SaaS companies are staring down the 2018 deadline to implement the new Revenue Recognition Standard (ASC 606). According to the recently released EY Revenue Recognition Survey, 85% of CIOs believe the IT team is providing the support and skills needed to meet these standards, but only 60% of CFOs agree. Although this survey references public companies, we've seen that SaaS business are trending the same way. In our webinar earlier this year, we surveyed attendees on their preparedness to adapt to the new revenue recognition standard and 47% said they have not taken steps to identify how the new standard will affect their GAAP financials.
Another statistic from EY's article is that 48% of surveyed companies are hiring more people and 40% are making extensive use of consultants to address how the new standard may impact their business. For a growing and evolving SaaS business, hiring additional headcount or consultants is not always an option. Cash is going towards goals to grow the product and drive the go -to-market strategy.
SaaSOptics is a complete B2B subscription management platform that provides subscription and order management, GAAP revenue recognition, e-invoicing and payments, financial reporting and robust subscription metrics and analytics. SaaSOptics is a cloud-based solution that enables emerging and growth subscription businesses the ability to eliminate their dependency on spreadsheets and streamline their financial operations, reporting and performance metrics.
Unlike most subscription management providers, SaaSOptics is easy to use, very affordable and takes 2-4 weeks to implement. SaaSOptics serves over 360 customers worldwide managing over $2.2B in revenue.
SaaSOptics industry-leading performance metrics and analytics delivers all the subscription reporting you need such as ARR/MRR waterfalls, churn and retention rates, customer lifetime value (CLV), and a variety of cohorts. SaaSOptics provides deep integration with Salesforce, QuickBooks, Stripe and Recurly, providing our customers with the efficiency, accuracy and insight they need to manage and grow their business.