ASC 606: Navigating Implementation Challenges and Solutions with Aeries’ Expertise ASC 606, or Accounting Standards Codification 606, is a significant accounting standard issued by the Financial Accounting Standards Board (FASB) in the United States. It outlines the principles and guidelines for revenue recognition from contracts with customers. ASC 606 is significant as it establishes a
Introduction In a time when sustainable finance and Environmental, Social, and Governance (ESG) metrics are in the spotlight, the CFOs and Financial Controllers are experiencing a significant transformation. The integration of ESG criteria into finance and accounting has transcended being a mere forward-thinking strategy to becoming an essential pillar. It marks a shift from traditional
Introduction In today’s volatile market, striking the right balance between profit maximization, competitiveness, and customer satisfaction poses a formidable challenge. This challenge is particularly pronounced for private equity portfolios and mid-sized companies, driven by the pressing need to deliver swift returns to their investors. However, resorting to staff cuts as a cost-saving measure is a
Introduction As we continue to navigate the challenging financial landscape of mid-market ventures, the focus shifts to strategic solutions and the pivotal role of partnership with technology solutions providers. In the part 2 series, we introduce Aeries Technology’s innovative approach through customized Centers of Excellence (COE) and the build-operate-transfer (BOT) model that outlines the benefits
Tax Form 1120 is a cornerstone of the U.S. tax system, serving as the primary means for corporations to declare their annual income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). This pivotal form plays a significant role in ensuring businesses meet their tax obligations in a compliant manner. Understanding the intricacies
Automated account payable (AP) process and Enterprise Resource Planning (ERP) system are the core of any company. Without these, companies rely heavily on manual tasks such as manual data entry, invoice processing, and payment processing leading to inefficiencies, errors, and delays in the AP workflow. A leading company in the health information management (HIM) transcription
Traditionally, the primary responsibility of the account payable (AP) team has been to enter invoice data, ensure approvals are routed to the appropriate individual, and close the approvals. However, with the evolution of automation in the accounts payable process, the role of the AP team has evolved beyond pushing papers and data entry. The automated
Key Highlights Challenge Migration from ASC 605 to ASC 606 in a timely manner Solution Guided and helped the team in complex technical accounting process changes Result Successful review and sign off of gap analysis and ERP changes by Auditors ASC 606 is the new revenue recognition standard that affects all businesses that enter into
