ASC 606 is a revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services. It impacts public, private and non-profit entities. It provides a framework for businesses to recognize revenue more consistently.
Incorporating the requirements of ASC 606 revenue recognition into a forecast requires a fine-tuned and easy-to-use way to manage a variety of variables. In this video, Haley Elliott, presales solutions consultant here at Revelwood, demonstrates how to perform ASC 606 revenue recognition in Workday Adaptive Planning.
Workday Adaptive Planning allows subscription-based SaaS companies to account for ASC 606 regulations in a centralized location with powerful visuals, giving you increased accuracy and insight into your revenue forecast.
This video is a Workday-approved planning template and is a conceptual framework for clients deploying Workday Adaptive Planning. This framework for ASC 606 revenue recognition reporting adheres to best-practice guidelines and has been validated by Workday with Revelwood clients who have successfully used it.
Visit Revelwood’s Knowledge Center for our Workday Adaptive Planning Tips & Tricks or sign up here to get our Workday Adaptive Planning Tips & Tricks delivered directly to your inbox. Not sure where to start with Workday Adaptive Planning? Our team here at Revelwood can help! Contact us info@revelwood.com for more information.
Learn More about Workday Adaptive Planning:
FP&A Done Right: ESG – An Imperative for Growth
Workday Adaptive Planning Tips & Tricks: How to Create a Dimension
FP&A Done Right: Forecasting Revenue for Services-Based Businesses: A Growth Factor
