NEW YORK and BOSTON, Aug. 2, 2018 /PRNewswire/ -- A new alliance between KPMG LLP and Aptitude Software will offer a managed service to help private companies adopt the new Revenue Recognition accounting standard, ASC 606, before the January 2019 deadline. Additionally, the alliance will help public companies optimize current revenue recognition processes through automation.
The managed service couples KPMG's accounting experience and system implementation capabilities with Aptitude RevStream, a cloud-based specialized financial application to help clients simplify and accelerate the path to ASC 606 compliance, and to support ongoing revenue recognition processes.
"With the deadline to address the new revenue rules rapidly approaching, now is the time for privately held companies to establish and accelerate the execution of their plan," says Sara Dioguardi, Advisory Principal, Technology Enablement, KPMG LLP. "Clients can better respond to the fast-changing business landscape with our experienced team and Aptitude Software's robust accounting platform."
Designed to improve how companies report revenue generated from contracts with customers, ASC 606 — the new accounting standard issued by the Financial Accounting Standards Board (FASB) — can result in substantial changes to how a company's revenue is measured, the timing of when it is recognized, and the information disclosed in financial statements.
KPMG helps companies understand the impact of the new revenue recognition rules, including both the accounting and regulatory requirements, and how to translate those impacts into the design and implementation of a revenue management solution tailored to their specific needs. Aptitude Software equips CFOs and finance teams to be forward looking and strategic with specialized financial applications for control, reporting and analysis processes.
"The new revenue recognition requirements offer CFOs a dual opportunity to automate accounting processes and to drive profitable business growth amidst changing business models," says Tom Crawford, CEO of Aptitude Software. "Aptitude RevStream gives our customers the real-time revenue recognition automation and reporting needed for CFOs to survive in today's fast-paced business environment."
Additional potential benefits of KPMG and Aptitude Software's revenue recognition managed service, include:
Insight into how revenue recognition changes will impact IT, tax, sales, operations, supply chain, and human resources organizations.
Accelerated planning processes and increased flexibility for system and process upgrades.
Improved reporting for key stakeholders such as the CFO, audit committee, and board of directors, enabling more informed business decisions.
Reduced IT challenges and the need to maintain support staff.
Empowered finance and accounting professionals who can focus on business innovation, rather than supporting day-to-day operations.
About KPMG LLP KPMG LLP is the independent U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's independent member firms have 197,000 professionals working in 154 countries. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Learn more at www.kpmg.com/us or follow us @KPMGUS_News.
About Aptitude Software Aptitude Software is a global financial software specialist. Aptitude Software's technology equips CFOs of the world's largest organizations, providing competitive advantages by controlling and automating financial accounting processes and enabling faster actionable insights. This year Aptitude's proprietary software supports businesses with combined revenues approaching $1 trillion and over 500 million end customers. Headquartered in London, Aptitude Software is an operating company of Microgen plc. Learn more at www.aptitudesoftware.com or follow us @AptitudeSW