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SaaS Revenue Recognition & ASC-606 In 2020, the Financial Accounting Standards Board (FASB) issued relief to private companies that had not adopted ASC-606. As a result, the new deadline for private companies to adopt ASC-606 accounting standards is now December of 2021.  Adopting the new standards has been a challenge for everyone, but especially for…

Get to Know the 5 Steps of Revenue Recognition Revenue recognition, affectionately referred to as “rev rec,” is a process that outlines when and how revenue should be recognized within a company’s accounting cycle. While the myriad of details and technicalities are too vast to be described in a single blog post, it’s still important to…

Where are you with QuickBooks?   QuickBooks wasn’t built for B2B SaaS or subscription-based businesses, but businesses create complicated workarounds to make it viable. That process often looks something like this and leads many to question if an ERP is a necessary move.

Magazines, newspapers, life insurance, phones, security services, and a long list of products and services have been sold for decades using the subscription model. What has changed? The model has not really changed, but the relative importance has. The difference now is how important and meaningful the subscription model has become to the national economic engine.…