Reddito-CR2 is the most complete revenue recognition software solution available today. As a cloud-based application, it is immediately accessible to your entire organization. It incorporates everything from contextual guidance to help you understand and implement requirements of the new standard, to configurable workflow, user-defined dashboards and much more. When compared to available readiness tools, CR2 goes far beyond their capabilities. In fact, our rules-based engine integrates with your ERP system and generates journal entries to comply with ASC 606.
Reddito-CR2’s guidance feature is so powerful and intelligent that we named it CR2 Smarties™. All throughout the system, guidance specific to your context is available. But we didn’t stop with out-of-the-box guidance. CR2 Smarties allows you to enter your company-specific guidance so that your users are kept well-informed of how to work with your contracts in CR2. But even with that, we were not content. If you have engaged a consulting or accounting firm to help you through ASC 606 adoption, they can partner with CR2 and enter their own proprietary guidance. What does the guidance look like? You get to answer that question. It can be as simple as rich text instructions or as rich as online videos and links to your company’s intranet. And if you want to go even further with contextual guidance, CR2 is ready for you. Imagine creating guidance that is specific to contract types or geographic locations. Or better yet, multiple combinations.
Aligns with 5-Step Model
From identifying your contracts to recording revenue, CR2’s interface and functionality is designed around the Five Step Revenue Recognition Model. Features such as identifying Variable Non Cash Consideration are so granular and exhibit the alignment with the new standards. CR2 does not stop where readiness tools do. It is built to become the key technology in your accounting for revenue under ASC 606.
Single Contracts and Portfolios
CR2 supports the capture of contracts as individual contracts or as members of a portfolio of contracts. And when you use the portfolio approach, you gain control and efficiency in your documentation. With a CR2 portfolio contract, you can:
- Lock fields that cannot be changed on a member contract
- Identify required fields on member contracts
- Include member contracts having different currencies
The key concept with a portfolio contract is that you are in control of how much is locked down.
Rule-based Revenue Recognition Engine
CR2 allows you to configure intelligent revenue recognition rules that will automatically create journal entries from your ERP sales transactions. Whether you want to load a flat file, call upon CR2’s APIs or run the engine on your company servers, virtually any revenue transaction can be modeled in CR2. And when coupled with the CR2 subledger, you can be assured of complete control over contract asset and liability activity.
Contract assets, contract liabilities and accounting disclosures. These are just some of the new things companies have to deal with under ASC 606. CR2’s rules-based revenue recognition engine integrates with your ERP system to generate all the necessary accounting entries for ASC 606. And as those entries put up and take off the balance sheet contract assets and liabilities, you can count on the CR2 Subledger to maintain control of the activity and balances.
CR2’s workflow engine helps you ensure that all data modifications to contracts (additions, deletions, edits) are properly reviewed and approved. Rather than being a one-size-fits-all approach, you configure CR2’s workflow to match your business rules and organizational structure. Subledger entries are also subject to their own workflow as well.
Our dashboard allows you to quickly ascertain the status of your documentation of contracts. The interactive charts and graphs provide an intuitive drill-down approach to analyzing significant areas of concern. Consistent with most everything in CR2, we provide maximum flexibility in our dashboard. Each user can define his/her charts.
Embedded Office Tools
Rather than storing important calculations in spreadsheets outside of the system (e.g., allocation of transaction price to performance obligations, constraint calculations), use CR2’s spreadsheet functionality. It includes the most-used Excel functions and even allows you to upload existing Excel spreadsheets. And let’s not stop with spreadsheets. Leverage CR2’s MS Word equivalent to create any type of contract-related rich text document directly in the system. This is perfect for incorporating the contract language in the system or create contract briefs.
All of the dialog around a given contract or even a specific performance obligation in a contract is valuable information. It just makes sense to conduct and retain that dialog in the system rather than external email alone. CR2 includes a threaded discussion engine that allows you to have dialog around all significant elements of a contract. Conversations can be public or private.
You never have to wonder about what significant assumptions were at a historical point in time. CR2 allows you to version contract assumptions as they change. This is a powerful feature given that company management is now required to reassess variable consideration assumptions every reporting period.
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