To build International Financial Reporting Standard (IFRS) compliant financial statements and business processes can be a huge and complex task. With ADvendio’s powerful new version of the accounting interface including IFRS 15 standards, we support media companies in complying with the regulations and building up a streamlined workflow from order management through to invoicing, fulfillment and the creation of financial reports.
How IFRS 15 Blocks the Road of Media Companies
The IFRS 15 is an International Financial Reporting Standard released by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. Media companies that have been required to prepare their financial statements in accordance with IFRS 15 since January 2018, and those that do so voluntarily to offer an internationally recognized standard, need to ensure that all financial data has the same standard applied, as well as ensuring that is has been assigned correctly.
The application of these regulations can be time-consuming and complex as a large number of modifications are required and can lead to significant changes in the revenue profile and, in some cases, in profit recognition.
Media companies that run a large number of media campaigns and collaborate with a variety of different partners and systems such as accounting systems, ERPs and CRMs often face the challenge of getting all data such as invoices and credit notes in the right quality, in the right place. This diversity of data and data sources makes it difficult to meet the IFRS 15 regulations and slows and complicates the process of data collection and accounting.
Streamlined Invoicing through ADvendio’s IFRS Compliant Accounting Interface
The new version of ADvendio’s accounting interface builds a smooth connection between ADvendio and your used accounting or ERP systems such as SAP, Oracle, Microsoft Dynamics, Quickbooks, Sage, and Xero to link order and Invoice relevant data for your advertising campaigns. Data can be moved with less effort from ADvendio to your accounting system or ERP as well as use it for the creation of your financial statements, making the accounting process easy and fast and reduces significantly the potential of errors.
In addition, the accounting interface ensures that your data complies with the IFRS 15 standard. Data such as invoices, credit notes and contracts are directly available in ADvendio in the IFRS 15 requested quality, transparently stored and assigned to the right media campaigns, accounting & business rules, clients, and partners.