Driven by a new age architecture, eka provides the only commodity platform with a complete suite of enterprise apps across the commodity value chain from sourcing and upstream, to trading. The terms of the shipping agreements are documented on. Subramanya shabaraya senior manager finance business. How to increase throughput with bulk material handling software. Vertical software competitors, revenue and employees owler. It is provides a variety of different software products for airlines for airline reservation, cargo revenue accounting, tour booking, crew, and hotel management systems.
Risk edge solutions is in the internet software industry. As such, the accounting for software products and services is expected to be one of the areas most impacted by the new standards. Eka is a global leader in providing digital commodity management solutions driven by cloud, blockchain, machine learning and analytics. The financial accounting standards boards fasbs new revenue recognition standard asc 606 was effective for annual reporting periods beginning after december 15, 2017, for public.
Airline revenue adjustments for air traffic liability are baked into the accrual accounting method that airlines use. Revenue accounts example explanation my accounting. Enhance your ctrm software with advanced accounting functionality. The effect of this advertising transaction on the accounting. The shipping department at eka toys follows policies that determine which carrier will deliver orders according to the size, weight, and destination of the shipment. Eka is headquartered in norwalk, connecticut, and was founded in 2004. Has any one compared concur, expensify and nexonia. Eka is the global leader in providing commodity management software solutions driven. Today eka software is a leading provider of commodity trade and risk management software. January 30, 2017 eka software solutions, the leading global provider of smart commodity management software solutions, today announced 35 percent increased sales in 2016 and 80. As a result, many public entities have now disclosed the impact of adopting asc 606 within their interim financial reports on form 10q. However, previous revenue recognition guidance differs in generally accepted accounting.
See what employees say its like to work at eka software solutions. As shown in the expanded accounting equation, revenues increase equity. Insight cm site automation control enables bulk handling sites to increase throughput by providing unprecedented accuracy in inventory and quality tracking. Growth fueled by increased sales across all product lines and geographies. As a result, software revenue recognition is becoming a reality for many professionals, a fact that can be unnerving in light of the complexities inherent in software accounting rules. Large sugar producer turbo charges ctrm system with derivative app in weeks on eka s digital commodity management platform. Enhance your ctrm software with advanced accounting. Oracle financials cloud does not offer a free trial.
For almost 30years, pci has set the standard for developing customerfocused, customerdriven software to meet the constantly evolving needs of isorto market participants and nonparticipants alike. She holds a bachelor of science degree in accounting from the university of colorado, boulder. We can increase more productivity with the help of top accounting software for business and we can easily create invoices, record expenses and track inventory as well as we can easily create an account for our employees. Black hawks recommendations to its clients can then be implemented by eka s software so that procurement operations are keyed to support managements goals for revenue and margins. For those in the know, these were clear signs that the lowprofile software. This was the era of 810% gdp growth in india which lasted till about 2010.
Silver spring, md accounting firm home page eka tax. Bim35805 explains that the treatment of a single payment for a software licence as capital expenditure or revenue depends on the role in economic terms that the software plays in the. A world without software specific revenue guidance and without vsoe the new revenue standard was issued in 2014, and the 2018 and 2019 application date once seemed like a long way off. However, this frustration is currently addressed within the fasb and iasb revenue recognition standard. When we spoke with midsized companies, we saw that cost and revenue were driving factors. Gross revenue reporting separates the sales and cost of goods sold. Revenue cannot be recognized on one element unless all elements have established vsoe. Eka software in is one of the most india startup software company. Accounting equation expense and revenue accountingcoach. Eka software solutions, the leading global provider of smart commodity management software solutions, has announced its strategic alliance with thomson reuters, a leading source of.
