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From Manual to Automated ASC 606 Contract Review for Revenue Accounting

In this guide, we’ll discuss the three most challenging parts connected to ASC 606 Contract Review and how is Klarity addressing it.

Introduction

Revenue accounting teams at software and software-as-a-service (SaaS) companies have to deal with the ambiguity and the resulting lack of sufficient controls resulting from the introduction of ASC 606 revenue accounting standards, which have led to more complexity in revenue recognition. This complexity necessitates the development of robust documentation in the revenue accounting process to close books. The drive to maintain robust controls amidst changes within the accounting landscape combined with an already cumbersome workflow process presents significant challenges for your revenue accounting team.

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Main takeaways

What are the most pressing issues with ASC 606 Contract Review
State of The Revenue Accounting Process and Corresponding Complexities
What are the srategic challenges connected to Revenue Accounting Process