Revenue is recognized based on the revenue schedule and indicates
the amount of revenue to be recognized in each period . Though it
is automatically created , schedule can be modified or withhold
Automatically creates journal entries for all revenue
transactions. No need to create manual journal entries and
reconcile manually . It saves a lot of time and reduces manual
error.
Revenue insight and Revenue dashboard give valuable
insight of revenue forecast , backlog and revenue with drill down
capabilities to find the source of transaction and contracts.
Revenue Management
Foundry Bean Revenue Management automates revenue
recognition and scheduling based on the revenue recognition rule for
products and services. Individual contract lines created from the
products and services follows the revenue recognition principle in
compliance with ASC 606 and other revenue standards. Revenue
management handles revenue for shipments , service contracts,
services and subscriptions
Recurring revenue schedule lines are automatically created
for each performance obligation based on the contract duration
,price , service start date and end date.Revenue schedules are
available for shipments, service contracts, services and
subscriptions. Revenue schedule can be modified or put on hold and
system automatically catch ups or claw backs based on the schedule
changes.
Foundry Bean Global Work System is designed to accurately
calculate revenue recognition for each period independent of
billings and collections. Revenue recognition determines when and
how much revenue to recognize in each period. Foundry bean system
automatically creates revenue accounting and transfer to general
ledger.
Predict revenue forecast accurately for contracts and
subscriptions. Revenue forecast is based on revenue schedule for
future periods. Revenue forecast for the current period shows the
revenue recognition amount for the period when revenue recognition
program is run.
Know revenue backlog
Revenue backlog is the total amount of revenue that the
organization has contracted but not yet earned. Improve efficiency
by automatically computing revenue backlog based on the revenue
schedule. Revenue backlog is the future revenue - the more backlog
in subscription business, the better is the growth rate.
Automated revenue accounting
Automatically creates journal entries for all revenue
transactions. Revenue accounting is created based on the account
generator. No need to create manual journal entries and reconcile
manually . It saves a lot of time and reduces manual error.
Reporting and analytics
Revenue insight and Revenue dashboard give valuable insight
of revenue forecast , backlog and recognized with drill down
capability to find the source of transaction and contracts.
Revenue schedule
