In a recent case study, Aptitude shows how it changed a top telecommunication company with the Aptitude Softwares and its usages. Here are some of the key facts that would interest you, and help you in choosing the Aptitude Softwares for your company.
A top Communications company needed to transform the way they processed data
or accounting and analysis. Their subscriber base had increased significantly as the result of innovative offerings and a commitment to customer service but the rapid growth had resulted in fragmented finance architecture. Furthermore, the ASC 606 / IFRS 15 revenue recognition regulation was requiring the industry to work at a granular contract level. This forward-thinking organization saw these two challenges as an opportunity to create a modern finance IT architecture that would reduce costs, streamline finance processes and drive business insight.
Positioning finance as strategic leaders
The Corporate Controller wanted to position the finance team to act as strategic leaders for the business but knew they had to automate more of the basic finance functions to ensure the finance team could remain focused on revenue generating activities.
The Aptitude Accounting Hub: A platform for revenue management
From the start, the organization felt Aptitude Software was talking the same ‘finance-driven’ language and could clearly articulate accounting policies and financial reporting requirements. Pre-defined Multi-GAAP and IFRS accounting templates simplified implementation and business rules are now understood and controlled by finance in addition to incorporating years of finance expertise, AAH also meets stringent technology requirements including the ability to handle the extremely large transaction volumes and complex calculations required by the business while maintaining a high level of performance and scalability.
With the Accounting Hub, the organization gains a single point-of-contact for all detailed finance data, reference data and accounting logic. The seamless integration with third party technology allows them to maintain their existing General Ledger and gives them flexibility as they sunset legacy billing systems.
The Aptitude Revenue Recognition Engine: value beyond compliance
The Aptitude Accounting Hub enabled integration and standardization of data from multiple billing systems within a finance-controlled, “books & records” quality environment. Once this foundational data layer was established, the organization moved forward with the Aptitude Software Revenue Recognition Engine (ARRE) to address the ASC 606 / IFRS 15 Revenue Recognition compliance requirement.
ARRE now supports the company’s contract, portfolio and hybrid level revenue recognition methods and accounts for contracts and performance obligations in accordance with the new revenue recognition standards. ARRE supports more than 250 accounting scenarios,
developed in close partnership with global communications organization and leading advisory firms and gives finance the ability to build new rules as required.
A Platform for Revenue Management
The organization had the vision to go beyond regulatory compliance. This forward-looking approach inspired them to put in place a robust, efficient revenue management system that will flexibly support business innovation and future regulatory change.