Klarity for Revenue Accountants

Klarity will automatically perform the first level review of all sales contracts and order forms for your company to validate and document proper revenue recognition with proven accuracy. Focus your time on more strategic initiatives rather than on this time-consuming, manual process. Klarity streamlines this process through automating population of a revenue recognition checklist and guiding you through accounting conclusion decisions, drastically cutting down on your time spent performing this task.

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Top Challenges for Revenue Accountants

Manual Process

Workflow

Inconsistencies

The contract review process is highly manual and typically involves the revenue accountant reading through dozens or more contracts per month searching for specific items. This checklist of items to identify and extract can be over 50 items long. Alongside the introduction of ASC 606 and its ambiguity with SaaS revenue recognition, contract review can be lengthy and confusing, taking up an inordinate amount of an accountant's time.

Revenue accountants are on the ground and immersed in their company's contract review process, and are thus most impacted by inefficient workflow management tools. Teams commonly handle the assignment and tracking of contracts through different stages of review with Email, Microsoft Excel, or other tools not designed for this purpose. This lengthens an already time-consuming process for accountants.

After reviewing a contract, a revenue accountant typically inputs the data from the contract into the company's Enterprise Resource Planning (ERP) system for billing purposes and later use by other stakeholders. However, there are often inconsistencies between the data extracted from the contract and the data that lies in other systems, sometimes with crucial fields like the company's legal name and billing address.

Automated Data Extraction

Klarity's AI engine automatically extracts key data from the contract and inputs this data into existing enterprise systems, saving time manually extracting and entering this information. This dramatically cuts down on the time spent on contract review.

Ensure Consistency

Klarity automatically pulls the information stored for every key term from the contract as well as other enterprise systems and corrects inconsistencies. This ensures that information across systems are in sync, lowering the possibility of a billing error or a failure to meet a certain contractual obligation.

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