Large sugar producer turbo charges ctrm system with derivative app in weeks on ekas digital commodity management platform. Amarjeet gupta associate director finance eka software. Eka has enjoyed impressive growth, averaging 35% increase in revenue per year over the last five years. Let eka be the solution for your current and future financial need. Apply to revenue accountant, staff accountant, agent and more. It is an online inventory accounting designed for small businesses. To future proof a clients investment, eka launches a new major version of its software. Single signon via industry standard authentication protocols. Integrated with bestinclass dlp, emm and archival partners. Eka software solutions is a leader in technology for organizations that specialize in the buying and selling of physical commodities across world markets.
The fourth wave of indian enterprise software startups is. What accounting software do you use for revenue recognition. For those in the know, these were clear signs that the lowprofile software maker was on the fast track to spectacular growth. Eka ceo manav garg named to fortune magazines 40 under 40.
Ebong eka, cpa tax consulting services manager executive. Revenue recognition software accounting automation sap. People no longer need to go to one, leading agency for the best ideas and creative work. Eka software announces strategic alliance hydrocarbon. New revenue guidance implementation in the software industry. Handle orders, invoices, and events from multiple sap and nonsap systems, and gain flexibility by decoupling revenue. Steer large volumes of transactions while ensuring high system performance. Erp and accounting systems is simplified and standardized via a comprehensive set. Ekas insight cm is a next generation ectrm software platform suitable for a wide. The biggest threat to the ad agency model is the democratization of creativity.
This article will help cpas address the presence of software in a transaction and decide what revenue recognition rules apply. To determine revenue recognition for installation and implementation services, an entity must determine if the installation is capable of being distinct, and if the installation is distinct within the context of the contract. Accounting scandals list of top 10 scandals in past decades. Eka is seen as one of vertical software s top competitors. Revenue is one of the most important measures used by investors in assessing a companys performance and prospects. Eka provides smart commodity management software solutions. Eka software solutions not only provides best solutions for their clients but also to those job seekers who wants to solve their career problems and also to those employees who. In my previous roles as risk manager with two metal processors and a major trading company, i worked extensively with other software. Revenue recognition is a generally accepted accounting principle gaap that stipulates how and when revenue is to be recognized. This article will help cpas address the presence of software in a transaction and decide what revenue. The changing face of the software products sector livemint.
The financial accounting standards board fasb in conjunction with the international accounting standards board iasb issued accounting standards update asu 201409, revenue. What does it mean when airline revenues are adjusted for. Eka software solutions, the leading global provider of smart. Satyam computer services was an indian it services and backoffice accounting firm based out of hyderabad, india. Handle orders, invoices, and events from multiple sap and nonsap systems, and gain flexibility by decoupling revenue recognition rules from order entry and billing. Eka competitors, revenue and employees owler company profile. Monica has also served as a professional services consultant for several technology companies.
Manav garg is the ceo and founder of eka software solutions. Simplify complex calculations across the supply chain quality, weights, taxes, costs, levies and royalties. This means that a credit in the revenue taccount increases the account balance. Unlock charts on crunchbase charts can be found on various organization profiles and on hubs pages, based on data availability. Eka generates 81% the revenue of vertical software. Commodity trading and risk management systems overview ey. Accounting today is a leading provider of online business news for the accounting community, offering breaking news, indepth features, and a host of resources and services. The 2000s saw onpremise indiafirst companies such as drishtisoft, eka software, employwise, icreate software, iviz, manthan systems, quick heal technologies, talisma for which i did some. The revenue recognition principle using accrual accounting. Identifying the need in the market and with a little knowledge of software development, manav garg, decided to quit his job in 2001 to start a company eka software solutions. The financial accounting standards boards fasbs new revenue recognition standard asc 606 was effective for annual reporting periods beginning after december 15, 2017, for public entities.
