Revenue Recognition & Financial Management

Revenue Recognition is defined in multiple ways by multiple standard setting and regulatory bodies with a seemingly endless list of considerations, rules, exceptions, and headaches. Put simply, revenue recognition principles exist to provide guidance to business entities on how to recognize their revenue to provide accurate, transparent, and consistent financial statements.

At the core of revenue recognition law is the matching principle, an accrual based accounting principle mandating companies to associate expenses with related revenues consistent with the time periods each is incurred. Pairing revenues with expenses enables companies to more accurately understand their current financial health, whereas recording revenues without regard to expenses (or vice versa) does not paint a clear picture for business owners or investors.

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Revenue recognition guidance and standards vary based on the type of accounting principles your company is required to or elects to use in preparing its financial statements. The three primary types of accounting principles most companies use to prepare their financial statements are as shown at left.

Typically, companies in the United States prepare their financial statements based on US GAAP while companies domiciled outside of the United States prepare their financial statements under IFRS. Additionally, companies which are publicly traded in the US, have to also comply with SEC accounting regulations included in the SEC Staff Accounting Bulletins.

US GAAP - Generally Accepted Accounting Principles

US GAAP offers principles based rules regarding the recognition of revenue. These rules can be found in the FASB Accounting Standards Codification (ASC) 605 – Revenue Recognition and Section 606 – Revenue Recognition from Customers with Contracts. Section 605 – Revenue Recognition, offers general guidance on when to recognize revenue in addition to specific industry based guidance for certain industries and types of transactions.

Generally, under US GAAP revenue is recognized when the following occurs:

Revenue is Realized or Realizable

Company has exchanged goods or services for actual cash or receivables with a determinable value.

Revenue is Earned

Company has substantially delivered the goods or services as obligated.

Section 605 also contains guidance on revenue recognition for specific industries and types of transactions under ASC 605. This includes the following:

  • Construction
  • Agriculture
  • Airlines
  • Contracts Construction / Federal Government
  • Entertainment
  • Oil & Gas
  • Financial Services
  • Franchisors
  • Health Care Entities
  • Not-For-Profits
  • Real Estate Entities
  • Regulated Operations
  • Software
  • Multi-Elemental Agreements

Effective at the end of year 2017, companies filing under US GAAP must comply with ASC 606 – Revenue from Contracts with Customers. This new guidance applies a principles based approach across industries which is a divergence from the previously rules-based and industry-specific guidance. Under ASC 606, revenue is recognized based on the following five criteria:

    1. The parties to the contract have approved the contract and are committed to perform their prospective obligations.
    2. The entity can identify the rights regarding the goods or services to be transferred.
    3. The contract has commercial substance (i.e., risk, timing, and amount of future cash flows will change as a result of the contract).
    4. The entity can identify the payment terms for the goods or services to be transferred.
    5. It is probable that the entity will collect consideration in exchange for transferred goods and services.

SEC SAB - Stock Exchange Commission Staff Accounting Bulletin

Per SEC SAB Topic 13, revenue is realized or realizable and earned when the following occurs:

    1. Persuasive evidence of an arrangement exists (such as a contract)
    2. Delivery has occurred or services have been rendered
    3. The seller’s price to the buyer is fixed or determinable (generally, products have a standard price included in the product catalog)
    4. Collectability is reasonably assured (for example, the customer is deemed creditworthy based on a credit check)

In addition, SEC SAB Topic 13 states that when multiple revenue generating activities are included in a contract, they should be broken into multiple units of accounting when calculating recognized revenue.

IFRS - International Financial Reporting Standards

Companies filing under International Financial Reporting Standards (IFRS), have a separate set of principle-based revenue recognition standards issued by the International Accounting Standards Board (IASB) which are included in the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Specifically, revenue recognition guidance is included in IAS 18 – Revenue, IAS – 11 Construction Contracts, and IFRS 15 - Revenue from Contracts with Customers. Recognize revenue when (or as) the entity satisfies a performance obligation.

IAS – 18 stipulates that revenue is recognized when the following occurs:

It is probable that any future economic benefit associated with the item of revenue will flow to the entity.

The amount of revenue can be measured with reliability.

