Xactly Simplifies Accounting for Sales Commissions Under ASC 606/IFRS 15
SAN JOSE, Calif. – May 9, 2018 – Simplifying a company’s ability to account for commissions under ASC 606/IFRS 15, Xactly today announced expanded functionality for Xactly Commission Expense Accounting (CEA) powered by Obero. The automated solution ensures sales commission data integrity while enabling enterprises to easily adhere to the new accounting requirements with full capitalization and amortization; dynamic true-ups; and a streamlined reporting process.
Customers, including Sitecore, SPS Commerce, Jamf, and TraceLink have already selected Xactly CEA to manage their commission accounting needs.
“The new requirements introduced under ASC 606 and IFRS15 present an opportunity to produce a more accurate accounting that supports better business decisions, but not without the addition of substantial complexity to our revenue processes,” said Udit Tibrewal, Chief Accounting Officer at Sitecore. “Because it integrates seamlessly within our existing environment, Xactly CEA provides a secure system of record that streamlines our ability to ensure regulatory compliance and gives us confidence in the accuracy of the data that is used for all calculations and reports.”
The announcement comes less than three months following Xactly’s acquisition of Obero and further extends Xactly’s robust sales performance AI platform with a fully integrated solution that simplifies, automates, and ensures compliance to account for commissions under the new revenue recognition standard.
“As enterprises face increasingly complex regulatory requirements – both in the U.S. and internationally – it’s clear that manual solutions can’t adequately scale to meet those obligations,” said Christopher Cabrera, founder and CEO of Xactly. “Combining Xactly’s powerful commission calculation engine with Obero’s advanced accounting management, we are bringing to market the industry’s most comprehensive solution for managing commissions under the new revenue recognition standard.”
Xactly CEA Features and Benefits
Xactly CEA automates and streamlines a company’s ability to capture, recognize and report on sales commissions, also referred to as “the incremental costs of obtaining a contract,” as required under ASC 606 (IFRS 15). Capabilities include:
- Dynamic amortization schedules – making it effortless for organizations to automatically true up sales commission capitalization and amortization balances
- An extensive library of out-of-the-box summary and detailed level reports – including an accounting model dashboard, amortization schedules, accounting model comparisons, and summary roll-forward by group
- Support for both full and modified retrospective approaches – letting companies choose what works best for their particular requirements
- A clear audit trail – giving companies a complete and historical data trail
Xactly CEA also easily integrates with an organization’s financial and technology systems, managing any number of accounting books and interoperating with all downstream accounting ledgers.
See Xactly CEA Demo Today
Join our webinar today, Wednesday, May 9 at 10 a.m. PT to see a live demo and learn how companies are ensuring compliance with Xactly CEA. Click here to register now or learn more by contacting Xactly.
Xactly delivers a scalable, cloud-based enterprise platform for planning and incenting sales organizations, including sales quota and territory planning, incentive compensation management, and predictive analytics. Using this powerful sales performance management (SPM) portfolio, customers mitigate risk, accelerate sales performance, and increase business agility. Combined with Xactly Insights, the industry’s only empirical big data platform, Xactly empowers companies with real-time compensation insights and benchmarking data that maximize the bottom line. With an open, standards-based architecture, Xactly seamlessly integrates within an enterprise’s existing infrastructure, with the ability to work with any ERP, CRM, or HCM application, while meeting the highest enterprise standards in security, reliability, and privacy.
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