PRESS RELEASE
PROCESSION
LAUNCHES UPGRADED REVENUE PLANNING EDITION
Successful
Revenue Forecasting Solution Ready for Change in Accounting Standards
CHESHAM, United Kingdom. July 25th, 2001 - Procession
today announced a new version of the Procession Revenue Planning Edition,
its sales & revenue forecasting system. Procession has been quick
to recognize the need for solutions that can easily handle US conventions
on revenue recognition, which give a more accurate picture of the health
of the business. The Revenue Planning Edition has been upgraded to enable
users to conform to both US Generally Accepted Accounting Principles
(GAAP) and existing UK accounting practices, thus easing migration.
Currently, most companies recognize the value
of whole orders at the start of the contract, even if products and services
are not to be delivered for some time. Using GAAP style accounting,
companies recognize in their quarterly returns only the proportion of
the service and product delivered to the customer, and the difference
is held as deferred income on the balance sheet.
"Companies have found that a move to US
accounting practices has prompted a favourable response from the financial
markets," said Paul Greenfield, CEO of Procession. "Investors
feel more informed about what is happening in the business and, in these
uncertain times, welcome the reduced impact on profit and loss accounts
of any delayed or cancelled contracts. Our flexible technology has allowed
us to quickly provide a solution that can easily handle the migration
to US style deferred revenue accounting, within a sophisticated forecasting
tool."
Users of the Revenue Planning Edition can produce a revenue forecast
from a sales booking forecast by using a simple transaction summary
wizard. This includes details of the transaction and produces reports
which provide management with visibility of all deferred revenue.
Procession's Revenue Planning Edition is a flexible
and sophisticated solution that enables companies to perform and monitor
a number of essential forecasting functions, such as sales, revenue
and commissions. The system is simple and quick to use, and can be accessed
and updated in real-time via a standard browser.
In common with other Editions of Procession®, the Revenue Planning Edition
is a highly scalable, standards-based solution and provides a comprehensive,
secure and tiered access audit trail.
About Procession
Procession develops and markets process-driven software that enables
customers to automate key business methods, reducing costs and improving
performance across the enterprise. Procession's easy-to-implement, highly
scalable solutions are based on open standard technologies and Internet
architecture, providing key personnel with critical business information
whenever and wherever they need it. The Editions range delivers solutions
tailored for particular functions within an organisation, such as revenue
forecasting. Procession's customers include leaders in finance, high
technology software and government agencies.
Headquartered in Chesham, United Kingdom, the company is currently expanding
its operations to support the global marketplace. More information can
be found at www.procession.com
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