An automated feature for revenue recognition has been recently added to the finance module of MOA (My Office Apps), Inc.’s cloud-powered ERP software, i.e., Kechie. MOA is a well-known leading software company for business improvement.
This feature will assist customers in staying compliant with all financial & accounting standards set by the FASB ASC 606. This newly added feature will help companies to record all the revenues only when it is actually earned, and not when the revenue is collected.
This feature proves to be useful when a client wants to make an upfront payment for any service that he wants to avail of later, or when the services/products are going to be delivered in pieces and parts over the span of time.
This functionality offers an automated recognition of revenues while eliminating tedious and manual account adjustments to ensure that your company’s books are all updated. Once a user makes a contract with Kechie, the system automatically carries out necessary recurring accounting adjustments based on the contract’s duration and the frequency of service fulfillment for recognition. Kechie offers a flexible implementation period for the setup. Therefore, if a customer wants it on monthly basis instead of quarterly, he can easily opt for the same.
Reacting to this news, Mariam Komeili, (CEO & Co-founder, MOA) stated, “The laws for recognizing deferred revenue are a crucial part for recognizing revenue correctly. The process is often tedious and requires companies to use manual methods to be compliant. We are always trying to automate complex business processes and offer ways to simplify and automate as much as possible. Our dedication to our client’s needs is the driving force in providing the most innovative solutions in business automation.”