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

Ordway platform functionality support

Contract(s) with a customer

Auditable source of truth for contract details

Single view for all recurring and non-recurring contracts with your customer(s)

Create billing events/ milestones

Performance obligations within the contracts

Clear separation of one-time and recurring charges (e.g. – SaaS fee vs one-time onboarding fee vs hardware fee)

Flexibility to absorb mid-contract changes that impact billing and revenue schedules

Transaction price

Documented list price for every product added to a plan sold to your customer

Actual price extended to your customer

Report effective price for what you sell

Allocate revenue to individual performance obligations

Create revenue-schedule rules based on transaction type

Recognize revenue when you meet the performance obligation

Generate accurate revenue schedules

Create summary journal entries to automatically send to your general ledger software