Stripe, a global technology company that builds economic infrastructure for the internet, has launched Revenue Recognition to boost its global offering.
Recognising revenue is the process of mapping the money businesses make to the correct timings on a balance sheet – for example, when a customer receives a product or uses a service, rather than when the customer made a payment.
Ryan Macpherson, Founder and CEO of Coassemble, commented on the move: “Recognising revenue is all about speed and accuracy. Stripe excels at both. We’d literally need to hire two or three bookkeepers if we weren’t using Stripe.”
Stripe Revenue Recognition seeks to streamline the process by facilitating three key tasks: consolidating transactions in one place, categorising transactions appropriately, and automatically generating advanced, auditable reports. As a result, users can now access a comprehensive view of their financial health, saving significant time and money along the way.
“This is a really big deal for companies,” added Vladi Shunturov, Product Lead at Stripe. “No one wants to slow down for tasks that could be automated, especially leaders at high-growth businesses.
“In my prior company, which I co-founded, we spent ten cents on every dollar dealing with the operational friction of manual revenue management. That’s unacceptable. Now I’m at Stripe and I couldn’t be more excited to help founders, CFOs and finance teams automate their finance operations so they can spend their time and money where it really matters.”
Arianna Cesareo, Lead Accountant at Productboard, remarked: “We’re moving everything to Stripe, so all of this complex work will disappear. Before Stripe, closing our books meant checking each contract manually and pasting them into an Excel file with a very complicated formula. We can’t be done with that soon enough.”