RevLock

Our team of accountants are experts in ASC 606. We have consulted for companies to help develop their revenue recognition methodologies, led the implementation process and audited companies ASC 606 compliance. We know first-hand what the issues are. But RevLock goes beyond ASC 606 compliance and helps companies grow through better analytics. In addition, RevLock helps companies streamline the entire revenue process; from order to cash. RevLock solutions provides: Full Automation - Eliminate spreadsheets, mitigate errors, save time and money. Open Platform - RevLock is built on an open API platform that allows our software to pull the information from wherever it resides. Eliminate Cross-Referencing - RevLock's Stand-Alone Selling Price Library™ is populated with all of your products and services, the stand-alone selling price for each of these products and services and the proper revenue recognition methodology. When a new order is identified, RevLock automatically matches the product or service to information in the Alone Selling Price Library™ eliminating the need for cross-referencing to this information. This information is then used to automatically calculate the revenue to be recognized for every line item on every contract. RevLock tracks deferred revenue and recognizes the revenue in the proper accounting period. RevLock generates the journal entries, maps it to your G/L account and automatically posts the entries. Multiple Revenue Streams - RevLock understands that not all companies are pure SaaS companies with analytics for all revenue streams. Full Integration with Multiple Systems - This gives companies the ability to automatically all the information needed for the revenue process. Specific Performance Obligations - RevLock is able to pull information from your project management system to recognize in the period it is performed. Analytics and AI - Our algorithms identify changes in price, contract dates, items included in a contract and other modifications and automatically updates the revenue ...