Understand the main highlights and timeframe for recognizing revenue
Consider how it will impact your business and steps to take to address the situation
Evaluate information that needs to be captured and what modifications may be required
Discover what an automated contract management system offers when implemented
“Many Businesses have significant uncertainty about what contracts they have and what terms are buried inside. Often, the contracts are big and unstructured, or the information is not all in one place, or it's not well organized.”
-Jamie Wodetzki, co-founder of Exari Systems
Implement an enterprise contract management platform to organize documents and make key information within them instantly accessible.
This will help organizations meet the five-step model the FASB and IASB boards have developed for recognizing revenue from contracts with customers:
Step 1: Identify the contract with the customer
Step 2: Identify the performance obligations
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
"This initiative is a great example of the success that can be achieved when proven technology combines with a skilled team. Exari’s multilingual document generation capability is of great interest as Lloyd’s reaches out to emerging markets."
"Using technology such as contract automation software and, in particular, the clause library has enabled us to offer our clients all of our traditional services but in a new efficient way. Exari provides a platform that allows us to develop dynamic solutions which are more efficient, consistent and save valuable time for our clients."
"We chose Exari because it enable us to present complicated drafting options in a flexible and simple way. The efficiencies include ensuring accuracy and speed of creation. This is allowing us to further raise our client satisfaction levels."