fewer upfront costs, you begin to recapture your investment sooner.

Lower Upfront Costs

In fact, when comparing on-premises and cloud implementations, Strategy& found that when you add up labor and hardware costs, an on-premises implementation project costs 1,043% more than a cloud one.

Why? It’s simple, as you’ll see in the table below:

On-Premises/Hosted	Cloud/SaaS
Money first: Pay upfront for licensing Hardware Labor to install the hardware Implementation Customization End-User Training IT Training	Pay as you go: Pay a monthly cancel-anytime-you-want subscription fee. Implementation Customization Training

“So,” you may say to yourself, “I can pay up front so that I can save later.” Not so fast.

Comparable Ongoing Costs

The Strategy& study found that in addition to the immense upfront/one-time costs for on-premises, five-year ongoing costs were similar. This is because on-premises still requires additional labor (in house and consultant) to provide ongoing maintenance and support, apply patches and upgrades, and maintain databases, network security, and more.

What Does This Mean? Faster Payback, Bigger Returns

Combine the lower implementation costs with productivity gains, and you recognize some big, beautiful, glorious returns in the cloud.

For example, as early as 2009 (before the mainstreaming of the cloud), IBM estimates saw a 4.85-month payback period for a banking client and 157% Annual ROI when they moved to the cloud. In 2017, the average customer of cloud-based ERP solution Intacct sees less-than-six-month payback periods and achieves 250% return on investment.

Take Advantage of Anytime, Anywhere Access

The modern cloud has allowed critical business applications including accounting, finance, planning, budgeting, compliance, legal, and more to be run anywhere. However, let’s take a step back to learn about the effects the cloud had on businesses, using one of the first large-scale cloud application as an example.

Before the cloud offered anytime, anywhere access to salespeople, Friday used to be a nightmare. Rather than spending the day on the links with a client or working on-site to close a deal, many members of your outside sales team had to head back to the office to update CRM, file expense reports, and complete housekeeping duties.

Now, your salespeople can make updates to customer relationship management software, follow up with clients, and accomplish any necessary sales tasks from a phone, tablet, or laptop anywhere in the world. Today, however, it’s not just CRM. In 2017, professionals in finance, accounts payable, human resources, and more have been empowered by the cloud to get the job done—when and where they need to do it.

Better Security and Reliability Than Most Businesses Can Afford

If you’re like most, it’s unlikely you have armed guards, reinforced concrete walls, or a second, just-as-secure location that continuously mirrors the original. It’s unlikely that your internal team can guarantee that you won’t lose more than four hours of work in the event of a disaster.

Learn more about how cloud applications deliver much-needed security and reliability to businesses at lower costs in our recent blog—Delivering Security and Peace of Mind in the Cloud.

Technology for Big Fish—At a Small Pond Price

Possibly the biggest reason to choose cloud is that you get to leverage economies of scale. Whether you’re just moving away from entry-level software or looking for an application that can handle an IPO, you are getting the same enterprise-ready solution at a price you can afford. There are many reasons for this.

The first benefit is that your cloud vendor is negotiating data center and service prices on behalf of thousands of customers. This offers them leverage in negotiating, allowing them to get lower costs. Your cloud provider is able to take these savings and pass them on to you—either by keeping costs low or increasing R&D.

Second, your cloud provider can roll out an update for every user at once. This reduces the need to create multiple patches for multiple products, saving you money.

On top of this, you get an added benefit: The aforementioned updates don’t derail your business. Rather than an on-premises or hosted update that occurs much more rarely and is much more challenging (think of any update or patch as a mini-implementation), an update in the cloud is easy—generally occurring when you are least likely to need access to the software.

All of this combines to give you a platform that even a decade ago would be unaffordable for a small/medium business or nonprofit organization. This in turn drives the ROI even higher—you make giant leaps in productivity, especially as compared to an entry-level platform.

Ready to Grow with You

The thing about growing organizations, they are still growing. This is often one of the main reasons for a delay in making an upgrade, as it isn’t wise to buy something that you will grow out of in a couple years. It’s important to find a software platform that will be able to handle your needs—even when your company is 2, 4, or 50 times larger than it is today.

