eRev

For companies that need affordable and easy-to-implement revenue recognition solutions, eRev has unique advantages and features in this space. In this article, I will highlight some of the uniqueness of eRev and why you may want to adopt eRev in the future.

I am not going to engineer a marketing peer-to-peer comparison chart for the visualization because one can manipulate such quickly for advertising purposes. Instead, I will start with what eRev is not good at:

1.      eRev is not fully automated. It is an ASC 606 and IFRS 15 calculation and reporting engine requiring input templates in Excel uploaded by accountants. What does this mean? If you require revenue recognition for numerous revenue contracts (>50,000 contracts each period), I will NOT recommend eRev, even though you can still make it work. Instead, contact me, and I am more than happy to refer you to some of my friends’ cloud-based solutions.

2.      Currently, eRev is only available for use on Windows machines. Because I built eRev with Windows-based encryption for cybersecurity, I don’t currently have a Mac or Chrome version available.

3.      eRev cannot handle Fx when the transaction currency is different from the functional currency at the moment. For example, suppose you have a USD contract under a European entity with the functional currency in euros. In that case, eRev is not a good out-of-the-box solution, even though you can still make it work by making manual adjustments. This situation is rare for most companies, of course.

4.      eRev cannot integrate with ERPs directly. Because eRev is hosted on company endpoint devices, allowing data integration directly will pose more security risks than operational benefits, so I didn’t build an API. Instead, eRev can generate a JE template for users to upload to ERPs after review.

While I hope you haven’t given up on eRev yet since I will cover some of its unique features:

1.      It is the first free revenue recognition software for ASC 606 and IFRS 15. The free tier program covers all revenue recognition accounting and reporting features. I am not aware of any freeware in the revenue recognition space at the time of this article.

2.      It is self-managed on the company’s machines. There is no need to worry about exposing your sensitive revenue data to third-party cloud providers (needless to say, how risky this is). In addition, the local database is secured by Windows EFS.

3.      It has the full functionality of both prospective and retrospective revenue contract modification treatments. You may be surprised how many other cloud solutions could not do this out of the box.

4.      Contract changes are processed “in-line.” This is pretty unique compared to other solutions. POB changes for existing POBs are updated directly in the same line of the contract. Most of the other solutions will have to process the changes in separate new lines, which makes it very hard for users to track the contract changes.

5.      POBs are time-stamped in two folds. Not only are contract events time-stamped by user-supplied dates/periods, but the actual system processing of events is also time-stamped. You can quickly run a report to track POB changes in one Excel report vertically throughout any period.

6.      Because users ultimately control input templates, they can choose SSP versions for any contract and any POBs. Additionally, users define the desired dates for events without being subject to any system limitation. The flexibility here is paramount compared to cloud-based solutions.

7.      Both contract-level variable consideration and POB-specific variable consideration are supported. I am very proud of the latter since I am not aware of any other solutions that can accommodate this.

8.      This is a huge one – the “net design” of eRev requires no change in your existing accounting ERP. eRev can be used either as a complete ASC 606 and IFRS 15 sub-ledger or an independent add-on system only posting net adjustments to true up existing ERP revenue under ASC 606 and IFRS 15. Because of this, no significant involvement of company IT is needed to re-configure your ERPs or processes.

9.      Wrong input? eRev automatically rejects invalid data. In addition, if you are using the premium feature, you can quickly purge any incorrect data records you would like.

There are many other unique features of eRev that I will skip here. If you are overwhelmed by managing revenue recognition under ASC 606 and IFRS 15 in spreadsheets, feel free to talk to me.

Targeted Audiences:

1. Accounting firms (accounting, consulting & auditing)

2. Companies with complex ASC 606 or IFRS 15 situations in need of a stable system solution

3. Companies with existing cloud-based revenue recognition solutions requiring self-managed ad hoc revenue recognition and allocation software for revenue accounting, deal desk, sales, and FP&A

4. Accounting students seeking to learn revenue accounting operations.

A few months ago, during my flight to New York, I contemplated my years of experience as a revenue accountant. Although I had developed some automation for various companies, I had not yet made a substantial contribution to the profession. Determined to make a difference, I decided to focus on revenue recognition, a topic that is convoluted and crucial in accounting and finance for most companies and happens to be my area of expertise.

