Trouble on all fronts
Our client is a global technology company with revenues of over $3 billion and is a leading provider
of contact center, unified communications and networking products and services.
Our client was required to adopt the new revenue recognition standard (ASC 606) and as a result,
needed to transform its accounting and financial reporting process to meet the new requirements.
With uncertainty around implementation of their initial plan, Bough was called upon, one month
before the ‘go-live’ date of the initial solution, to implement an alternate solution to meet the Q1
fiscal deadline.
Partnering for success
In view of the client’s existing data and time limitations, Bough was entrusted in delivering the
following:
- Conceptualize the end-to-end revenue accounting solution
- Complete build, UAT and deployment for the accounting solution
- Design and finalize new processes and controls
- Project Management Support
- Manage change, conduct trainings, and build organizational awareness
- Operationalize and manage the new process
- Achieve audit readiness for the Q1 close
Bough offered the technical expertise, guidance, and systematic breakdown of expectations /
requirements to enable IT to effectively use their knowledge of enterprise systems, technology,
processes, and data to achieve the end goal.
Capitalizing on existing and newly developed synergies
Bough owned the overall process and engaged with stakeholders to identify pain points and
opportunities. We worked closely with business IT to deliver the technology functionality and
provide integration capabilities that included: developing a data warehouse; integrating critical
systems; and creating a single source of truth.
Cross functional stakeholder engagement and leadership
Ensuring all key data in one place, i.e., the data warehouse that stored ~80% of all enterprise
revenue transactions (transactions not covered were the non- ASC 606 impacting e.g., recurring
revenues), enabled us to pull in the requisite information efficiently into our accounting solution
to calculate revenues and post journal entries
Establishing a single version of data
Results
With Bough’s assistance, the client was able to establish an ASC 606 revenue recognition model to
meet its accounting and financial reporting needs.
Value delivered:
-
Effectively built the solution, enabling Bough to transform the ASC 606 book
close process within 3 months of deployment: effectively meeting SEC reporting
requirements
-
Delivered capabilities for ‘Data and Information Management’ to support journal
entries,
project reviews, reporting, financial analysis etc.
-
Designed internal controls and finalized revenue recognition review
checklists
-
Operationalized the process successfully, reducing Bough involvement in
managing the reviews
from 12 to 4 resources
-
Achieved audit readiness of the new process, managed audit requests and achieved SOX compliance
-
Reduction of time spent on data gathering by 25%
-
Conducted trainings to increase awareness levels of the organization on ASC 606
book close and
the new revenue accounting & reporting solution
Benefit realization