With per-user pricing in the cloud, you get the amount of software you need for the number of users you currently have—no more, no less. Rather than the on-premises approach—paying for something built for 500 users when you currently have 50, or for 100 users when you may soon have 500—you pay for 50 when you need 50, 100 when you need 100, and 500 when you need 500.

Conclusion: The Cloud Makes Sense for Your Growing Business

These are just a few of the many benefits of the cloud for your growing business. There are books that have been written on how the cloud makes life easier for businesses, and we were aiming for 1,000 words. Stay tuned for a follow-up to this blog on how best-in-class amplifies each of the aforementioned benefits, learn more about the solutions we offer, and get in contact with us for more details.

Intacct Delivers Security and Peace of Mind to Today’s Financial Teams

July 17, 2017/0 Comments/in Intacct /by rinehimerbaker

For some, making the move away from traditional financial and accounting management systems toward an automated, digital solution can feel like a leap of faith. There’s a level of perceived security in something you can hold in your hands—the paper spreadsheets, for instance—and imagining your data floating out there in the cloud is might make you feel apprehensive. But in reality, cloud-based systems offer more control, security, and peace of mind than any manual system ever could provide. Let’s find out why.

There are Inherent Risks in a Paper-Based System

Consider an environment that depends on paper. Paper invoices, paper expense reports, paper payments, paper-filled drawers and filing cabinets, etc. Offices operating in a paper paradigm are vulnerable to data compromise and loss due to human error, misplacement of files, and even theft. What’s more, the technology they do use may run with sub-optimal environmental and system security measures, including out-of-date software, insufficient redundancy and backup, and weak firewalls.

Cloud Solutions Offer Outstanding Application Security

It was uncovered at a 2013 Digital CPA Conference that information security is the primary barrier of adoption for starting to use cloud accounting services. Even so, nearly half of survey takers said they were using cloud-enabled business services to some degree in their firms, up from 44% 2012. Fast-forward to 2017, and cloud-based solutions are even more popular, as professionals get the message that the technology is sound and technology vendors are doing their due diligence to keep their customers’ data secure.

As for lingering concerns about web-based data storage, “Cloud-based accounting systems don’t actually store your data in a vapor mist in the sky,” CPA J. Carlton Collins explains in Journal of Accountancy. “Rather your accounting data are stored in world-class data centers with fortified concrete walls, steel doors, retina scans needed for entry, world-class firewalls, state-of-the-art anti-virus technology, continuous backups, and often a mirrored backup of the entire data center.

A Closer Look at Intacct’s Secure Solution

Intacct’s world-class financial management and accounting system is built on the highly reliable Oracle database infrastructure. It includes various security features that help prevent outside attacks as well as unauthorized user and program access into system processes, resources, and data—ensuring optimal safety of your digital assets.

Highlights of Intacct’s Security Features:

A data center that’s monitored around-the-clock and is equipped with backup power supplies and redundant network components.
Applications that require 2-step user verification every time a user signs on through an unrecognized device, enforced password changes and automatic session timeouts, and the option to set acceptable user log-in IP ranges.
System security that’s SSAE 16 SOC1 Type II and PCI DSS Level 1 certified, designed to protect your business via restricted access to production data, hardened networks and firewalls, real-time activity log tracking, automated security scanning and third party white hat penetration testing, and minimum 128-bit encryption for all data transmission.
Data that’s safeguarded through full daily backups to multiple locations, Continuous backups of transaction data, and secure streaming of transaction data to remote disaster recovery center.

Get full details here.

The Best Cloud Services from the Trusted Team at rinehimerbaker

As an Intacct Partner, we are proud to help growing businesses implement technology that makes it easier to manage their finances in the cloud. If you’re interested in upgrading from QuickBooks to Intacct, don’t miss the informative white paper, Outgrowing QuickBooks – How to Know When It’s Time to Change. Learn more about our services, and get in contact with us for more information.

ASC 606 Determining the Transaction Price

ASC 606 Step-by-Step Part 3: Determine the Transaction Price

July 10, 2017/0 Comments/in ASC 606 IFRS 15, Intacct /by rinehimerbaker

A lot to cover, and not a lot of time to make it happen. ASC 606 is bearing down, and public organizations are in the final countdown. For private organizations, 17 months is not that long of a time, because you will need to get your accounting, legal, sales, and others on board, decide how you intend to transition, and make the move. Simply put, it’s not easy.

