BHS can Help Prepare for ASC 606 in NetSuite

BHS can Help Prepare for ASC 606 in NetSuite

BHS can Help Prepare for ASC 606 in NetSuite

Have you had the conversation with your auditors about ASC 606 yet? If not, ASC 606 is right around the corner for public companies that must be compliant in 2018. Private companies will need to be compliant the following year.

What if the auditor deems your company not compliant and your company’s legacy system is inadequate to meet the new revenue standards? NetSuite’s ASC 606 compliant Advanced Revenue Management is the answer.

How Can Netsuite Help?

Blue Horseshoe is NetSuite certified in the Advanced Revenue Management Module. The new modules can get a company compliant with out of the box ERP processes and you won’t have to find additional resources to make outdated systems and excel compliant with the new requirements. The new 5 step revenue recognition process can be just what your company needs to keep it on track:

5 Step Revenue Recognition Process

  1. Identify a contract
  2. Identify performance obligations and when they occur
  3. Determine Transaction Price
  4. Allocate the transaction price associated with obligations
  5. Recognize Revenue as obligations are met

How to Know It’s Time for a System Change

  • Frequently modifies contracts
  • Complex allocation of transaction price across multiple performance obligations
  • Complex determination of Transaction Prices (i.e. Bundles of products priced together)
  • Increased disclosures of revenue calculations on statements

To learn more about Netsuite and how to implement it into your private company click on the link to download a copy of NetSuite and ASC 606 for Private Companies.


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