Dave Fellers, CEORecently, a couple big changes in financial standards were introduced and one of them is the new FASB accounting standard for Revenue Recognition (ASC606). It requires all publicly traded companies to comply with the new standards for revenue recognition by January 1, 2018 for calendar year companies, including preparing their revenue contracts to conform with the new regulations to address a new 5 step process and new terminology such as “Performance Obligations”. Following this announcement, companies in all industries are required to evaluate their business processes and sales methodologies related to preparing revenue relevant contracts. “Bramasol is spearheading the implementation services for this change by leveraging our experience and expertise in SAP Revenue Recognition solutions,” says Dave Fellers, CEO, Bramasol. As co-innovators with SAP, the Santa Clara, CA based firm brings industry leading methodologies and tools to help guide companies through the issues regarding compliance and recommend data migration strategies to effectively and efficiently meet the new standards providing both quantitative and qualitative information about the amount, timing and uncertainty of revenue from contracts with customers. “SAP and others rely on Bramasol as the “Go to Partner” for Revenue Recognition,” extols Fellers.
In the area of Revenue Recognition, the firm has developed a very strong relationship with SAP and is well recognized for its expertise with the SAP Revenue Accounting and Reporting (RAR) solution and its implementation across a variety of industries, including Telco, High Tech, Manufacturing, Health Care, and Media. As co-innovators with SAP on RAR, Bramasol provides clients with unique insights to leverage the solution that meets their Revenue Recognition needs and comply with the upcoming new standards that take effect in 2018. “We are one of the few companies who can demonstrate the SAP RAR solution and show reports using the SAP Lumira tools,” explains Fellers.
We also focus on the Leasing standards – or lease accounting, as per the new ASU 842 (IFRS 16) regulations requiring all leases to be reflected on the balance sheet by lessee organizations.”
SAP and others rely on Bramasol as the “Go to Partner” for Revenue Recognition
With the upcoming changes to the accounting standards due to the new revenue recognition and lease accounting rules, companies need to take action to become compliant. “We offer a variety of services including software demonstrations, design workshops, project pilots, and full consulting services that can help guide and accelerate a client’s path to compliance,” affirms Fellers. The firm partners with Nakisa— the leader in SAP Leasing Solutions, to provide a roadmap and path to help companies prepare for this dramatic change.
Bramasol has played significant roles in a majority of the SAP Revenue Accounting and Reporting Ramp-up projects, helps co-develop new solutions for revenue accounting and actively participates in new version release testing for SAP such as the newest version 1.2 of RAR. Bramasol is an early adopter and innovator for new SAP solutions such S/4 HANA by building a practice to support it and developing a roadmap for companies to implement RAR in the older ECC version of SAP or the new S/4 HANA. “We leverage SAP ASAP methodologies tailoring them for the Finance solutions such as Revenue Accounting, to create rapid deployments using proprietary tools and methodologies to help clients implement quickly and cost effectively,” elaborates Fellers.
Charging forward, Bramasol aims to be at the forefront for Office of the CFO solutions for critical accounting process areas such as revenue recognition, the major new leasing standard, and the Digital Boardroom of the future. “The transformation of SAP into the HANA empowered digital age enables us to lead the way in digitizing the CFO’s office with the latest analytics and predictive capabilities in a very interactive and real-time manner,” concludes Fellers.