Pramata Offers No-Cost ASC 606 Revenue Recognition Assessment to Help Companies Comply with Sweeping New Accounting Standards
Pramata's human-assisted AI technology automates the identification of ASC 606 revenue recognition factors hidden within contracts; provides a commercial relationship system of record that reduces revenue leakage
Brisbane, CA – November 1, 2017 – Pramata, the leading Commercial Relationship Operations (CRO) company, today announced it is offering enterprises a no-cost Revenue Recognition Assessment to help them comply with complex changes in financial reporting standards under the new ASC 606 rules. The offer includes the identification and analysis of ASC 606 triggers for 50 commercial contracts. The Pramata ASC 606 solution uses a turnkey human-assisted AI content curation process to automate what otherwise is a very costly and time-consuming manual review process. In addition to ensuring compliance with the evolving ASC 606 standards, the Pramata solution also provides a highly valuable commercial relationship system of record that companies can use to maximize revenue, reduce risk and drive business efficiencies.
“Complying with ASC 606 is a slow and expensive process of identifying the revenue-relevant needles in your contracts haystack. It requires teams of dedicated people poring over contracts and logging the results into error-prone spreadsheets. The Pramata solution eliminates all that by generating the structured content you need for your ASC 606 assessment,” said Praful Saklani, CEO, Pramata. “Our no-cost Revenue Recognition Assessment is a great opportunity to accelerate your ASC 606 compliance, and see how unlocking the data buried in contracts can help you reduce revenue leakage across your organization.”
Turning the challenge into an opportunity
The ASC 606 rules clarify accounting principles and create a common standard for recognizing revenue from contracts with customers. But they also expose glaring weaknesses in companies' commercial relationship management and processes. Crucial compliance information is often buried within tens or hundreds of thousands of contracts residing in disparate systems with specialized formats, phrasing and terminology. Successfully extracting that information can be an overwhelming challenge. However, by implementing new controls and improving the process, companies can turn this challenge into a long-term benefit that creates new business value.
Unlocking the business value of contract data
The Pramata solution helps companies achieve this transition by providing a commercial relationship system of record that not only ensures compliance, but reduces revenue leakage. It automates the process of extracting data from contracts and other sources such as CLM, CPQ and billing systems. Sales, finance, deal desk, renewal and legal operations teams gain instant access to critical commercial relationship data to help them upsell, cross-sell, prevent revenue attrition and reduce risk. All customer contracts are stored, analyzed and updated in a centralized system that identifies ASC 606 revenue recognition factors, and provides strategic data to maximize operational value across the business.
“Pramata gives customers a whole new level of ease, speed and control for identifying the revenue recognition triggers required to comply with the ASC 606 standard. But more importantly, it acts as a business optimization resource that reaches across the entire organization,” said Justin Schweisberger, Chief Product Officer, Pramata. “Pramata provides a system of record—a single version of the truth—for all of our customers’ commercial relationships. Every business day, customers can leverage that data to help front line professionals grow revenue and deliver an exceptional experience for their customers.”
Schedule your assessment today
For more information regarding the no-cost Pramata ASC 606 Revenue Recognition Assessment and to learn how Pramata can help your organization be ASC 606 ready, visit www.pramata.com/asc606-compliance or contact us at firstname.lastname@example.org.
Pramata is hosting a webinar on the topic titled “The ASC 606 Clock is Ticking: Brute Force Isn’t Your Only Option” on November 16, 11:00 AM PDT. Register at www.pramata.com/asc606-webinar.
Pramata operationalizes the details of commercial relationships so large organizations can maximize revenue, reduce risk and drive business efficiencies. Pramata has created millions of dollars in value for some of the largest companies in the world, including Allergan, CenturyLink, Comcast Business, FICO, HPE, NCR, Novelis and Vertafore. Pramata is headquartered in Brisbane, Calif., with offices in Kansas City, MO, and Bangalore, India.