Cabbage & Sage 300 Construction Make ASC 606 Revenue Recognition Easy

The new ASC 606 revenue recognition guidance brings monumental change to
how many middle-market companies account for revenue and
disclose revenue related information.  While both the timing and
amount of revenue recognized could significantly change, the nature
and extent of revenue related disclosures will significantly change.

Systems changes may be required in many cases to capture and
track information needed to apply the new guidance for accounting
and disclosure purposes.  Many middle market companies will have
to dedicate significant resources to properly assess and implement
these changes.

If not properly managed in advance, these changes
could be overwhelming, particularly because middle market
companies usually do not have the same level of resources that large
companies have to assess and implement new accounting
standards.  Method can be confusing for companies to track and
monitor.

Cabbage Software, which links with Sage 300 CRE and Sage 100
Contractor, has developed a process to track and document the
related activity.  Application of the guidance in ASC 606 may result in
the recognition and presentation on the balance sheet of a contract
asset for the difference between the entity’s performance and actual
cost charged to a project.

Contact Us, check out our demo video, or Sign up for our mailing list for more on how Cabbage will streamline your company finances.