Leeyo Software, Inc. is one of the leading providers of software for revenue cycle automation. Leeyo’s revenue recognition software automates & manages every process in the revenue automation life cycle. It saves financial teams from chaos of spreadsheets. Below is our interview with Jagan Reddy, CEO of Leeyo Software:
Q: Could you explain the function and advantages of Leeyo’s RevPro software suite?
A: Leeyo’s RevPro software suite is the leader in automating the revenue recognition processes for growing companies to ensure their financials are reported accurately, comply with the law, and are on time. Leeyo’s RevPro currently processes more financial data than any other company, with $250 billion in revenue managed through the system.
Many companies still rely on complicated spreadsheets to manage their revenue accounting processes. Because businesses change and evolve, and the financial reporting rules change regularly, Leeyo’s RevPro helps companies transcend manual systems and PC-based spreadsheets to minimize risks of restatements, penalties, law suits and delayed close. With Leeyo RevPro, companies can automate and manage every process in their revenue cycle – seamlessly integrating with any ERP system to deliver unparalleled visibility, functionality and configurability to the revenue recognition and reporting processes.
The first commercially available revenue cycle solution, RevPro automates data collection from multiple sources and systems, performs a broad range of functions including transaction grouping, allocations and fair-value calculations and gives companies the answers they need quickly and easily. It seamlessly integrates with various ERPs and other systems or can be a stand-alone solution, and can be deployed on-cloud or on site for any organization.
RevPro is compliant with current and future U.S. GAAP guidance, including ASC 606, and features modules designed to mesh with a variety of business needs, regardless of verticals, complexity, and revenue policies.
Q: You’ve recently announced partnership with Jade Global; tell us something more.
A: Our partnership program is critical to help ensure our customers get the expertise and support they deserve as they transition from manual to automated revenue processes. There are a number of very important steps in automating revenue recognition – some occur long before the transition to a software-based solution. Our partners help customers ensure that their policies are correct, that their data coming into the system is clean, and that RevPro is configured properly to meet the unique requirements of their individual organization.
Jade Global is a leading IT services and solution company that joins a long list of partners. Leeyo’s partner list includes some of the most impressive service, accounting, software and consulting companies in the industry, including Microsoft, Oracle, and SAP, PwC, EY, RGP, Connor Group, O2C Advisors, Cloudely, and others.
Q: Who is your ideal client and why?
A: Our ideal customer is faced with a number of challenges that can be overcome by transitioning to Leeyo RevPro:
- Companies struggling to manage their revenue recognition process as they grow – either due to a flawed implementation by an alternative provider or due to the use of manual, time consuming and burdensome spreadsheets.
- Companies transforming their revenue recognition processes to comply with new rules. The latest ASC 606 compliance deadline is looming. Any company who is revamping their revenue processes to comply with ASC 606 is in an ideal position to transition to automated revenue cycle management. Not only will this ensure compliance with the law, but it will also ensure that processes are scalable to accommodate future changes as well.
- Companies who have complex business models including subscription-based services. Month-by-month transactions, upgrades/downgrades of service are extremely difficult to capture and forecast, so we have quite a bit of interest from these types of companies as we grow.
Q: What kinds of enhancements are you planning for your product? What can we expect to see next?
A: Leeyo’s RevPro is the leader in operational process automation for revenue recognition. Our goal is to expand the capabilities of our product into value-added automation. While we aren’t ready to share a lot of details, customers can expect to see continued innovation in the areas as outlined below:
- Moving beyond revenue to automate billings, opportunities and revenue modeling
- Continued integration with new and existing 3rd party applications
- Automating close processes
- Integrating more reporting and other features
Q: What’s the best thing about Leeyo Software that people might not know about?
A: I think a lot of people might be surprised that Leeyo already tracks over $250B in revenue for its clients. You may not have heard of us before this, but we just might be one of the best kept secrets in the industry. There simply isn’t another company out there that can solve all of the complexities of revenue recognition process through a software system like ours.
Q: Additional Question: What would you say to accounting and financial professionals if they asked for your advice on ASC 606?
A: Get started now! The new ASC 606 revenue recognition standards will make it nearly impossible for some companies to conform to guidance with manual spreadsheet-based processes. Because the new guidance requires companies to compare periods before and after ASC 606, now is the time to transition to an automated revenue recognition system.
RevPro customers have the most current and accurate revenue cycle automation software on the market, so the new guidance won’t be an issue. If your organization isn’t using RevPro, you have a unique opportunity to be a change agent and seizing the opportunity to make a difference.Activate Social Media: