At any stage in a company's journey, revenue is a critical data point. It's a key performance indicator necessary for smart decision-making and keeping your business on track. But as your business grows, accounting often becomes a bigger headache.
For many businesses, tracking revenue is a complicated and labour-intensive chore. Factor in different scenarios such as subscription billing, upgrades, refunds and prorations, and the numbers become even more difficult to parse. And as accounting becomes more complex, it's also more prone to errors – which can add up to more time and expense.
At MYFUNDBOX, we know that having a clear financial picture empowers businesses – it's essential to understanding your current situation and your future outlook. That's why we're making Revenue Recognition available to you through our partnership with Stripe, a financial infrastructure platform used by millions of companies. Stripe built Revenue Recognition to make accrual accounting easier, more efficient and more accurate – no matter how complex your financial picture becomes.
Revenue Recognition automatically tracks all of your revenue and provides a full, comprehensive view of your overall finances. You can access and export balance sheets, debits and credits journal entries, income statements, revenue waterfall charts, accounts receivable ageing reports and more, all in a single place. The benefits of using Revenue Recognition include the ability to:
Close your books quickly and more accurately, saving time and reducing errors
Generate clear, detailed automated reports and self-audit at any time
Simplify your compliance efforts and achieve your compliance objectives
It's also important to note that every business is unique, and there's no one-size-fits-all approach to accounting. Your business has its own set of needs and considerations, which is why Revenue Recognition allows you to customise rules to align with your specific accounting practices. For example, you can choose to adjust recognition schedules, manage tax treatment or exclude pass-through fees.
You can start using Revenue Recognition straight away, with reports available within about 48 hours. With a more streamlined process for tracking revenue, you'll be able to close your books faster, mitigate risk and gain a clear picture of your revenue so you can make critical business decisions with confidence.
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To learn more about getting started with Revenue Recognition, customersupport@myfundbox.com