The Ledger

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The Ledger

Posted by Sarah Werner

Major Finnish telecom, Elisa selects Aptitude Software solution to address IFRS 15

Aptitude Software has also been selected to help Elisa gain finance transparency. Alongside other prominent telecommunications operators globally, including 3 of the top 4 US telecoms. Aptitude Software provides revenue recognition software to run the IFRS 15/ASC606 revenue recognition process, calculations and accounting for circa 350 million end subscribers. Recognizing revenue for this volume of customers requires the generation of billions of accounting events, putting Aptitude Software in a leading position as an accounting software and change expert for telecommunications companies.

Key challenges faced by telecommunications operators

CFOs and financial controllers have long been concerned about the complexity of addressing the new IFRS 15/ASC606 requirement because of the need to change finance processes, control new levels of data and re-engineer finance IT systems architectures.

The Aptitude Revenue Recognition Engine is selected because it is the most packaged and mature product for telecommunications operators. The product addresses telecom CFO’s requirements with lowest risk and timescales, makes the least impact to existing systems and is supported by Aptitude Software’s deep accounting expertise. The Aptitude Revenue Recognition Engine supports hundreds of real life telecom revenue recognition scenarios and, importantly, it has the processing performance required to rapidly account for very high-volumes of contracts, components and accounting events.

“We have selected Aptitude Software’s Revenue Recognition Engine for our IFRS 15 accounting requirements” states Jari Kinnunen, CFO at Elisa.

“We are proud to be working with Elisa to address IFRS 15 change requirements,”Our product provides operators with deep functionality and processing performance to address the new IFRS/FASB requirements within the very short time scales and mitigates the risks and costs for those affected by IFRS 15.” Tom Crawford, CEO at Aptitude Software.

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A global revolution

 

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