Stripe wants to make financial reporting less painful for SaaS businesses

Date:
Wed, 22 Sep 2021 10:00:34 +0000

Description:
Business users have another Stripe tool at their disposal following launch of Revenue Recognition service.

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Stripe has taken the covers off a new financial reporting tool designed to simplify a key aspect of time-sapping accounts processes for SaaS businesses.

Its new Revenue Recognition tool has been engineered so it can automate many of the facets of revenue recognition, including when a customer receives a product or uses it, as opposed to when they paid for it.

The move will help to more effectively document customer behavior, especially when it comes to revenue recognition, which is a central part of Generally Accepted Accounting Principles or GAAP. We've also featured the best website builder offerings Take a look at the best content marketing tools around
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Revenue recognition has long been a complex and challenging prospect for many businesses, especially those who operate subscription-based or recurring revenue arrangements. Traditionally, revenue recognition has been a largely manual procedure whereby finance staff previously needed to log details via
an Excel spreadsheet . Revenue Recognition

Stripes new Revenue Recognition tool should help alleviate much of the manual intervention by delivering automated income statements and revenue waterfall tables.

Similarly, the automatic processing will log all transactions and the system can even be used to import non-Stripe transactions, further smoothing the process of revenue recognition. Crucially, theres compliance support, so businesses need not worry about meeting common standards including ASC 606
and IFRS 15.

The new Revenue Recognition tool is another tool in Stripes growing product portfolio. Businesses can also make use of Stripe Tax , its tax compliance tool along with Stripe Identity , which helps business owners keep closer
tabs on identity verification .

Stripe announced the latest launch yesterday and has already made the product available in over 40 countries around the globe. Also, check out our roundup of the best ecommerce hosting services

Via: ZDNet



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Link to news story: https://www.techradar.com/news/stripe-wants-to-make-financial-reporting-less-p ainful-for-saas-businesses/


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