Cloud-based billing and monetization platform OneBill has launched RevRec360, a revenue recognition and compliance solution designed for accounting and finance teams navigating complex revenue models.
The Santa Clara, CA-based company says RevRec360 “delivers precision, automation, and audit-ready transparency in a single platform.” It aligns with global revenue recognition accounting standards like ASC 606 and IFRS 15.
OneBill says it follows the industry-standard five-step revenue recognition model to ensure accuracy and consistency at every stage:
- Identify contracts with customers.
- Identify performance obligations within each contract.
- Determine the transaction price.
- Allocate the price to each performance obligation.
- Recognize revenue as each obligation is satisfied.
“RevRec360 is a natural extension of our platform’s mission—to help businesses eliminate operational inefficiencies and maintain complete control over their revenue lifecycle,” JK Chelladurai, founder and CEO of OneBill, said in a statement. “With this launch, we are bringing the same flexibility and automation to revenue recognition that our customers have come to rely on for billing and monetization.”
Key highlights of RevRec360 include:
- Built-in compliance: Aligns with ASC 606 and IFRS 15 to ensure accurate revenue recognition and simplified audit readiness.
- Automated recognition: Implements the complete five-step model with confidence and control.
- Audit-ready transparency: Captures, documents, and verifies revenue events with detailed reports. Streamlines reconciliation and financial reporting through seamless integration with accounting and enterprise resource planning systems.
- Proven scalability: Reliably handles high transaction volumes while maintaining accuracy across complex revenue scenarios.
- Flexible integrations: Connects with billing, customer relationship management, ERP, accounting, and payment systems through open APIs. Enables real-time synchronization of contract, billing, payment, and financial data for end-to-end revenue accuracy.
More information about RevRec360 can be found here.
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