Presented by
Nick Tiscornia, VP Business Operations, Klarity Intelligence
Automated Contract Review for ASC 606 Revenue Recognition
About this talk
Reviewing contracts manually one by one and keying data into your ASC 606 checklists invites all sorts of compliance risk … from mistakes to just plain missing things.
Managing materiality thresholds, managing multiple deal documents, 3rd party paper, and growth in your non-standard deals add to your challenges.
In this 30 min presentation, you will learn:
- Why the top SaaS companies automate their document reviews using AI powered software to review more documents, more quickly, and more accurately.
- How manual rev rec workflows are automated including sorting standard and non-standard docs, and evaluating accounting impact of non-standard terms.
- New automated methods for matching your Salesforce/CRM data with your deal documents to ensure accurate information makes it into your ERP and financial reporting.
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Your deal documents are the only real source of truth for order management and revenue reporting. Klarity's AI-based software automatically reviews customer documents to extract data used for ASC 606 compliance and to validate CRM data so that accurate data goes into Billing and ERP systems. Companies like MongoDB, Coupa, and Zoom use Klarity to reduce the time spent reviewing order forms and deal docs for order management, billing, and revenue recognition by 87%.