SAN FRANCISCO, Nov. 11, 2020 /PRNewswire/ — Chargebee, an emerging leader in SaaS subscription management and recurring billing solutions, announced today it is adding RevLock, a leading revenue recognition solution, as an integrated solution, to meet the demands of automating ASC 606 and IFRS 15 compliance.
Subscription-based businesses need a platform that can handle real-time changes based on customer demands throughout the subscription lifecycle. Revenue recognition is an example of one complex process for subscription companies, where usage, billing, and revenue by default occur on different schedules. Improperly managed accounting rules can become a risk to the business, and the revenue recognition rule, ASC 606, has made it even more challenging. Combining RevLock and Chargebee is a best-in-class solution, allowing businesses to choose from various templates and recognition methods that suit their business.
“We are committed to our customers to automate the full range of billing activities that reduce time and expense associated with this work, improve quality and consistency, reduce errors and enhance reporting for better decision making. The addition of RevLock’s platform to our offering is a natural extension as so many companies are wrestling with how to build processes to meet these objectives when it comes to ASC 606 compliance,” said Omar Nawaz, Chief Product Officer Chargebee. “RevLock enables us to deliver the value our customers can depend on.”
“We are proud to partner with Chargebee. We share their vision for automating financial activity to help businesses reduce the time and errors associated with performing the work manually,” stated Craig Kirsch, CEO and Co-Founder at RevLock. “RevLock rounds out Chargebee’s offering in a robust and valuable way for its subscription-based clients.”
Chargebee automates revenue operations of high-growth subscription-based business. Its SaaS platform helps businesses manage and grow their revenue by automating subscriptions, billing, invoicing, payments and revenue recognition processes and provides key reports, metrics and insights into their subscription business. Founded in 2011, Chargebee has raised +100M USD and is used by over 2,500 companies in 50 countries using more than 120 currencies. For more information, visit www.chargebee.com or follow on Twitter @chargebee
RevLock streamlines companies’ revenue recognition process through automation making the complex simple. Founded in 2018 RevLock has helped hundreds of companies efficiently comply with GAAP while providing powerful analytics to help manage their business.