Revenue managers typically deal with a cumbersome and unintuitive workflow for contract review. Challenges can arise from identifying which contracts to review for a given accounting period to managing the extensive list of items that must be checked for each contract. Teams typically don't have a centralized system to manage which contracts are at each stage of review and assign contracts to specific accountants.
Accounting managers face the growing challenge of the mismatch between a desire for greater transparency in the accounting process and the inability to provide that information with current systems. For example, it is difficult to surface the non-standard terms in all contracts for a given customer or the monetary value attributed to a given non-standard term. Currently, this transparency can only be provided through extensive and manual work combing through past contracts.
Effectively managing the audit process is a crucial task for any accounting manager due to its high stakes. This process typically involves acquiring all contracts, supporting documentation, and notes for a certain accounting period, which is typically done manually. Especially with ASC 606 guidelines, which can be ambiguous, it can be difficult to gain complete confidence in your company's internal controls surrounding audits.