ASC 606 and IFRS 15 are accounting standards that I particularly admire for their conservative yet equitable nature. While some companies find adopting ASC 606 and implementing proper revenue recognition to be a straightforward process, others face challenges due to the complexity of their major contracts, extensive contract modifications, and variable consideration and material rights issues. Many of these companies have been relying on Excel or Google Sheets to manage their revenue recognition models, leading to inevitable failures and the accumulation of manual errors and mistakes that often go unnoticed.

To address this problem, numerous cloud-based revenue recognition system providers are now available. While I encourage everyone to research and explore these solutions, it's worth noting that cloud solutions may not be suitable for businesses lacking compatible finance infrastructure (modern CPQ, billing, and ERP QTC systems and processes) or those with concerns about data privacy and regulation compliance. Additionally, cloud solutions may lack the necessary flexibility to accommodate tailored accounting treatments required by specific industries.

Hence, I developed eRev, a pure Python packaged revenue recognition system comprising only 13 buttons to handle almost all revenue recognition needs. Recognizing that accountants may not always have access to high-end laptops, I worked to ensure that the system is lightweight and can run efficiently on various Windows laptops available on the market today.

Here are some highlights of the system's overall operations:

1.    It is very affordable, with the full ASC 606 & IFRS 15 functions free of charge under the Free-Tier Program. See the Free-Tier Program agreement and the flat pricing for the premium functions on this web page below.

2.    It is safe. The system will enable Window's built-in EFS (explained here: https://learn.microsoft.com/en-us/windows/win32/fileio/file-encryption) to protect your local ASC606 database file. Unlike Excel, you don't need to enter a password to access your data. As long as you can successfully log in to your Windows account, the database is made available to you (your admin can also access the database, which is the design of EFS). Hackers, on the other hand, cannot access your database without your private key, even if somehow they manage to steal the database file (this is not an absolute promise because nothing is perfectly safe).

3.    It is limitless, fast, and easy to share with integrity. SQLite is used as our ASC606 database. It is a single file that can be easily transferred to anyone in case of employee turnover (which always occurs more than we want). And of course, the encryption needs to be removed manually before sharing, as no one else will be able to access the database you created (with the exception of your IT administrator as explained in #2 above). SQLite technically has a record limit, but in the field of revenue accounting, we don't need to worry about this unless you have millions of contracts you want to run through the system daily. Even then, eRev is built so that you can easily archive your old database and start a new one with the latest revenue accounting history. I chose SQLite mainly because it is super lightweight, super-fast, and reliable, with all changes and queries being atomic, consistent, isolated, and durable (ACID).

4.    I always strive to build the best solution for practical revenue accounting use. Here are the 5 buttons for the database operations:

a.    Backup – you can easily back up the single file SQLite ASC606 database anytime you want, often in milliseconds if your laptop is as fast as mine. Save the backup periodically to a cloud drive so you can restore it in case of a disaster on your local machine.

b.    Restore – you can easily restore your latest backup by overriding your current version with just 1 click. The reason I built this? This can serve as your UNDO button, just like in Excel and Google Sheets!

c.    Reset – many of you will use the system to simply run one-time allocation for deals in negotiation or different revenue scenario analyses you want to compose. The reset button can give you a clean start anytime you wish.

d.    Append from Another – if your revenue accounting colleagues quit accounting and you need to take care of their contracts, use this feature to take over their databases.

e.    Purge Contract – if you have any bad contracts in the database, you can use this function to purge those records.

5.    Because SQLite is arguably the most popular database in the world, your business intelligence integration requirement is already taken care of. You can easily connect your ASC606 database to PowerBI, Tableau, Alteryx, or any other popular or sophisticated data warehouse solutions you may be using. And you don't need to be a data scientist to figure out such integration.

6.    Built-in real-time tracking: every time you make a change to your contracts, whether it's a billing, a delivery, or a modification event, the system logs your actions with a timestamp so you can easily trace your activities afterward to see what you have done.

What about revenue accounting?

I will make a bold statement: the system is so intuitive that any revenue operations accountant can learn to conduct revenue recognition using eRev in under 1 hour.