Specific guidance is also included in IAS-18 Revenue for the recognition of revenue relating to the sale of goods and rendering of services. For revenue relating to the sale of services to be recognized, the following must additionally occur

The degree of delivery of the product or service can be measured

The costs incurred, or to be incurred, in respect of the transaction can be measured reliably

For revenue relating to the sale of goods to be recognized the following must additionally occur:

The seller has transferred to the buyer the significant risks and rewards of ownership

The seller retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold

The costs incurred or to be incurred in respect of the transaction can be measured reliably

Effective January 1, 2018, companies filing under IFRS will be required to comply with IFRS 15 – Revenue from Contracts with Customers. This standard is almost identical to ASC 606 and was created in conjunction with the FASB in an attempt to reduce differences in revenue recognition between IFRS and US GAAP. Under IFRS 15, revenue from contracts with customers is recognized based on the following criteria:

    1. Identify the contract(s) with a customer
    2. Identify the performance obligations in the contract
    3. Recognize revenue when (or as) the entity satisfies a performance obligation
    4. Determine the transaction price
    5. Allocate the transaction price to the performance obligations in the contract

Rev Rec Software and As-A-Service

Product and service providers need quality financial management systems able to accurately amortize and recognize revenue and related expenses in accordance with the appropriate accounting rules and regulations. As such, many companies are starting use revenue recognition software to automate the process of calculating earned revenue. The potential benefits of using revenue recognition software include the following:

Automation of manual processes

Reduction of errors in calculation of recognized revenue

Real-time reporting of recognized revenue

Improved revenue forecasting

Standardization of revenue recognition policies across subsidiaries

Greater transparency and auditability

Improved controls over revenue accounting policies and user access

Faster time to close

Audit fees and time savings

Changes in regulations are also driving companies to consider revenue recognition software to help ensure compliance and ease the transition to the application of the new guidance to their accounting processes. For example, new revenue recognition principles for contracts with customers were issued for both US GAAP and IFRS. Specifically, ASC 606 – Revenue from Contracts with Customers under US GAAP and IFRS 15 – Revenue from Contracts with Customers under IFRS. Many revenue recognition software providers offer switch-like functionality to change to reporting under the new accounting standards.

Financial Management Systems (FMS)

Financial Management Systems (FMS) typically store financial information to support the issuance of financial statements, invoice generation, payment issuance, payable and receivable management, and generate analytic and performance reports. Each company has different requirements that their selected FMS needs to satisfy, and each FMS product offers a varying degree of functionality, integration, and cost. It is important to understand all business needs the FMS aims to serve, and how its role integrates into the company’s overall system architecture and strategy.

Rev Rec & Financial Management Systems Components

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Revenue Management

Revenue management is the process of strategically managing pricing, production, availability, and offerings of products or services based on revenue analytics to maximize total revenue and revenue growth. At the heart of this processes, is the ability to access and analyze consumer and customer data such that the company can properly identify how to align the availability and offering of a product or service with the perception of value received by the customer.

Revenue Allocation

Revenue allocation is the act of allocating portions of the total revenue charged for a product or service to its various sub components. This may be, for example, in the instance of a product sold the various multiple products included in the bundle of products. Additionally, revenue may be allocated differently for services including warranty or support services. Specific accounting guidance exists for allocating revenue to the various sub components of the product or service sold.

Under US GAAP and SEC regulations contracts for services or products sold with multiple sub components are required to be broken up into individual units of accounting to which revenue is allocated based on their standalone value, or managements best guess as to value if the stand alone value does not exist. These types of agreements are referred to as multi-elemental arrangements, where the multiple elements represent individual units of accounting. The process of allocating revenue and recognizing when the revenue is earned under US GAAP can be complex and, ensuring an organization is in compliance can require somewhat substantial analysis.

Under IFRS, revenue is allocated to individually identified performance obligations and then recognized when the performance obligation is satisfied.

Trigger Processing

Service providers leverage different trigger points in the service delivery lifecycle to appropriately recognize revenue. Trigger processing is used to start the amortization of earned and deferred revenue. Generally, the amortization schedule will mirror the service delivery schedule, assuming all other GAAP/IFRS revenue recognition criteria are met. Once an earned trigger event occurs, revenue will begin to be recognized as appropriate based on the type of service and applicable facts and circumstances related to delivery.