This is why we are breaking down the 156-page standard and providing key takeaways, including who ASC 606 affects, a brief overview on the five steps, and a look at how ASC 606 will affect different industries, but today we would like to introduce a deeper look at each step:

Identify Contract(s) with a Customer
Identify Performance Obligations in the Contract
Determine the Transaction Price (Today)
Allocate the Transaction Price to the Performance Obligations in a Contract (August)
Recognize the Revenue When (or as) the Entity Satisfies a Performance Obligation (September)

ASC 606 Deep Dive Step 3: Determining the Transaction Price

Biggest Impacts: Aerospace and Defense, Asset Managers, Construction, Building, Engineering, Healthcare, Licensors, Software

From variable consideration to financing components to noncash considerations, there are many pitfalls that occur in determining the transaction price that make step three a complicated one.

In simple terms, the transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring goods and/or services to a customer. ASC 606 gives attention to the following factors in transaction price:

Variable Consideration
Constraining Estimates of Variable Consideration
The Existence of a Significant Financing Component
Noncash Consideration
Consideration Payable to the Customer

Variable Consideration (and the Constraint)

An entity estimates the amount of variable consideration to which it expects to be entitle, taking into account the risk of revenue reversal in making the estimate. 602-10-32-5 through 606-10-32-9 look into some of the determinations of variable consideration, which we look into below.

Fixed vs. Variable Consideration

The first, most obvious determination that needs to be made in this is whether the consideration is fixed or variable. If the consideration is fixed, include the consideration in the transaction price. However, if the contract includes discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items, there are different steps to determining the price.

Expected Value vs. Most Likely Amount

There are two methods in estimating the amount of variable consideration, depending on whichever one better predicts the amount of consideration to which it is entitled.

The expected value—The expected value is the sum of probability weighted amounts in a range of possible consideration amounts. This method is best used when an entity has a large number of contracts with similar characteristics.
The most likely amount—The most likely amount is the single most likely amount in a range of possible consideration amounts. This method is best used when the amount of variable consideration has only two possible outcomes.

Additional Determinations in Variable Consideration

In this, there are some additional observations made by KPMG that can impact the variability of the transaction price:

Consideration Could be Variable Even if Price Stated in the Contract is Fixed

Promised consideration could be determined to be variable if an entity’s customary business practices indicate that the entity may accept a price lower than stated in the contract (for example, an implicit price concession). To address this, the entity needs to determine whether it has offered an implicit price concession or has chosen to accept the risk of default from the customer.

Variability of Consideration in the Event of an Undefined Quantity of Output

In the event that a contract is for an undefined quantity at a fixed contractual rate, consideration may be variable. In this, it’s important for the entity to determine how to treat the consideration under the new standard (distinct series of goods and/or services, stand-ready obligation, or an obligation to provide specified goods and services)

Is it a Customer Option or Variable Consideration?

This is an important note, as an entity needs to determine whether purchases of additional goods and services are variable consideration or customer options.

Customer options exist when the customer is not contractually obligated to pay consideration and the entity is not obligated to transfer goods or services. In this event, an entity needs to evaluate the options to determine whether they include a material right.

Comparatively, if the terms of the contract require a vendor to stand ready to transfer the goods and/or services, and the customer does not make a separate decision to purchase, the future event results in additional consideration.

Volume Discounts and Rebates May Convey a Material Right

Different structures and rebates may have different effects on the transaction price. In the event that a vendor offers discounts or rebates, pricing, variability, and the existence of material right is determined on when the discount is applied (retroactively upon customer meeting threshold vs. discount beginning after customer meets threahold)

KPMG provides additional looks at exchange rates and whether liquidated damages represent variable consideration or warranty in their Revenue Issues In Depth Article.

Reassessment of Variable Consideration

At the end of each reporting period, an entity shall update the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period. The entity shall account for changes in the transaction price.

Constraining Estimates of Variable Consideration

An entity shall include in the transaction price some or all of an amount of variable consideration estimated in accordance with paragraph 606- 10-32-8 only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

To determine the impacts of the estimates, an entity needs to determine how likely and how impactful a revenue reversal would be. Factors in determining this probability include:

Factors outside the entity’s influence (market factors, third-party factors, weather)
Time period surrounding the uncertainty
Entity’s experience with similar contracts
Entity business practices (i.e. entity has a history of offering concessions or changing terms)
A broad range of consideration amounts

Examples of possible constraints are discussed in the KPMG Revenue Issues in Depth Guide.

