ASC 606 has emerged as the Revenue Management Framework jointly developed by Financial Accounting Standard's Board (FASB) and International Accounting Standards Board (IASB). After initial difficulties for investors, this was done to compare the financial statements across the industries due to an inconsistent revenue recognition process and lack of standardization. It has become a mandate to manage/account and report the revenue as per ASC 606 revenue accounting standards to overcome these challenges.
Zuora Revenue powered by RevPro offers the on-cloud revenue management system for the customers using Oracle EBS for revenue management and accounting. RevPro is featured with Contract Modifications, POB Allocations, SSP Calculations, and Revenue Forecasting, etc.
This article describes the Jade Global RevPro Exception Re-processor, a solution that works as a bridge for the seamless integration between Oracle and RevPro.
Challenges in continuous monitoring over the integration between Oracle & RevPro have been noted. Once the Accounting process is complete within Oracle, it is challenging to manage exceptions due to specific business validations. Additionally, technical assistance is required for reprocessing the exceptions along with code deployment dependency. This increases the overall maintenance cost of integration.
Check out our Oracle Financial Services & Insurance Services