Revenue Forecasting

Accurately forecasting revenue is vital for success and sustainability. Revenue forecasting aids in providing profitability estimates to Wall Street, understanding future cash flows, setting future benchmarks, and budgeting for investments and future expenses. Financial management systems can provide more accurate revenue forecasting reports by utilizing historical earned and deferred revenue, as well as other custom assumptions defined by the company. FMS specific data may also be used in conjunction with other Business Intelligence (such as customer churn, growth rates, market share insight) to provide useful forecasted revenue reports.

Financial Reporting

A key component of any Financial Management System is the ability to generate financial reports. These reports include the balance sheet, income statement, balance sheet detail, income statement detail, trial balance, cash flow statement, and change in stockholder equity. In addition, many other custom-built reports are typically standard for most business needs. Financial statements are not only used to provide information to investors and key stakeholders, but also needed to meet the demands of the businesses’ regulatory and tax reporting requirements.

Invoicing

Invoicing is an integral part of any business process. Some companies utilize their Financial Management System to deliver invoices, such as sending invoices from NetSuite. Other companies may send invoice data from the Financial Management System to other systems which subsequently generate the statement or alternatively, some companies may process invoices through a billing system which feeds transactional information into the Financial Management System.

Regardless of the delivery method of the invoice, it is key that the Financial Management System accurately generates the invoice data including purchases and payments received. Additionally, it is vital that the Financial Management System can track the issuance of the invoices to ensure invoice accuracy and delivery for revenue and financial reporting purposes.

Payment Issuance

Payment issuance needs to be accurately controlled, recorded, allocated, and recognized by the Financial Management System. Additionally, the Financial Management System requires internal control functionality to limit the ability to view, issue, and modify issued payments. Also, the FMS needs to segregate, track, and recognize issuance and clearing of the various types of payments which may include checks, cash, credit card, ACH, gift cards, and wires.

A/R and A/P Management

Accounts receivable (A/R) represent cash owed to a company for delivered goods or services. Customer accounts receivable are maintained within the sub ledger of the Financial Management System and segregated by customer. The ability to report on receivable aging, track payments received, sales made, and outstanding customer balances is a key functionality of any financial management system.

Accounts payable (A/P) represents cash to other companies for purchased goods or services. Accounts payable are also maintained within the sub ledger of the Financial Management System and segregated by vendor or payee. The ability to report on payables outstanding and due dates, track payments issues, purchases made, and outstanding vendor liabilities is also a key functionality of any financial management system.

Performance Reporting

Key Performance Indicators (KPIs) are metrics selected by a company to quickly assess an organization’s performance. Enterprise grade financial management systems allow for advanced KPI reporting and analytics to aid decision makers and key stakeholders in analyzing trends and overall performance of an entity. Additionally, performance reports are utilized to identify potential risks and adverse trends. Performance reporting is a key functionality of any financial management system.

Asset Tracking

The ability to track, depreciate, and record assets is a key component of any Financial Management System. Asset depreciation calculation logic may range from simple to complex depending on the type of asset being depreciated and the applicable accounting regulations the company is required to comply with. Some Financial Management Systems have built in depreciation functionality while others require third party asset tracking software to calculate the applicable amount of depreciation and entry generation.

Cash Flow

Cash flow forecasting is vital to the success and sustainability of any business. Being able to accurately forecast cash flow to meet current and short term liabilities and fund future investment in assets and research and development is critical. Financial Management Systems often include cash flow forecasting reports and tools to help more accurately forecast future cash flow.

General Ledger (GL) & Accounting

The general ledger is a record of all accounting journal entries for a given company. Put alternatively, the general ledger is the summation of all the line item debit and credits of the company. The GL is an integral part of any Financial Management System and is source for all financial reports.

As a result of the current postmodern ERP ecosystem, the automated generation of accounting entries may be initiated from data sources outside of the Financial Management System, such as from billing, quoting, or banking applications. It is vital that the integration between these systems is set up correctly and that owners of the systems have a thorough understanding of the integration and data flow between systems to ensure accurate financials reports.

People, Process, and Technology of Rev Rec / FMS

People

The Revenue Recognition / Financial Management category is, in large part, the domain of the Finance and Finance-Billing organizations within an enterprise. These groups are charged with producing the month-end and year-end financials, processing payments and taxes, and nearly all tasks related to revenue recognition.

