There’s a lot riding on the need for accurate revenue accounting of sales contracts. Unfortunately, gaps and inaccuracies in the data companies house in Salesforce and other customer relationship management solutions are common. When inaccuracies pass from system to system, they can materially impact a companies’ financial reporting, triggering problems with the SEC.
Companies can avoid this by automating the manual contract review process to ensure accuracy in their underlying financial reporting. Some of the ways this helps include:
- Accountability & impact: Helps on the front-end sales side by reading and updating everything before sending it over to accounting
- Processes & controls: Makes the review process easier for all stakeholders by using consistent contract templates with limited edit access
- Getting it right: Ensures ASC 606 compliance and provides proper evidence during financial reporting audits