Foundry Bean Cloud
financial system can help you report accurate revenue and predict
revenue forecast effortlessly.
Revenue recognition
Foundry Bean Global Work System is designed to accurately
calculate revenue recognition for each period independent of
billings and collections. Revenue recognition determines when and
how much revenue to recognize in each period. Foundry bean system
automatically creates revenue accounting and transfer to general
ledger.
Revenue Analysis
Revenue is one of the most important measures used by
investors to assess a company's performance. Revenue recognition
looks to answer when a business has actually earned the money by
selling goods and services.
Revenue Types
Foundry bean supports four types of revenue recognition
based on the type of product and service. Shipment revenue, service
contracts revenue, service revenue and subscription revenue.
Shipment Revenue
Shipment revenue is based on Shippable products, based on
shipping transactions. Obligation is fulfilled when the product is
shipped. Revenue can be recognized immediately after shipment.
Service contracts revenue
Service contracts revenue is based on the contract between
buyer and seller to perform certain obligations at a predefined
price, rate and duration. Recurring revenue is based on service
duration Revenue is recognized after the service period
Service Revenue
service revenue is for One time service items such as
installation, training Obligation is fulfilled when the service is
rendered Revenue can be recognized immediately after the service
Subscription revenue
Subscription revenue is where a customer sign-up to get
access to a product or service continuously. Like service
contracts, business is obligated to give product and service during
the subscription period. If not canceled, subscription is generally
auto renewed. Recurring revenue is based on service duration
Revenue is recognized after service period
