Xactly Powers Compliance for New Commission Expense Accounting Requirements Under ASC 606
20 Juin 2017 - 3:30PM
Business Wire
Delivers Solution to Capture, Track, Record,
and Report Commission Data at Level Needed under New Guidelines
Xactly (NYSE:XTLY), a leading provider of cloud-based incentive
solutions, today announced the general availability of the Xactly
Commission Expense Accounting (CEA) solution to power compliance
with new expense capitalization requirements for commissions under
the Revenue Recognition Standard ASC 606 and IFRS15. Xactly CEA
gives businesses an end-to-end solution to capture, track, record,
and report commission data at the level needed for capitalizing
commission expenses in accordance with the new guidelines. Using
Xactly CEA, companies have the flexibility to report commission
expenses based on their specific needs to smoothly transition to
the new standard, ensure GAAP compliance, and seamlessly integrate
commission data with existing financial systems.
“With the new standard, many companies will need to change the
way they track and expense commissions – and spreadsheets can’t
deliver the depth of information needed for compliance,” said
Christopher W. Cabrera, founder and CEO of Xactly Corporation. “The
introduction of Xactly Commission Expense Accounting gives
companies a comprehensive solution to organize and report on data
to meet the complex requirements for commission accounting under
the new Revenue Recognition standard.”
Xactly Commission Expense Accounting: A Simple Solution for
Compliance
New revenue recognition standards represent a huge shift for
U.S. businesses, requiring many companies to expense over time the
commissions paid on sales. To adhere to the standard, companies
must now capture a more granular level of data, capitalize
commission costs as assets, and amortize them on a “systemic basis
consistent with the transfer of goods or services to the
customer.”
By leveraging Xactly’s existing commission calculation engine,
reporting capabilities, and line-item compensation data model,
Xactly CEA provides businesses with detailed commission data at the
customer, contract, product level, etc. to support adherence to
GAAP guidelines. Including the following features and capabilities,
Xactly drives compliance with:
- Generation of
the Necessary Data for Capitalization – based on FASB
rules and internal corporation policies, commission data must be
captured with more details.
- Integration
with CRM, CLM, and CPQ systems – through Xactly Connect™
to ensure the correct data is used for all calculations and
reports.
- Flexible
Reporting – through Xactly Analytics companies can
easily organize their commission data with the details needed for
capitalization in their ERP or Revenue Management System.
- Automation of
Data into ERP or Revenue Management Systems – through
Xactly Connect™ to give businesses greater flexibility and choice,
while simultaneously delivering a consolidated view of financial
data.
Availability
Xactly Commission Expense Accounting is available now. For more
information, contact Xactly.
About Xactly
Headquartered in San Jose, California, Xactly (NYSE:XTLY) is a
leading provider of enterprise-class, cloud-based, incentive
compensation solutions for employee and sales performance
management. Xactly addresses a critical business need to
incentivize employees and align their behaviors with company goals.
Our products allow organizations to make more strategic decisions,
increase employee performance, improve margins, and mitigate
risk.
Our core values are key to our success, and each day we’re
committed to upholding them by delivering the best we can to our
customers. To learn more about Xactly and the latest issues and
trends in SPM software, follow us on Twitter, Facebook, and subscribe to the Xactly blog.
©2017 Xactly Corporation. All rights reserved. Xactly, Xactly
Connect, Xactly Commission Expense Accounting, the Xactly logo, and
“Inspire Performance” are registered trademarks or trademarks of
Xactly Corporation in the United States and/or other countries. All
other trademarks are the property of their respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20170620005562/en/
Blanc & Otus Public RelationsKristin Reeves,
415-856-5145kristin.reeves@blancandotus.com
XACTLY CORP (NYSE:XTLY)
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