In the part one of this series, Brad discussed frequently asked questions about the new revenue recognition rules and what they entail.
In part two of this three part series covering the latest in revenue recognition, Brad Hale, Tampa Bay Managing Director, discusses some of the challenges that businesses will face as they begin to implement the new standard, and some solutions to alleviate these challenges.
One of the biggest challenges many businesses will face with this standard is finding out where to start. To help with the process, establish a cross-functional team and conduct a brainstorming session to identify the company’s key revenue streams and what they impact. Work together with the cross-functional team established to develop the best approach for implementation and put together a timeline with deadlines, assigning someone to lead the transition. Be sure to involve the cross-functional team, as various departments from across the organization will need to get involved.
As noted in part one of this series, certain industries will be affected more than others. However, all companies will be impacted by the new standard in one way or another. The most important takeaway here is to get started now!
Stay tuned for part three in this series that will discuss ways businesses can prepare for the revenue recognition standard during the deferral period. To read the full article, click here. For more information on how to adopt the new revenue recognition standard, click here or contact Brad at firstname.lastname@example.org or 727.572.1400.