ASC-606

Switching to Accrual Accounting? 5 Things to Consider When you’re a small SaaS business with very few customers, cash-based accounting makes sense. It allows you to keep things simple and gives you a more accurate overview of your cash position, which is pivotal for small businesses where every dollar counts. However, as you grow, a…

Spotlight on RevenueBooks: the SaaSOptics Workflow That Helps With ASC 606 Compliance In 2020, the Financial Accounting Standards Board (FASB) mandated the adoption of the ASC-606 accounting standards for private companies by December of 202o.  While many large companies already adhered to the standards, it sent many smaller, private companies into a tailspin trying to…

3 Practical Ways to Adopt ASC 606  If it feels like you see the term “ASC 606,” everywhere you look, it’s probably because you do.  The clock is ticking for private companies as the FASB has mandated that 606 must be adopted by December 15, 2020, to maintain GAAP/IFRS-15 compliance. Depending on your business processes,…

U.S. businesses have been subject to financial reporting regulations for more than 80 years. ASC 606 is one of the latest and will have a particular impact on SaaS businesses.