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SaaS Revenue Recognition

SaaS Revenue Recognition

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I am working on a SaaS revenue reconciliation for the first time for a UK Co reporting under FRS102.

My role is very junior so i'm not involved in any policy/decision making but want to understand the system.

The client contracts typically involve a 36 month agreement invoiced annually in advance. Complications may include consultancy,  set up fees, customisation and support, renewal option 'add ons'  

The reports are currently maintained on spreadsheets with Xero for the accounts. 

Whilst the spreadsheets do the job, I can see them becoming very difficult to manage as the company grows.

I am aware that Xero apps such as SaaSOptics are avaiable and wondered if there were any users who could provide feedback?

Are spreadsheets still heavily used in this sector for this function?

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