It is the Product organization's responsibility to ensure that new products, services, and bundles make it into the billing product catalog and have the proper attributes for downstream monetization.

Sales

Product

FINANCE - BILLING

FINANCE

operations

I.T.

Process

ATG maintains a set of 99 key business processes to support management of Customers and Revenue for Service Providers. Forty-seven of these processes originate, or are impacted by, the Revenue Recognition / Financial Management functions. Below are the key processes that touch Rev Rec / FMS, categorized by the Organizational Unit that owns the process:

SALES / FINANCE

Payroll Output

The process by which commissions are finalized for payment in a period; this includes data and calculation validation by the Sales department, as well as approvals and issuance of payment by the Finance or Accounting department.

PRODUCT

Bundled Product Introduction Process

Configuring and introduction of a bundled product or service to the product catalog and supporting systems. Includes definition of product/bundle attributes, pricing rules (usage, recurring, non-recurring), discounts rules, product/service lifecycle, revenue recognition, and reporting attributes.

PRODUCT

Entitlement Processing

Management of active products and services within a customer account.

PRODUCT

New Pricing Introduction - Existing Construct

This process is for creation of a new pricing rate for an existing construct. For example, creation of a $24.95/mo. plan for a geography that previously had been at $27.95/mo.

PRODUCT

New Pricing Introduction - New Construct

This process is for creation of a new pricing construct for an existing product or service. For example, creation of a monthly subscription where previously there had only been annual.

PRODUCT

New Product Introduction Process

Introduction of a new product or service to the Product Catalog and supporting quoting, ordering, contracting, provisioning, ticketing, invoicing, payment, usage, and revenue recognition systems. Includes definition of product attributes, pricing rules(usage, recurring, non-recurring), discounts rules, product/service lifecycle, revenue recognition, reporting attributes, and bundling concepts.

PRODUCT

New Product Introduction Process - Mobile

Configure attributes and introduce new products and services, with specific focus on making the product available on mobile devices.

PRODUCT

Promotion & Discount Introduction

The configuration of standard, pre-defined promotions and discounts of products or services.

OPERATIONS

Inventory Management - Physical

The process a company uses to manage the consumption and replenishment of tangible inventory levels.

I.T.

Cross-Training of Monetization Ecosystem Components

Process for training organizational resources

I.T.

Data Stewardship Across Monetization Ecosystem

Process of assigning ownership and sources of truth for data within the organization.

I.T.

Maintenance & Oversight of Monetization Ecosystem

Process around assuring that all touchpoints and connections in the ecosystem are optimized and working to their full potential.

I.T.

Monitoring & Testing of Vendor Functional Releases

As ecosystem components release updates and patches, each is checked and tested to confirm all systems are working together as required by the business' requirements.

I.T.

Security Oversight of Monetization Ecosystem

Process for maintaining and controlling access and permission to ecosystem components.

I.T.

Vendor Management of the Monetization Ecosystem

Management of ecosystem component vendors including proactive communication of changes and general relationship nurturing.

FINANCE - BILLING

Balance Management - Prepaid, Deposit, Rollover

Business rules and processes surrounding the management of prepaid balances, deposits, and rollovers.

FINANCE - BILLING

Bill Day Usage Processing

The process of invoicing usage that has been accumulating since the previous statement/invoice period. Bill day usage processing includes calculation of charges, potential overage, decrementing credit balances, and managing rollover and pooled usage constructs.

FINANCE - BILLING

Bill Run Operations

Tasks and functions associated with initiating and maintaining the billing process, including bill cycle management, usage file management, payment batches, credit card rejects, etc.

FINANCE - BILLING

Billing Setup Process

Tasks and functions associated with setting up the billing processes for given products and services.

FINANCE - BILLING

Billing / Invoice Processing - Recurring / Periodic

Process for aggregating financial activities and adjustments for a given billing period and generating the respective invoice.

FINANCE - BILLING

Credit Card Optimization

The overall optimization of credit card processing, including the establishment of Payment Gateway profile, keeping CC current, managing rejects, chargebacks, etc. Optimizing revenue, and reducing risk and fraud is paramount here.

FINANCE - BILLING

Credit Card Processing

Methods to receive credit card payments including authorization, payment gateway, processing, interchange, and credit card success/failures.