And please don't confuse the simplicity of learning the system with the complexity of eRev's revenue accounting functionality – I would be deeply offended. eRev offers some of the most sophisticated revenue accounting treatments in the market because it is built by a revenue accountant (myself 😊).

Here's how it works:

The system uses 4 Excel templates to make everything work:

• 1 template for SSP upload, and you can muster multiple versions of SSPs all together in one file.

• 1 template for contract setup, and you can assign any version of SSP to any POB at your will.

• 1 template for delivery and billing.

• 1 template for contract mods (works for both prospective contract mods and retrospective contract mods).

6 buttons correspond to the templates above (contract mods have three buttons, prospective contract mod, retrospective contract mod and POB specific variable consideration).

eRev as a complete revenue system, can perform transaction price allocation based on SSPs, revenue recognition based on deliveries and billings, and modifications. Using Excel uploads, SQLite, and Python-based functions collectively, eRev offers a ton of special flexibility (compared to most cloud-based solutions), so you can:

1.    Set different SSP methodologies at whichever product level you prefer. For contract mods, you have complete control to tell the system to use whichever version of SSPs for whichever modifications at your own will at the POB level.

2.    You can set a different revenue account for each product easily in the SSP upload template and create as many ASC 606 stratifications as you see fit.

3.    In setting up POBs, again, you have complete control to set deferred revenue accounts and unbilled A/R (contract assets) accounts differently based on the different business entities you want to assign POBs. Cross-subsidiary contract allocation is no problem at all.

4.    And of course, eRev can accommodate $0 POBs, returns (negative quantity and negative billing), material rights, and variable consideration (negative transaction price).

5.    eRev can support both distinct POBs and non-distinct POBs. Kindly see what eRev can do with non-distinct POBs in #7 below.

6. eRev has numerous built-in validation rules, such as user-input validations over dates, contents, and formats, automatic validations of delivery and billing inputs (so you don't deliver or bill more than your contract stipulates), and many contract modification integrity checks. These rules relieve concerns of human error when pulling the data together if not directly system-generated. 

7.    eRev doesn't freeze periods and doesn't take shortcuts or accounting conventions in deeming all deliveries or billings or contract mods happening at a specified time. You have complete freedom in using actual billing, delivery, and contract mods dates you like.

8.    For contract modifications:

• Built-in prospective contract modification and retrospective contract modification functionalities are available without extra fees (these are essentials in revenue accounting and shouldn't be considered add-ons).

• eRev supports cumulative catchup calculation for all POBs in a retrospective contract modification.

• eRev supports cumulative catchup calculation for non-distinct POBs in a prospective contract modification (many revenue accountants don't even know why this is needed, but it is).

• eRev will support cumulative catchup disclosure in any contract period you choose.

• eRev's contract modifications are done in line with the existing POBs, meaning you can track the lifecycle of each POB continuously in its own line without combining the extra contract mod lines that other similar ASC 606 software will create.

9.    For built-in reporting and journal entry features, there are three power buttons:

• Revenue Journal Entries: simply enter a date range, and all revenue journal entries related to the existing contracts for activities in such a period will be generated in a pop-up window along with an automatically saved Excel report in the folder. Those journal entries have no complicated back-and-forth movement of credits and debits during the period (unlike many alternative Rev Rec solutions that create enormous journal entries for every activity during the period without giving a solid journal entry summary of what actually happened in accounting). The journal entries provided can be easily understood by all revenue accountants – there are a maximum of three sets of accounts used: deferred revenue, unbilled A/R (contract assets), and revenue accounts, all summarized in the period you choose. Also, note that some companies prefer to post adjustment journal entries for ASC606 (posting delta because the ERP system has already recorded pre-ASC606 revenue); eRev can also be easily configured to post ASC606 adjustments instead of entire revenue recognition journal entries.

• Contract History: simply enter a date range, and all relevant contract activities will be pulled out for your review in a popup window along with an automatically saved Excel report in the folder. Each delivery & billing, and contract mod will create a different version record for a specific contract, so you can easily compare the differences within any period. The layout is nicely put together vertically, so you can add some easy subtraction formulas in Excel to see the version differences. 

• Latest Contract: Do you want to quickly review the relevant contract statuses for the most recent version in your database? Clicking this button will pull out all contracts in their latest version from your ASC 606 Database.