Featuring builtin dual guidance and realtime reporting, the sap revenue recognition solution can help you quickly mitigate risk, minimize manual input, and meet the latest standards in revenue and accounting. We use quickbooks as our accounting software but this doesnt have the ability to recognize revenue. Eka software solutions develops commodity management software, providing predictive analytics to meet the challenges of complex markets. Jun 04, 2014 the 2000s saw onpremise indiafirst companies such as drishtisoft, eka software, employwise, icreate software, iviz, manthan systems, quick heal technologies, talisma for which i did some initial product management work while at aditi technologies and zycus get started. Comply with new statutory regulations for revenue recognition, such as ifrs 15, while supporting existing requirements with the sap revenue accounting and reporting application. It maintains standing agreements with shippers that specify legal responsibility for the shipment while it is in transit. Pci is the premier provider of software, superior customer support and valueadded services for energy companies worldwide. The companys bestofbreed solutions serve the entire trading value chain across agriculture, energy.
Now, as 2019 nears an end, public companies have adopted the new revenue recognition standard topic 606 and the adoption for private companies is here, right now. Looking for a travel and expense management software. To future proof a clients investment, eka launches a new major version of its software platform annually, with additional minor releases throughout the year that automatically update each clients. This publication summarizes the more significant impacts of the new guidance on the software industry, broken down by step of the model. January 30, 2017 eka software solutions, the leading global provider of smart commodity management software solutions, today announced 35 percent increased sales in 2016 and 80 percent jump in ebitda, marking another strong year of growth for the company. The 2000s saw onpremise indiafirst companies such as drishtisoft, eka software, employwise, icreate software, iviz, manthan systems, quick heal technologies, talisma for which i did. She possesses extensive experience implementing a variety of accounting and erp software applications. Eka software solutions, a global leading provider of cloud platform solutions for commodity markets, today announced record business growth yoy at 35% the worlds best commodity management happens on eka. Black hawks recommendations to its clients can then be implemented by ekas software so that procurement operations are keyed to support managements goals for revenue and margins. Compliant with industry standards including soc 2 type i, soc 2 type ii and gdpr. Software companies continue to analyze the impact of the new revenue standard on their contracts, accounting policies, and. Ensure a wide range of regulatory reporting compliance including emir, cftc, mifid, ice, mar. For most managers, the frustrating thing about the current software revenue recognition rules is how each element is interconnected.
Eka is the global leader in providing commodity management solutions serving the entire trading value chain across agriculture, energy, metals and mining and manufacturing markets. Revenue is the total amount of income generated by the sale of goods or services related to the companys primary operations. In my previous roles as risk manager with two metal processors and a major trading company, i worked extensively with other software systems. Dec 05, 2016 the 2000s saw onpremise indiafirst companies such as drishtisoft, eka software, employwise, icreate software, iviz, manthan systems, quick heal technologies, talisma for which i did some initial product management work while at aditi technologies and zycus get started. Jun 24, 2010 we are a software company that needs to recognize annualmultiyear contract revenue on a dailiymonthly basis. Eka software experiences significant growth in 2016 eka. Large sugar producer turbo charges ctrm system with derivative app in weeks on eka. Vendors like allegro now ion, energy solutions and ensyte energy software got their start in this area. The revenue recognition transition resource group trg and the aicpas software revenue recognition task force have discussed various implementation issues impacting companies. Unable to project or control sales teams spending across the globe. Commodity trading and risk management systems overview. Installation and implementation services revenuehub. The revenue account is an equity account with a credit balance.
Top 30 indian b2b software product companies tech in asia. Featuring builtin dual guidance and realtime reporting, the sap revenue recognition solution can help you quickly mitigate risk, minimise manual input, and meet the latest standards in revenue and accounting policies. Nov, 2015 ekas bulk handling software platform provides site management and stock management for agriculture and mining sites, plus stockpile management and 3d collision protection for mining sites. Featuring builtin dual guidance and realtime reporting, the sap revenue recognition solution can help you quickly mitigate risk, minimise manual input, and meet the latest standards in revenue and accounting. Inventory, order, and payroll management features may be included as modules within the platform, or may be handled by thirdparty plugins. Eka software experiences significant growth in 2016. Simplify complex accounting processes with highlyconfigurable revenue recognition and accounting automation software. Enterprisegrade security and encryption of data in transit and at rest. Next, the entity must determine whether revenue should be recognized over time or at a point in time.
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