SAN RAMON, Calif., Nov. 10, 2016 (GLOBE NEWSWIRE) -- Armanino LLP, the largest independent accounting and business consulting firm based in California, announced today that its Revenue Recognition Management solution for Microsoft Dynamics AX 7 and Dynamics 365 is now available on Microsoft’s AppSource. This solution was designed for the unique needs of companies that sell multi-element arrangements (MEAs) that may include hardware, software, services, prepaid support tickets, and post contract support such as warranties or maintenance agreements.
“With Microsoft’s launch of Dynamics 365, Armanino is proud to announce its Revenue Recognition Management app is available in the Microsoft AppSource,” said Tom Mescall, partner in charge of Armanino’s Consulting department. “We worked with our CPAs and experts to ensure rich capabilities to streamline management of revenue recognition in a compliant manner. Your company can leverage our solution and our breadth of technical accounting and business process expertise to move your business forward and meet the ASC 605 and 606 requirements.”
Armanino provides a full breadth of Revenue Recognition audit and consulting services, including:
- ASC 605, 606 and IFRS 15 risk assessment and roadmap
- Outsourced skilled staff to process transactions
- Technical memo preparation
- Implementation of Revenue Recognition Management software module
- Data migration and process workflow creation
- Establishment and recurring testing of internal controls, including segregation of duties
Companies that sell bundled products such as hardware, software, services, prepaid support tickets, warranties and maintenance agreements must be able to break out these multi-element orders to recognize revenue based on company and industry specific guidelines such as vendor specific objective evidence (VSOE) to comply with US GAAP. Armanino’s solution eliminates the challenges manufacturing companies face when trying to comply with revenue recognition guidelines.
“Companies with multi-year contracts must start now with the transition to the new revenue recognition rules,” said John Dunican, Partner and Leader, CFO Advisory Practice at Armanino. “You have to know what the revenue will look like for contracts you are signing today.”
With Armanino’s Revenue Recognition Management module, companies can:
- Increase productivity through process automation, scalability and standardization
- Reduce the risks associated with a reliance on spreadsheets, manual processes and prevent account error and restatements
- Ensure timely revenue recognition and faster close process
- Gain accuracy and visibility into revenue forecasts, revenue recognition and financial reporting
- Rapidly deploy best-in-class revenue recognition management functionality directly in Microsoft Dynamics AX
Armanino’s Revenue Recognition Management app has been enhanced to support expanded requirements brought about by the new GAAP and IFRS standards including ASC 605, 606 and IFRS 15. The solution gives users the ability to reallocate revenue across multiple sales contracts as a single multi-element agreement.
About ArmaninoLLP Microsoft Dynamics Practice
Armanino provides implementation, training and consultation for high-growth and enterprise organizations using business enterprise applications. As part of the Microsoft Life Sciences and High Tech Industry Partner Program, Armanino works hand-in-hand with Microsoft to develop comprehensive solutions, continuously teaming with Microsoft and independent testers to certify the quality and consistency of our design. The firm develops and delivers world class industry solutions and services for High Tech and Life Sciences. Armanino offers pre-built software modules for Microsoft Dynamics 365, Microsoft Dynamics AX, GP and CRM modules such as Revenue Management, Supply Chain Interface, FDA Validation Toolkit, Warranty Management and Product Repair, Return Material Authorization (RMA) and Design Win. Firm leaders have presented on life science and technology industry solutions at the Microsoft Industry Summit. Armanino has published several industry-specific white papers and authors a widely read Microsoft- Dynamics blog.
About ArmaninoLLP
Armanino LLP (www.armaninollp.com) is the largest independent accounting and business consulting firm based in California and one of the largest in the United States. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business from start-up through rapid growth to the sale of a company. Armanino emphasizes smart technology; leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. Armanino extends its global services to more than 100 countries through its membership in Moore Stephens International Limited – one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division – AMF Media Group (www.amfmediagroup.com) a media and communications services agency. Its affiliates include Intersect Capital (www.intersectcapitalllc.com), an independent financial planning, wealth and lifestyle management firm, and The Brenner Group (www.thebrennergroup.com), an Armanino company dedicated to interim CFO and permanent placement services and a comprehensive suite of specialized financial and management services.