Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it. The revenue recognition principle, a feature of accrual accounting, requires that revenues are recognized on the income statement in the period when realized and earned—not necessarily when cash is received. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples comparison can be made between companies when reviewing line items on the income statement. Revenue recognition principles within a company should remain constant over time as well, so historical financials can be analyzed and reviewed for seasonal trends or inconsistencies.
PRODUCT NAME | SW SCORE(OUT OF 100) | AGGREGATED RATINGS (OUT OF 5) |
---|---|---|
Quickbooks | 98 | 4.2 |
Freshbooks | 96 | 4.4 |
Wave | 96 | 4.2 |
Zoho Books | 94 | 4.3 |
MYOB | 93 | 4.1 |
Pilot | 91 | 4.7 |
Sage Accounting (Sage One) | 90 | 4.5 |
Accounting Seed | 90 | 4.2 |
Kashflow | 90 | 3.4 |
AlignBooks | 89 | 4.6 |
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