5 Ways to Prepare for New Revenue Recognition Standards:
And Why a Robust ERP Technology Solution is a Must
As budget-strapped customers try to squeeze more from every dollar, more and more contractors are finding themselves working with bundled mega projects that often involve multiple performance obligations—and complex financials. These same projects often find public and private concerns with partnering, which makes the projects and their finances even more difficult to navigate.
That’s why it’s the perfect time for contractors to embrace and prepare for new GAAP revenue recognition standards developed by FASB. Designed for today’s more complex projects, these standards promise to offer improved cash flow through improved management reporting and better accounting insight, especially for jobs with multiple performance obligations — but only if contractors have the proper framework in place to capture and properly communicate the critical data.
Is your organization ready? Download our eBook to discover the five steps contractors need to follow to properly adhere to new revenue recognition standards, the overriding principles behind them, and how an ERP technology solution can help.