10.    Forecast requirement? Simply copy the system to another folder and use forecast deliveries and billings to see the future forecast revenue and billing impacts without interfering with the current ASC 606 revenue recognition. Need to refresh forecast deliveries and billings periodically? Simply update your templates, reset the database (or start with the latest backup for the actuals), and re-run the events.

I will gradually release all the tutorial videos of eRev in the remainder of the year. Please stay tuned.

 I am looking for implementation partnerships with accounting, consulting, and audit firms. Feel free to message me if you are interested in becoming a partner!

P.S.

If you are a CPA interested in leveling up your tech skills, please consider joining the CITP program offered by AICPA. The program is precious, covering various topics in data science, cybersecurity, IT GRC, IT admin, etc. Please refer to the CITP program details in the volunteer section of my LinkedIn page.

For finance professionals interested in learning ASC 606 or IFRS 15 revenue recognition and expanding the professional network, please consider joining the LinkedIn group here.

This Free Tier Software License Agreement (the "Agreement") is made effective December 16, 2023.

THIS FREE TIER SOFTWARE LICENSE AGREEMENT (the "Agreement") describes the rights granted by Chipmunk Robotics (defined below), with a principal place of business at 1612 212th ST SW, Lynnwood, WA 98036 ("Licensor") to any person or entity ("Licensee", "you" or "your") using "eRev" (the "Licensed Software") provided by Chipmunk Robotics as part of its Free Tier Software Program.  Both Licensor and Licensee are referred to hereinafter as a "Party" and collectively as the "Parties" to this Agreement.

By downloading the software, Licensee agrees to be bound by all the terms and conditions stated herein. Licensee represents and warrants that he or she is legally able to enter into binding agreements and is a duly authorized agent of such entity for the purpose of entering into this Agreement and binding such entity in accordance with its terms.

For Purposes of this Agreement, "Chipmunk Robotics" means Chipmunk Robotics Limited Liability Co., located in the United States with a principal place of business at 1612 212th ST SW, Lynnwood, WA 98036.

Section 1 - Purpose/License Term. This Agreement is entered into for the sole purpose of allowing Licensee to use Licensor's software product "eRev" (the "Licensed Software") under the Free Tier Program. Licensor hereby grants to Licensee a non-exclusive, non-transferable, revocable license to download and install the Licensed Software on Licensee's own premises and permit Licensee's employees to use the Licensed Software, at no cost, for the Software’s free tier features, for an indefinite period.

Section 2 - Free Tier Program. The "eRev" Free Tier Program allows the users to use the following features within "eRev":

2.1 Contract Operations Features - 3 functions are currently available: Load SSPs, Load Contracts and Load Delivery and Billing

2.2 Mod Operations Features - 2 functions are currently available: Prospective Contract Mod and Retrospective Contract Mod

2.3 Journals and Reporting Features - 3 functions are available: Revenue Journal Entries, Contract History, Latest Contract Status

The Free Tier Program is subject to change at Licensor’s sole discretion at any time.

Section 3 - Conditional Grant.  Unless you accept all the terms and conditions of this Agreement, you receive no rights or licenses hereunder. In the absence of a signed license agreement between Licensor and Licensee specifying alternate terms, any use of the Licensed Software by the Licensee shall be considered acceptance of these terms.  The Licensed Software are copyrighted and are licensed, not sold to you.  If you are not willing to be bound by the terms of this Agreement, do not install, copy or use the Licensed Software.  If you received this software from any source other than the Licensor, your access to the Licensed Software is NOT permitted under this Agreement, and you must delete the software and any copies from your systems.

