RightRev was designed for flexibility
Built with an API-first model, RightRev ingests data from your upstream sources, enabling revenue recognition automation based on pre-defined rules such as upon bookings, billings, delivery, milestones, or user-defined events and distribute ratably or at a point-in-time. There is no need for heavy customization, data transformation layers, or custom scripting.
Our flexible solution caters to mid-size and enterprise businesses, enabling efficient processing of large amounts of revenue data and contract changes, demonstrated by our ability to process nearly a billion transactions within minutes.
Take control of your revenue…the right way
Achieve accuracy and ASC 606 / IFRS 15 compliance with unmatched speed and scalability.
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Accurate Revenue Insights
Revenue is the most important number on your financial statements…and it has to be right! Eliminate error-prone processes, align sales and accounting rev rec data, and have confidence in your revenue reporting by fully automating revenue recognition.
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Close Your Books Faster
By generating 160+ revenue metric points as transactions occur, you don’t have to wait until month-end to start the reporting and reconciliation process. Generate journal entries instantaneously as revenue contract changes are made, making your close process more efficient and creating real-time revenue visibility.
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Unlimited Scalability
Unlock new opportunities. RightRev is built to handle your needs today while future-proofing your business for tomorrow’s growth. RightRev can match your data volume needs without missing a beat.
Own your revenue from start to finish
Built for maximum performance, compliance, and control
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Configurable Revenue Rules
Configure rules for traditional and modern revenue models. Identify performance obligations within revenue contracts & assign proper revenue rules that apply the appropriate revenue treatment for each separate performance obligation in a single revenue contract.
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Event-Based Revenue Recognition
Don’t limit revenue recognition to only bookings or billings; instead, configure unlimited events, such as product delivery, completed milestones, percentage of completion, provisioning, etc.
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One-time, Subscription, or Usage
Set rules for one-time sales, recurring revenue, or services. Recognize revenue upon bookings, billings, or user-defined events, including usage billing.
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Contract Modifications
Automatically group amendments and recalculate revenue without manual intervention.
Check out how Contract Modifications work
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SSP Calculation and Analysis
Automate tedious SSP calculations using intelligent historical analysis. Automatically apply SSPs to performance obligations and allocate across bundled contracts, saving you time and headaches.
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Automated Carves
Effortlessly allocate revenues to the appropriate categories, ensuring accurate and efficient accounting.
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Revenue Reporting and Revenue Waterfall
Out of the box reports to fulfill your reporting requirements, plus hundreds of pre-calculated metrics to enable ad-hoc reporting and dashboards. Revenue Waterfall visibility for planned and recognized revenue.
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Journal Entries
RightRev integrates with your ERP to automatically post revenue Journal Entries to your General Ledger daily or periodically based on your business needs. You have the ability to defer or release revenue automatically and manually.
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Cost Accounting
Process and recognize various cost types such as Follow Revenue, Practical Expedient, and Event-Based. Cost metrics are automatically calculated in the system.
Don’t just take our word for it. Read what our customers are saying.
“After considering various Revenue Recognition Platforms, we chose RightRev for its ability to handle our complex business needs like allocations, contract modifications, de-bundling of product SKU’s, and SSP Analysis, all of which have proven to be manual and complex tasks to perform.”
“From the start of our conversations through go-live, the RightRev team has been fully committed to our success and we appreciate the investment they made in us. We challenged the implementation team with some unique requirements, and they came up with solutions for everything we presented.”
“Combining front-end and back-end motions in Salesforce Revenue Cloud and RightRev for automated revenue recognition will optimize our accounting processes for maximum efficiency; saving time, reducing errors, and allowing us to close the books faster.”
FAQ’s
As per ASC 606 compliance, the five steps of revenue recognition are:
- Identify the contract with the customer
- Identify the performance obligations (promises) in the contract
- Determine the transaction price
- Allocate the transaction price to the performance obligations in the contract
- Recognize revenue when (or as) the reporting organization satisfies a performance obligation
RightRev satisfies all 5 steps of ASC 606 plus more.
Yes, RightRev can integrate with your ERP. You can send revenue Journal Entries automatically or manually into your General Ledger. You can also create topside Journal Entries directly in RightRev.
Yes, RightRev can recognize revenue for consumption/usage models. When overage usage consumptions are billed in arrears, upon invoice activation, the invoice item details are transferred to RightRev associated with order transactions in real-time to create invoice-based revenue recognition. RightRev can accommodate many forms of usage, such as credit burn-down, pay-as-you-go, tiers, minimums, etc.
Yes, RightRev can automate revenue recognition for your entire book of business. The beauty of RightRev is its ability to connect unique revenue treatment to each product, service, or type of performance obligation to your entire suite of products and services. Whether it’s full recognition upon delivery for Hardware, straight-light deferral for Software, or percentage of completion for Professional Services, RightRev will seamlessly automate these transactions for your business.
Over the years, ERPs have built and acquired extensions that aim to recognize revenue for recurring revenues, but these ancillary offerings typically have basic functionality that doesn’t match the needs of today’s customers that have complex use cases. ERPs tend to fall short of revenue recognition capabilities when it comes to grouping contracts by customer, contract modifications for both prospective and respective revenue treatment, and ability to account for consumption or usage-based revenue models, to name a few. Even with customization, the functionality is a duck-tape approach that tends to lead to manual workarounds. Read more about the differences in our blog.
Yes, RightRev is SOC 1 Type II and SOC 2 Type II compliant. Read more about our SOC compliance in our blog.
Integrations
Nue
Nue empowers RevOps with tools to build seamless, scalable customer journeys for both direct and self-service sales. RightRev integrates with Nue.io for Quote-to-Revenue, website, and in-app sales capabilities on the Nue platform.
JustOn
RightRev integrates with JustOn for invoicing, payments, liquidity management & accounting in Salesforce.