Since 2012, we have been saying that accounting standards would need to change to keep pace with the explosion of digital services being created in the rapidly growing Global Subscription Economy. And recently, they finally changed --- enter ASC 606 and IFRS 15. These new regulations are dramatic and we recognize they create a lot of challenges for you. The most urgent one is the compliance deadline --- starting in FY18 for public companies and FY19 for private ones; which means you must start preparing now.
Many of you have approached both Zuora and Leeyo, asking for help. You chose Zuora to accelerate the time it takes to close your books. Now these new regulations are requiring a reexamination of your processes. You may even be thinking that you will need to keep two sets of books (both ASC 605 & ASC 606) in order to comply. Your finance teams are facing the daunting task of managing this with spreadsheets and manual processes - which would bring back the pain that drove you to adopt Zuora in the first place. Nobody wants to delay their reporting---or worse, have to restate their financials. We also don’t want you to be forced to compromise on your innovation agenda because of the complexity and headaches associated with compliance.
We want you to know we heard you, and with this acquisition, we are thrilled to join forces with Leeyo to help you successfully navigate these challenges. Zuora and Leeyo have been great partners for several years. Together, we have a track record of many successful deployments. With this merger, we expand Zuora’s leading order-to-cash portfolio to include RevPro, the leading enterprise-grade ASC 606 / IFRS 15 compliant revenue recognition solution. As a combined company, we become a one-stop shop for automating your financial operations, from your quoting all the way through to your revenue recognition. If you are an existing customer of both Zuora and Leeyo (and there are quite a few of you!), great news, you’ll now have both companies 100% focused on improving the best possible outcomes for you.
We look forward to sharing more with you in the coming weeks. If you want the inside scoop, please join us for three information-packed days at Subscribed San Francisco (June 5-7, Marriott Marquis). This is our must-attend destination event founded to help all companies thrive amidst the most disruptive business-model shift in history. Please click here to register.
If you’d like to learn more about ASC 606/IFRS 15, please download this white paper that Zuora and Leeyo co-authored together.