Overview
Flowrev is online cost and revenue recognition software that lets users automate and streamline their accounting processes for deferred revenue and prepaid expenses. By eliminating time consuming spreadsheets users close faster and regularly deliver more accurate financials and forecasts. New regulations (IFRS15, ASC606) for revenue and expense recognition went into effect for private companies worldwide in Dec. 2018. Now's the time to implement revenue and expense recognition automation software. Beyond regulations, the more accurate financials, which are reflective of true business operations, are a must have for company executives.
Flowrev + Xero
Flowrev is a certified partner app seamlessly integrated via the Xero API. Users can easily pull transaction data incrementally to Flowrev, automatically generate revenue and cost recognition schedules and journal back to Xero with the click of a button. Changes to transactions in Xero are easy to keep track of and handle with the built-in schedule checkers, which highlight transaction changes requiring follow on revrec/costrec processing. Flowrev supports Xero Product/Services, tracking, currencies, multiple deferred revenue and recognition accounts, schedule and repeating invoice based forecasts and much more.
Getting started
Sign up and connect your Xero company(s) to automatically load foundational information (e.g. chart of accounts, etc.) and start a free trial. Depending upon requirements, such as single or multiple deferred revenue accounts, complete one time baseline or advanced setup. Load your transactions and with the click of a button create schedules utilizing the revrec rules specified, or if needed after customizing the settings on each transaction. Click each month's sync button to journal the schedules created. For step-by-step instructions see https://flowrev.freshdesk.com/support/solutions/articles/6000026093 and contact support anytime for help.
