Recurly's revenue recognition standard is an integrated solution designed to automate revenue recognition in compliance with major reporting standards, including ASC 606 and IFRS 15. As a part of Recurly's subscription management application, this feature simplifies the way businesses track, manage, and report revenue. With a single, intuitive interface, users can set up recognition rules and automate accounting processes. It offers in-depth, built-in reports such as the Revenue Waterfall Report, Liability Balances Report, and Transfer Accounting Report. These reports equip businesses with vital insights into contracted revenue, enabling enhanced compliance, reduced audit and revenue reporting errors, and improved revenue insights and accuracy.
To retrieve the analytics reports in Recurly's revenue recognition standard, follow this simple process:
- Log in to your Recurly account.
- In the sidebar menu on the left-hand side of the screen, locate and select the "Analytics" option.
- A submenu will unfold, showcasing reports available by different ranges.
- Select the report of interest from the submenu to access detailed insights.
Upon accessing the report with your desired periods displayed, you will encounter the report interface. While the interface might have slight variations depending on the specific report, it generally comprises the following components:
- Report Filters: Customize data presentation in the report by applying diverse filters, such as date range, product category, and customer segment.
- Report Metrics: This section vividly displays key metrics and data points pertinent to the specific report.
Most reports include graphic illustrations of the data—like charts, graphs, or tables—that help enhance comprehension of the information.
- Download Options: Export report data in versatile formats, like CSV or Excel, for deeper analysis or to share with stakeholders.
By consulting these reports, you can ease compliance, lower audit costs, diminish revenue reporting errors, and acquire invaluable insights for precise forecasting.
The Revenue Waterfall Report in Recurly's revenue recognition standard offers insightful analysis into revenue distribution across various periods. To maximize this report, consider:
- Examining the waterfall chart, which illustrates how contracted revenue is distributed across accounting periods.
- Viewing detailed revenue and transaction data, allowing analysis by customer account, plan, transaction, and company currency.
- Employing filters to narrow down data based on specific criteria, such as accounting periods or customer accounts.
- Downloading the report data for further analysis or to share with stakeholders in formats like CSV or Excel.
The Liability Balances Report in Recurly's revenue recognition standard provides valuable information about your deferred revenue balances, helping you track and manage them effectively. To capitalize on this report, consider:
- Reviewing deferred revenue balances across different accounting periods.
- Applying filters to dissect deferred revenue by product, customer segment, or other relevant criteria.
- Tracking balances by plan, visualizing detailed accounting metrics for each plan.
- Identifying trends or anomalies in your deferred revenue balances.
- Downloading the report data for deeper analysis or integration with external systems or tools.
The Transfer Accounting Report in Recurly's revenue recognition standard provides extensive information on revenue transfers between different accounts or entities. To adeptly employ this report, consider:
- Reviewing comprehensive details about revenue transfers, such as source and destination accounts and transferred amounts.
- Using filters to evaluate revenue transfers based on specific parameters like time period or account type.
- Identifying discrepancies or issues, enabling the verification of financial records’ accuracy and integrity.
- Downloading the report data for further analysis or reconciliation, ensuring seamless integration with other financial systems or tools.
Customizing your reports is paramount for effective data analysis and presentation in Recurly's revenue recognition standard. Here are useful tips:
- Creating Custom Dimensions: Add context and insights into your data with custom dimensions, crafted from existing data fields or derived calculations.
- Changing Column Names: Personalize your reports by renaming columns to resonate with your business terminology, enhancing clarity and understanding.
- Adding and Removing Fields: Tailor your report menu by choosing relevant fields, streamlining options to concentrate on vital metrics and dimensions.
- Utilizing Visualization Options: Explore different chart types to best communicate your data, highlighting key trends and patterns.
- Applying Filters and Slicers: Use filters and slicers for a focused view of specific data subsets, enabling dynamic exploration of data.
- Leveraging Aggregation Functions: Use functions, like "sum", to calculate summary statistics, adding depth to your analysis.
For a deep understanding of the setup process for Recurly's revenue recognition standard, please visit our dedicated page here.
Updated 3 months ago