ASC 606 Revenue Accounting

Problem

An ever increasing number of sales contracts and purchase orders need to be appropriately reviewed to recognize revenue under ASC 606 guidelines.

Result

Time savings and mitigation of misstatement risk by leveraging automated control systems. Increased coverage of contracts that are reviewed.

Solution

Klarity automates workflow around the review of customer contracts and extraction of key terms that impact revenue recognition.

imgimg

I've actually recommended Klarity to many of my peers and former employees or colleagues. This is a tool that they absolutely should look at. This is definitely an area that's been a pain point -- the Excel version of a deal review checklist, especially post ASC-606, can be very detailed, multiple tabs, and very labor intensive.

video

Why Klarity?

Intelligent matching

Use Klarity to turn unstructured data into structured and leverage the recognition abilities to match your queries.

img

Chat with your documents

From now on you can simply chat with your document like you would ask your colleague to find something you need.

img

Case studies

How leading companies use Klarity.

Empower your people at work with the right tool

This next generation of AI and Klarity, in particular, was a big unlock for us. We're doing things we couldn't have done before and in ways that were smart from a resourcing perspective. But also, engaging for the people doing the work as well.

It's a long term investment from our point of view. Not only can Klarity reduce the audit risk for organizations, particularly for a public company. Having an intelligent solution, it will speed up overall processing time and reduce the friction within the sales motion.

I've actually recommended Klarity to many of my peers and former employees or colleagues. This is a tool that they absolutely should look at. This is definitely an area that's been a pain point -- the Excel version of a deal review checklist, especially post ASC-606, can be very detailed, multiple tabs, and very labor intensive.

Where the Klarity team really stands out is the attention to detail they put into understanding your process. They will sit with you from beginning to end, walk through the entire process, and really try to understand it.

We care about our employee experience at Genesys, and that's the part that we're really excited about for Klarity. Nobody wants to be slogging through contracts all day, and so the huge benefit to our company isn't even in the dollar savings – it's in the impact on our employees.

We completely updated our scoping process. We no longer need a materiality threshold for contract review, we can simply rely on Klarity to identify the areas of risk.

Klarity allows my team to automate the painful manual process of extracting meaningful data, and provides peace of mind by reducing the potential for human error. Now, gaining valuable insight into thousands of pages of complex documents is as easy as running a simple report, at the click of a button.

Klarity enabled us to solve a major challenge around modeling enough of our PDF data for actionable insight into our renewal motion. Before Klarity, we simply didn’t have enough insight into our contracts. Today, we’ve built a robust renewal motion around the contract data Klarity provides

Klarity automates one of the most time-consuming parts of my job and saves me 85% of my time compared to my previous manual process.

Browse case studies
Klarity

Try Klarity today

Let Klarity replace your offshore work with automation for your order management, rev ops, and revrec teams.

imgimg