FINANCE - BILLING

Daily Usage Processing

Methods used to track consumption of usage units associated with a given billing period. Usage Processing includes mediation, loading, rating, and guiding usage to the appropriate billing account. This information will be used to update the customer on current consumption, as well as to be processed during bill day invoicing processes.

FINANCE - BILLING

Dispute / Adjustment Processing

Settling disputes/adjustments regarding customer payments or account. Key process for clients that are operating in a Balance Management or 'On Account' environment.

FINANCE - BILLING

Dunning Processing

The process a business goes through to initiate collection of a past due payment from a customer. Includes reporting on aged balances and monitoring revenue leakage associated with past due balances.

FINANCE - BILLING

Invoice Finishing & Delivery

Typically, billing engines produce raw invoice or statement data. Often, external applications are used to package this data for presentation on a paper invoice, electronic distribution, or alternate media. Most billing engines have rudimentary invoice presentation capability.

FINANCE - BILLING

Payment Processing

The steps taken to process different payment methods from customers.

FINANCE - BILLING

SOX/Regulatory Compliance

The ability to provide proof of internal controls to prevent fraud and material misstatements.

FINANCE - BILLING

Subscription Management

The processes a company uses to manage complex customer subscription attributes, including recurring billing, IN Proration (service sign up), OUT Proration (service disconnect/cancel), and associated usage, recurring, and non-recurring processing.

FINANCE - BILLING

System Auditability

Provides assurance that source system data is accurate, and a paper trail exists from a transaction to financial statements.

FINANCE

Close Process

Includes all activities needed to reconcile and close the monthly, quarterly, and annual accounting periods.

FINANCE

Collections / Treatment Processing

For net terms customers, the ability to pro-actively manage a process to collect money from customers who have fallen behind in the periodic billing. These are processes specifically designed to keep customers, that for one reason or another have balances in 30-60, 60-90, etc., day buckets.

FINANCE

Currency Conversion

The point within a multinational company's sales cycle where currency is converted. This conversion may occur at the transaction or during the commissioning process, and must be carefully monitored to ensure accurate conversion rate and payment amount, and to enable standardized reporting.

FINANCE

Financial Statement Preparation

Production of accurate, auditable, and presentable financial statements in the most efficient manner possible.

FINANCE

Revenue Recognition Processing - Contract Line Item Segmentation

Methods used to categorize contract items to ensure revenue is recognized properly.

FINANCE

Revenue Recognition Processing - Earned Trigger Processing

Method for appropriately triggering revenue recognition events.

FINANCE

Run Rate Reporting

Run rate reporting is critical for revenue forecasting, and can help project other key metrics.

FINANCE

Tax Processing & Filing

Methods used to streamline complicated taxation rules and regulations, including the accurate filing of corporate income and sales tax information.

FINANCE

Tax Determination

The method to define how tax will be applied and where for each entity.

FINANCE

Exception Certificate Management

The methods of managing registration, storage, and renewal of all applicable exemption certificates, preventing the company from paying taxes where they aren’t owed.

FINANCE

Actual Tax Calculation

The process of calculating the actual tax to charge the customer, at the time of invoice.

FINANCE

Update Tax Rates

Refers to updates to tax rates with regulation changes at local and federal levels.

FINANCE

Assign Nexus

The process of determining the contact required between a seller and a tax authority has occurred, assigning the appropriate jurisdiction or nexus for taxation regulation.

FINANCE

Jurisdiction Registration

The process of registering for the identified tax authority as determined by nexus.

FINANCE

Tax Filing & Remittance

The methods used to track filing requirements, complete filings, and remit taxes to the appropriate tax authority as determined by nexus.

FINANCE

Estimated Tax Calculation

The reference to the calculating of the estimated tax during the sales cycle, typically during quoting.

ALL

Daily, Periodic, or Ad Hoc Reporting (ETL, Report, Dashboard)

Movement of data between domains to create a single source of truth for reporting and dashboarding. Includes key metrics such as revenue analytics and other KPIs

Technology

Evolving monetization methods - particularly recurring revenue and usage models - have sent many companies scrambling for updated financial software. Revenue recognition and the need for publicly-traded companies to have transparency in their financials has led to a bit of a renaissance of sorts for those software vendors focused on rev rec.

The technology available to manage the Revenue Recognition / FMS is divided into two categories.

