By combining the two services, users can unlock automated revenue recognition as part of their billing processes, minimising time-intensive manual labour and ensuring compliance with local and federal reporting regulations.
Chargebee RevRec automates revenue recognition processes for SaaS companies and helps them stay compliant to changing regulations, including the revenue recognition standard ASC 606, developed by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
Under the regulation, revenue is only recognised when the contractual obligation is met with the delivery of service, instead of when payment is made. With this acquisition, Chargebee customers can recognise revenue based on the 5-step compliance model outlined by the ASC 606 standard, achieve visibility through reporting and dashboards, manage modifications arising mid-cycle, and integrate with billing and collections and ERP systems.
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