The Existence of a Financing Component

If a significant financing component exists, the entity will need to adjust the promised amount of consideration based on the time value of money. To make this assessment, the entity must consider relevant factors, including:

Difference between promised consideration and the cash selling price
Combined effect of the expected length of time between the transfer of goods or services and the customer paying for those goods or services.
Interest rates in relevant markets

Observations Pertaining to Significant Financing Components

Some important implications exist in determining whether significant financing components exist and should be accounted for, as discussed below:

Assessment Taken at Individual Contract Level

When looking at whether or not a financing component is significant, the entity determines the significance of the financing component at the individual contract level as opposed to the portfolio level.

No Significance if Transfer of Goods or Services is at Customer’s Discretion

In the event the customer pays for goods or services in advance (e.g. prepaid phone cards, gift cards), it is at the customer’s discretion on when he or she purchases said goods or services. In this event, there is no significant financing component.

Long Term or Multiple-Element Arrangements

In long-term or multiple arrangement contracts (transfers at various points in time, cash payments throughout the contract, changes in estimated timing), an entity faces complexity in determining the time value of money.

There are many additional observations discussed, including the fact that contracts with interest rates of zero may contain in one way or another a financing component, the presentation of income interest as revenue, and determinations on whether it is important to use an interest rate explicitly stated in the contract.

Noncash Consideration

To determine the transaction price for contracts in which a customer promises consideration in a form other than cash, an entity shall measure this, depending on whether the noncash consideration can be measured:

If it can be reasonable estimated, noncash consideration is measured at fair value.
If it cannot be reasonably estimated, an entity is to use the stand-alone of selling price of the good or service that was promised in exchange for noncash consideration.

Consideration Payable to a Customer

In the event there is consideration paid back to the customer, an entity needs to determine if the consideration payable back to the customer should be accounted for as a reduction in transaction price, a payment for a distinct good or service, or a combination of the two.

The following table shows how an entity needs to look at consideration payable to the customer, and whether the consideration payable is a reduction in the transaction price or a purchase from suppliers:

Q1. Does the consideration payable to a customer (or the customer’s customer) represent a payment for a distinct good or service? (Yes/No)
Yes (Move to Q2)		No (Move to Conclusion 3)
Q2. Can the entity reasonably estimate the fair value of the good or service received? (Yes/No)
Yes (Move to Q3)		No (Move to Conclusion 3)
Q3. Does the consideration payable exceed the fair value of the distinct good or service? (Yes/No)
Yes (Q3): Excess of consideration payable is accounted for as a reduction in the transaction price, remainder is accounted for as a purchase from suppliers.	No (Q3): Consideration payable is accounted for as a purchase from suppliers.		Conclusion 3: Consideration payable is accounted for as a reduction in the transaction price and recognized at the later of when The entity recognizes revenue for the transfer of related goods or services The entity pays or promises to pay the consideration.

Additional Observations

In addition to the relative complexity of the above flowchart, there are additional situations that need to be analyzed by legal and accounting teams.

Payments to Distributors and Retailers

A common practice in the CPG industry, payments from brands to distributors or retailers are sometimes accounted for as identifiable goods or services. In these cases, the goods and services provided by the customer may be distinct from the customer’s purchase of the seller’s products. Refer to questions 2 and 3 on the flowchart above.

Scope of Consideration Payable to the Customer is Wider than Payments Made under the Contract

In the event that an entity pays a customer consideration, and the scope of the consideration payable is wider than the payments made under the contract, the entity will need to develop a process for evaluating whether any other payments made to a customer are consideration payable to a customer.

This adds more complexity if payments are made to a customer’s customer and if the amounts paid are outside the direct distribution chain (client/agency relationships, etc.).

Conclusion: Time to Get Moving

17 months may seem like a long time (it’s only five if you’re a public entity), but many organizations are seeing challenges in making the move to implement new processes and systems to meet the requirements of the new standard.

On Demand Webcasts: ASC 606/IFRS 15

Intacct recently presented a three-part series on the new standards, which you can view on-demand.