The first is software that focuses on the revenue recognition aspect of financial reporting. Many vendors in this category bolster current billing or FMS/ERP solutions that don't have an adequate rev rec presence to meet the demands of today's complex service-provider environments.

The second category of software is based around the fundamentals of FMS/ERP and is often available as part of a suite-based solution.

Key Rev Rec / Vendors

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ESSENTIALS

Founded: 1975
HQ: Redmond, WA
Company Type: Public
Website: www.microsoft.com/dynamics
Delivery Method: Cloud

OVERVIEW

Microsoft Dynamics provides scalable, adaptable business solutions, which help companies understand their customers through a range of software products. Dynamics focuses on connecting businesses with potential and current customers and translating customer data into understandable and presentable reports.

PRODUCT & SERVICES:

  • CRM – Convert leads into relevant and valuable customers. Utilize a variety of platforms for providing excellent service and building strong customer relationships.
  • Business Intelligence – Transform business processes, increase productivity, and manage operations with heightened business analysis.
  • ERP – Capitalize on business opportunities through integrated technology solutions, optimizing internal organizational performance.

TARGET MARKET

Microsoft Dynamic’s target market ranges from enterprise and SMB companies operating within the Software, Manufacturing, Networking/Storage, High Tech Equipment, Healthcare/Medical Devices, and Business Services industries.

CUSTOMERS

  • Toyota
  • University of South Florida
  • Investec
  • VITAS Healthcare
  • Sandvik
  • Miami Heat
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ESSENTIALS

Founded: 1998
HQ: San Mateo, CA
Company Type: Public
Website: www.netsuite.com
Delivery Method: Cloud

OVERVIEW

NetSuite specializes in SaaS business management, especially CRM, ERP and Ecommerce. In 2016 NetSuite was acquired by Oracle. Today, NetSuite provides an integrated business system that includes cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 27,000 customers in 215 countries and territories.

PRODUCT & SERVICES:

Some of the company’s core competencies include:

  • CRM (Customer Relationship Management) - Method of managing a company’s exchanges with customers, both current and future
  • ERP (Enterprise Resource Planning) - Means for companies to collect, store, and manage data surrounding business activities
  • Ecommerce - Digital shopping for B2C and B2B businesses

TARGET MARKET

NetSuite’s target market is midsize to enterprise businesses. They have a wide range of customers, from a professional sports team to manufacturers of electronic products.

CUSTOMERS

  • GoPro
  • Quicken
  • Land O’Lakes
  • Lovesac
  • Bodyarmor
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ESSENTIALS

Founded: 2005
HQ: Pleasanton, CA
Company Type: Public
Website: www.workday.com
Delivery Method: Cloud

OVERVIEW

Workday Financial Management goes beyond the basics of accounting and focuses on speed, agility, cost, and insights. These unified applications include a full range of finance and accounting capabilities, real-time business insights, and fully auditable process management.

With functionality uniquely designed for companies in specific industry verticals—including financial services, software and Internet services, education, government, and non-profit—Workday applications support global organizations with multinational financial reporting requirements.

TARGET MARKET

Built from the cloud up, Workday is equipped to grow, change, and evolve with your business to meet the unique needs of your industry. By taking advantage of the most innovative technologies, Workday solves many of the problems that plague traditional ERP systems. Workday targets customers in the following verticals:

  • Education
  • Banking
  • Healthcare
  • Insurance
  • Life Sciences
  • Manufacturing
  • State & Federal Government

CUSTOMERS

  • FedEx
  • Levi Strauss
  • Comcast
  • Target
  • Hewlett Packard
  • Sanofi
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ESSENTIALS

Founded: 2002
HQ: New York, NY
Company Type: Privately Held
Website: www.infor.com
Delivery Method: Cloud

OVERVIEW

Infor Enterprise Financial Management is a cloud-based software solution, which specializes in ERP. Infor's offering is a system that can provide the necessary flexibility for businesses to swiftly respond to whatever surprises come their way.

PRODUCT FEATURES:

Some other key features of Infor cloud-based software are:

  • A framework to enable growth and global expansion
  • Faster implementations and application deployment
  • Secure and reliable cloud infrastructure

TARGET MARKET

Infor tends to target SMBs and large enterprises within specific industries and niche micro-verticals such as equipment, manufacturing, healthcare, distribution, and public sector industries. Infor leverages its flexible software to customize and tailor an ERP solution in order to meet industry specific needs.

