How Ordway supports the ASC 606 accounting standard
The heart of the Ordway billing and revenue automation platform is a powerful billing architecture which encapsulates the complexities of your recurring SaaS and non-recurring contracts: list prices, terms, discounts, obligations, and billing frequency & events.
Ultimately, these contract details are used to generate accurate revenue schedules for your business.
The Ordway platform is flexible and powerful and absorbs the complexities of your business. It supports you and your team as you implement the necessary judgement associated with the ASC 606 accounting standard.
Interpretation of the ASC 606 accounting standard
Contract(s) with a customer
Performance obligations within the contracts
Allocate revenue to individual performance obligations
Recognize revenue when you meet the performance obligation