In the best of circumstances, financial reporting can be a complicated and sometimes difficult task. Accuracy is critical but not always easy to achieve. Subscription-based businesses face added challenges in accurately recognizing revenue. The business may have different billing models with different terms, have numerous customer upgrades and downgrades that need to be accurately calculated, along with many other customer events each month which affect billing. And many high-velocity B2C companies will process a huge volume of transactions throughout the month. All this makes for a complicated daily revenue-recognition process.Continue Reading
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For most finance executives, closing the books is an arduous and time-consuming process. But for those who lead finance teams in subscription businesses, the month-end close is complicated further by the need to recognize recurring revenue.Continue Reading
At Recurly, we’re dedicated to creating best-in-class subscription management tools for our customers. One aspect of subscription management that is particularly meaningful, and challenging, to our customers is ensuring that they are able to properly account for their subscription revenue and close the books quickly and accurately each month.
We’re excited to announce that, beginning today, we’ve taken a significant step to help our customers meet that goal. Recurly now offers revenue recognition functionality that will allow subscription-based businesses to speed up their month-end accounting and reporting processes by creating a revenue amortization schedule for each transaction in Recurly. This allows merchants to break out deferred and recognized revenue each month, which saves a tremendous amount of time when closing the books.Continue Reading