CUSTOMERS

  • Ferrari
  • Wyndam Hotels
  • Hershey Entertainment and Resorts
  • Heineken
  • EBSCO
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ESSENTIALS

Founded: 1972
HQ: Waldorf, Germany
Company Type: Public
Website: www.sap.com
Delivery Method: Cloud

OVERVIEW

SAP is a market leader in enterprise application software, helping companies of all sizes and industries run more efficiently. SAP empowers people and organizations to work together more resourcefully and use business insight more effectively to stay ahead of the competition.

PRODUCTS & SERVICES

SAP offers solutions in the following categories:

  • Analytics
  • Context & Collaboration
  • Customer Relationship Management
  • Data Management
  • Enterprise Management
  • Financial Management
  • Human Capital Management

TARGET MARKET

SAP targets customers of all sizes and in all industries to assist in generating more value with SAP technology, software, and services.

CUSTOMERS

  • Day & Zimmerman
  • Serco Group
  • Wholesale Sports Outdoor Outfitters
  • Evoshield
  • Halequin Sales Corp.
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ESSENTIALS

Founded: 1999
HQ: San Jose, CA
Company Type: Public
Website: www.sageintacct.com
Delivery Method: Cloud

OVERVIEW

Sage Intacct is part of the Sage Business Cloud, their offices are headquartered in San Jose and they have a nationwide award-winning channel program. In 2017 Sage announced the acquisition of Intacct, today Sage Intacct continue to lead the cloud financial management revolution. As a part of the Sage Business Cloud, Sage Intacct is used by many of organizations from startups to public companies to better company performance and make finance more productive. </p>

<p>Sage Intacct is the only cloud accounting software company to be appointed a preferred provider by the American Institute of Certified Public Accountants (AICPA) and recognized by industry professionals as the highest rated solution for customer satisfaction.

PRODUCT FEATURES:

  • Core Financials
  • Revenue Recognition
  • Sales and Use Tax
  • Billing
  • Vendor Payment Services

TARGET MARKET

While Sage Intacct can be used for any industry their target market tends to include accountants and CPA firms, construction, healthcare, hospitality, and nonprofits.

CUSTOMERS

  • Banyan
  • Brevard Zoo
  • Children’s Hunger Fund
  • Culvers
  • Monstercat
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ESSENTIALS

Founded: 1980
HQ: Sliedrecht, Netherlands
Company Type: Privately Held
Website: www.unit4.com
Delivery Method: Cloud

OVERVIEW

Unit4 is a cloud-based enterprise software that tackle ERP, HCM and FP&A. Unit4’s software helps its customers in delivering an exceptional People Experience to their customers. From boosting success for students and professionals, to empowering non-profit teams to do good in the world.

PRODUCTS & SERVICES

  • Enterprise Resource Planning
  • Human Capital Management
  • Financial Management
  • Environmental Performance Management
  • Student Management
  • Professional Services Automation
  • Financial planning and analyses

TARGET MARKET

Unit4’s target market are companies from mid to large size that are in higher education, nonprofit, professional services, and the public sector.

CUSTOMERS

  • Metro Vancouver
  • Havas
  • Stanley Security
  • War Child
  • Accent
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ESSENTIALS

Founded: 1972
HQ: Austin, TX
Company Type: Privately Held
Website: www.epicor.com
Delivery Method: Cloud

OVERVIEW

For 50 years, Epicor has worked together with its customers to get to know their business as well as they do. By creating industry-specific software solutions and services that help them do business better. Cloud-based ERP solutions are available from Epicor they are accessible with a mobile device and Internet connection.

PRODUCT FEATURES:

  • ERP Software
  • Supply Chain Management (SCM)
  • Customer Relationship Management (CRM)
  • Human Capital Management (HCM)
  • Enterprise Performance Management
  • IT Service Management (ITSM)

    TARGET MARKET

    Epicor targets companies in specific verticals and has created industry solutions for automotive, building supply, distribution, manufacturing, and retail.

    CUSTOMERS

    • Caymas Boats
    • American Metal Supply
    • Sistema Plastics
    • Diamond Paper Company
    • WD40

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