REDWOOD SHORES, Calif., April 13, 2016 /PRNewswire/ -- RevStream, Inc., the leading cloud-based, category-defining contract-to-revenue-lifecycle management solution provider, today announced the debut of RevStream 5X, the latest release of its fully automated revenue recognition solution featuring an all-new dynamic and responsive user interface and a host of new features to streamline ERLM and meet new revenue accounting standards.
The new RevStream 5X enables enterprises to proactively achieve ASC 606 and IFRS 15 compliance while dramatically reducing the complexity of managing the entire contract-to-revenue lifecycle. RevStream 5X's single end-to-end revenue recognition automation platform eliminates reliance on complicated, error-prone spreadsheets allowing companies to accelerate RLM processes, save days' worth of work each month, avoid spending millions to upgrade home-grown solutions, and gain complete 360-degree visibility into contracts, arrangements and revenue with a comprehensive, point-and-click interface.
With RevStream 5X, enterprise users can:
- Enjoy a rich, intuitive user experience with an all-new responsive UI designed for optimum performance on any size screen, including mobile devices. The new RevStream dashboard provides a consolidated graphical view of the entire revenue stream with a fly-in/fly-out navigation panel that makes accessing drill-down details simple and easier on the eyes.
- Create, manage and link revenue arrangements using the most advanced arrangement grouping available... An Arrangement Summary workbench provides an overview of performance obligations, deferred and revenue balances and accounting all in a single view by reporting method, cutting the workload in half while delivering more accurate revenue projections.
- Create and track performance obligations per 606 requirements to manage contractual commitments and accurately record revenue. Pre-configured templates and assignment rules automatically assigns products and services into performance obligations, freeing the users to focus on non-standard contract commitments.
- Automatically generate disclosure reports to meet ASC 606 compliance with pre-configured reports for Revenue Disaggregation, Contract Asset and Liability Roll Forward Balance, Transaction Price POB Allocated to Remaining POBs and Asset Recognized from Cost. RevStream 5X will also enable companies to more easily restate earnings for fiscal years 2016 and 2017, as required by the new ASC 606 revenue guidance that goes into effect in 2018.
- Data Integration with REST based API's makes its easier and less expensive to collect, manage and export data to and from RevStream to any other ERP, Billing, Commerce, CRM, Datawarehouse or in house custom systems.
In addition to streamlining the revenue recognition process for end-users, saving them time and frustration, the new RevStream 5X also provides CFOs with complete, real-time visibility into current revenue projections. This at-a-glance insight allows executive-level management to spot anomalies and investigate challenges before revenue projections are missed, providing an opportunity to proactively resolve issues and right the ship.
"5X provides our customers even greater support for the jointly issued ASC 606 and IFRS 15 revenue recognition standards, while delivering enhanced visibility and management of the entire revenue lifecycle," said RevStream VP and Chief Product Officer Mark Aubin. "Not only is it a more enjoyable user experience, it also provides the most robust revenue recognition accounting engine available to both enforce internal revenue policy and comply with the new revenue accounting standards."
"With the release of RevStream 5X, we have once again demonstrated industry-leading innovation, providing our customers with rich and powerful features to more simply manage a complex business process with a beautiful user experience, all within the only end-to-end revenue lifecycle management platform on the market," said Rajiv Chopra, CEO and founder of RevStream. "This all-new 5X not only accelerates ERLM immediately, but provides for a more accurate and future-ready solution to meet constantly evolving needs."
RevStream 5X will be available to all customers early summer 2016. For more details on the latest product enhancements, visit www.revstreamone.com
To see the new RevStream 5X in action and learn more about RevStream's ongoing impact on ERLM landscape, join RevStream at its RevConnect 2016, 2nd annual user conference on Thursday, May 12 at the Hilton San Francisco, Financial District. Learn more or register at www.rev-connect.com.
RevStream Inc., a 2016 CODiE Award finalist for Best Financial Management Solution, is the market leader and a pioneer in Enterprise Revenue Lifecycle Management solutions. Its cloud-based platform provides companies in a wide range of industries with a powerful, accurate and intuitive solution for managing and automating revenue recognition, reporting and delivering revenue insights that empower more effective forecasting, compliance planning and decision-making. RevStream is the enterprise standard for revenue management for hundreds of top-performing companies including Intuit, Activision, VMware and LegalZoom, as well as other Fortune 500 firms. The company is based in Redwood Shores, Calif. To learn more, visit www.revstreamone.com.
SOURCE RevStream, Inc.