Tabs added revenue recognition capability to its artificial intelligence-powered billing and financial operations platform for B2B businesses.
The new Tabs Revenue Recognition module helps businesses manage and recognize revenue, ensure compliance with accounting standards, and improve accuracy and efficiency, the company said in a Wednesday (June 26) press release.
Tabs Revenue Recognition automates the process and allows businesses to track and report their revenue in real time, according to the release.
The module automatically reviews, structures and indexes contracts directly in the Tabs platform; ensures adherence to ASC 606 account standards; and provides real-time analytics and reporting, the release said.
It allows flexible and customizable workflows, so businesses can adapt the module to fit their needs, per the release.
One early adopter of Tabs Revenue Recognition, Matthew Horne, chief financial officer at Insite AI, said in the release that the module has streamlined the company’s revenue reporting process, which had been manual and time-consuming.
The launch of the module comes about two months after Tabs secured $7 million in seed funding to scale its platform. Together with a pre-seed round, that brought the company’s total amount raised to $12 million.
The company said at the time that the platform delivers a 40% reduction in time to collect by eliminating manual work associated with calculating invoices.
“Longer-term we are focused on delivering company-changing insights to finance leaders that can fundamentally impact a company’s long-term value,” Tabs co-founder and CEO Ali Hussain said at the time.
Sixty-seven percent of chief financial officers say their firms “probably” need more automation in their accounts receivable (AR) processes, and 27% say they “definitely” need more, according to the PYMNTS Intelligence report “Automation Clears the Path to Getting Paid on Time.”
The report found that this interest in automation is being driven by CFOs seeking to improve AR functionality and efficiency, tackle payment delays and errors, and streamline AR processes by eliminating the need for manual procedures.
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