OneBill, a leading cloud-based billing and monetization platform, has announced the launch of RevRec360™, a next-generation revenue recognition and compliance solution. Designed for finance teams navigating complex revenue models, RevRec360™ delivers precision, automation, and audit-ready transparency in a single platform.
Traditional revenue recognition processes often involve manual steps, siloed systems, and compliance risks. RevRec360™ eliminates these challenges by providing a powerful framework that aligns with global standards like ASC 606 and IFRS 15. OneBill follows the industry-standard five-step revenue recognition
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model to ensure accuracy and consistency at every stage:
- Identify contracts with customers
- Identify performance obligations within each contract
- Determine the transaction price
- Allocate the price to each performance obligation
- Recognize revenue as each obligation is satisfied
“RevRec360™ is a natural extension of our platform’s mission—to help businesses eliminate operational inefficiencies and maintain complete control over their revenue lifecycle,” said JK Chelladurai, Founder and CEO of OneBill. “With this launch, we are bringing the same flexibility and automation to revenue recognition that our customers have come to rely on for billing and monetization.”
Key Highlights of RevRec360™:
- Built-in Compliance: Align with ASC 606 and IFRS 15 to ensure accurate revenue recognition and simplified audit readiness.
- Automated Recognition: Implement the complete five-step model with confidence and control.
- Audit-Ready Transparency: Capture, document, and verify revenue events with detailed reports. Streamline reconciliation and financial reporting through seamless integration with accounting and ERP systems.
- Proven Scalability: Reliably handle high transaction volumes while maintaining accuracy across complex revenue scenarios.
- Flexible Integrations: Connect with billing, CRM, ERP, accounting, and payment systems through open APIs. Enable real-time synchronization of contract, billing, payment, and financial data for end-to-end revenue accuracy.
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