RGP is hearing from Public and Private companies who are working to get a handle on their Revenue Recognition compliance efforts. As with many new initiatives, most of those tasked with the responsibility of rolling out a contract review process began with authoring the process in Excel. This particular process, more than some, requires a number of people with varying technical skills and technical accounting expertise to work through a long checklist or multiple spreadsheets full of questions and considerations. And, like many others, these teams are racked with frustration over the common ills of spreadsheet-based processes:
- Almost as soon as the tool is put to use, the version is out of date and the data does not reconcile with other versions.
- It is difficult to track and understand which version is the latest or the “best”.
- Often, spreadsheets are not properly secured and suffer unintended changes.
- Changes to data attributes in the spreadsheets can have significant impact on conclusions.
- Sharing and communicating lessons and conclusions is a massive and disjointed effort.
- It is difficult to roll-up the results from multiple spreadsheets for analysis and reporting to management and auditors.
- If multiple people must work in and make adjustments to the spreadsheet, it can be remarkably challenging to trace the changes back to the appropriate party.
- It is virtually impossible to dictate order of responsibilities and to consistently communicate and enforce an approval process.
RGP has a few remedies that can help you to treat or avoid these ills.
Private Companies – RGP has a proven Revenue Recognition solution that can help companies from your early assessment through planning how you will fill gaps in policies and systems and can aid your team with the implementation of agreed upon solutions, controls, policies and associate training and communication.
Public Companies – Those who worked to tackle ASC 606 compliance on your own in year one can certainly still call on us to evaluate your program and to identify and guide you to address and close gaps.
All Companies can take advantage of RGP’s proprietary tool, policyIQ, to remedy the ills associated with spreadsheet based processes. Companies have the option of
- leveraging the flexible and configurable policyIQ to automate your own checklist or questionnaire or
- you can adopt the RGP solution with pre-built templates that guide the reviewers through the contract review process.
Contact us to learn more about our technical accounting expertise, project support, and proprietary technology: support@policyIQ.com.