Section 4 - Warranty Disclaimer. NO WARRANTIES. LICENSOR, ITS AFFILIATES, RESELLERS, DISTRIBUTORS, AND VENDORS, MAKE NO REPRESENTATION OR WARRANTY , WHETHER EXPRESS,  IMPLIED, OR STATUTORY, OR ANY OTHER GUARANTEES OR CONDITIONS WITH RESPECT TO USE OF THE LICENSED SOFTWARE.  LICENSEE'S USE OF THE LICENSED SOFTWARE ARE AT LICENSEE'S AND CUSTOMERS' OWN RISK. LICENSOR PROVIDES THE LICENSED SOFTWARE ON AN "AS IS" BASIS "WITH ALL FAULTS" AND "AS AVAILABLE." LICENSOR DOES NOT GUARANTEE THE ACCURACY OR TIMELINESS OF INFORMATION AVAILABLE FROM, OR PROCESSED BY, THE LICENSED SOFTWARE. TO THE EXTENT PERMITTED UNDER LAW, LICENSOR EXCLUDES ANY IMPLIED WARRANTIES, INCLUDING FOR MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, WORKMANLIKE EFFORT,  DATA ACCURACY, AND NON-INFRINGEMENT.  NO GUARANTEE OF UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE OPERATION IS MADE. LICENSEE IS ADVISED TO SAFEGUARD IMPORTANT DATA, TO USE CAUTION, NOT TO RELY IN ANY WAY ON THE CORRECT FUNCTIONING OR PERFORMANCE THE SOFTWARE AND/OR ACCOMPANYING MATERIALS, AND NOT TO USE THE SOFTWARE IN A PRODUCTION ENVIRONMENT.

Section 5 - Feedback.  It is expressly understood, acknowledged and agreed that you shall provide Chipmunk Robotics reasonable suggestions, comments and feedback regarding the Licensed Software, including but not limited to usability, bug reports and test results, with respect to Licensed Software testing (collectively, "Feedback"). If you provide such Feedback to Chipmunk Robotics, you shall grant Chipmunk Robotics the following worldwide, non-exclusive, perpetual, transferable, irrevocable, royalty free, fully paid up rights: (i) to make, use, copy, modify, sell, distribute, sub-license, and create derivative works of, the Feedback as part of any product, technology, service, specification or other documentation developed or offered by Chipmunk Robotics or any of its affiliates (individually and collectively, "Chipmunk Robotics Products"); (ii) to publicly perform or display, import, broadcast, transmit, distribute, license, offer to sell, and sell, rent, lease or lend copies of the Feedback (and derivative works thereof) as part of any Chipmunk Robotics Product; (iii) solely with respect to Licensee's copyright and trade secret rights, to sublicense to third parties the foregoing rights, including the right to sublicense to further third parties; and (iv) to sublicense to third parties any claims of any patents owned or licensable by Licensee that are necessarily infringed by a third party product, technology or service that uses, interfaces, interoperates or communicates with the Feedback or portion thereof incorporated into a Chipmunk Robotics Product, technology or service. Further, you represent and warrant that your Feedback is not subject to any license terms that would purport to require Chipmunk Robotics to comply with any additional obligations with respect to any Chipmunk Robotics Products that incorporate any Feedback.

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Section 12 - No Support. Licensor shall have no obligation to support the Licensed Software.

Download:

eRev version 3.0.1 Windows Version

Submit an Order Form to receive the Enterprise License Key

Note: if you simply need eRev to calculate revenue recognition and post journal entries, you don't have to pay for the Enterprise Licenses. All essential ASC 606 functions are  free as part of the Free Tier!

Enterprise Licenses  (USD):

For companies with revenue >1 billion USD: unlimited premium licenses for 20K/year

For companies with revenue between 100M and 1 billion USD: unlimited premium licenses for 10K/year

For companies with revenue between 10M and 100M USD: unlimited premium licenses for 5K/year

For companies with revenue < 10M USD: unlimited premium licenses for 2.5K/year

Small-size accounting firms: unlimited premium licenses for 5K/year

Mid-size accounting firms: unlimited premium licenses for 25K/year

Large-size accounting firms: unlimited premium licenses for 50K/year

Support Pricing (USD):

Development Level Support (10K/year) - Refer to the Subscription section for the Support SLAs

Enterprise Level Support (25k/year) - Refer to the Subscription section for the Support SLAs

One-time Implementation (USD):

For companies with revenue >1 billion USD: 20K

For companies with revenue between 100M and 1 billion USD: 10K

For companies with revenue between 10M and 100M USD: 5K

For companies with revenue < 10M USD: 2.5K

Training (USD):

For companies with revenue >1 billion USD: 20K

For companies with revenue between 100M and 1 billion USD: 10K

For companies with revenue between 10M and 100M USD: 5K

For companies with revenue < 10M USD: 2.5K