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AcctTwo Blog

The Subscription Model is Better for You as a Customer and for Your Business

At a certain point every business has to upgrade its accounting software. Solutions like QuickBooks may be adequate to start, but not once businesses begin to grow and diversify. Committing to an upgrade is an important step for future success. The question is what kind of upgrade to pursue.

In the new book “Subscribed: Why the Subscription Model Will Be Your Company’s Future—and What to Do About It,” author Tien Tzuo argues that services are becoming more important than products. Most of us already rely on services like Netflix or Amazon Prime, and the idea of paying for access rather than ownership will soon become standard.

Topics: Subscription Billing Subscription-Based Revenue Software as a service SaaS

Transition Smoothly to New FASB Rules with the Right Technology

The New FASB Accounting Rules Are Complicated. Why Not Choose a Technology That Actually Helps With the Transition?

For many companies, the new FASB revenue reporting requirements spelled out under ASC 606 go into effect on December 15, 2017. That date looms large in the minds of accountants because it represents a radical new way of doing things.

Topics: FASB Regulations Revenue Recognition Software Industry SaaS Subscription-Based Revenue

Should The Subscription Model Be The Future for CPA Firms?

Does your CPA firm charge clients under a time-and-materials type of contract? If the answer is yes, then the following scenarios will probably sound familiar to you.

Topics: CPA Subscription Billing Subscription-Based Revenue

The Subscription Economy, The Way of Doing Business Today

I used to buy movies and music. I still have my media shelves. I’m not prepared to completely let go of my CDs and DVDs yet, but now I subscribe to Hulu and have unlimited access to my favorite TV shows and movies. And for my music, I stream it on Spotify.

A young lady that I know is working on her MBA at the University of Texas at Austin. Soon after moving into her new apartment she sold her car to lower expenses.

Topics: Subscription-Based Revenue Informational Subscription Billing Revenue Recognition

Are You Ready for ASC 606 and IFRS 15?

Every subscription-based business and services firm should be aware of ASC 606 (FASB ASU 2014-09) and IFRS 15, which substantially affect how revenue is recognized.

As Rev Rec rules are to become standard across all industries, we find that the changes will affect different industries in different ways. This report by independent research firm Blue Hill Research explains the impact of the changes and describes Intacct's first-to-market Contacts and Revenue Management solution for organizations seeking to understand how best to manage “performance obligations” and event-based revenue.

Topics: Revenue Recognition Subscription-Based Revenue FASB

What does CFO.com Recommend about the New Rev Rec Standards? Plan Ahead.

Two EY Consultants Give Advice on How to Prepare for the New FASB Rev Rec Changes

In an article published on CFO.com last week, John McGraw and Jeff Johnson, both with EY, give fair warning to IT departments at organizations that will be impacted by the new FASB and IASB revenue recognition standards. The crux of their advice is that most organizations aren't prepared, and that one key element of getting prepared is to evaluate what software solutions will automate the process and incorporate the regulatory changes.

Topics: ERP FASB Revenue Recognition Subscription-Based Revenue

SaaS Benchmarks – Security and Performance Costs Drive Up Cost of Revenue

From Intacct's View from the Cloud Blog:
We've invited Lauren Kelley, CEO and founder of OPEXEngine, to write a series of guest posts to the Intacct blog sharing some of her insights around benchmarks for software and SaaS companies. We hope you enjoy the series, the first post is below.

Topics: Blog accounting software View from the Cloud Intacct Software Industry SaaS Security and Performance Costs OPEXEngine Subscription-Based Revenue Software and Technology Industry Best Practices Awareness