Stripe expands Revenue Recognition globally to help businesses access accounting insights that drive growth
Stripe, a global technology company that builds economic infrastructure for the internet, has launched Revenue Recognition to millions of users in 40 countries around the world.
Stripe Revenue Recognition streamlines the process of mapping the money businesses make to the correct date (or dates) on a balance sheet, something which can be error-prone and burdensome for finance teams. It facilitates this through three key tasks: consolidating transactions in one place, categorising transactions appropriately, and automatically generating advanced, auditable reports. This gives users a comprehensive view of their financial health, saving significant time and money along the way.
Stripe Revenue Recognition was built especially for fast-growing businesses with subscription-based or recurring revenue models.
“This is a really big deal for companies,” said Vladi Shunturov, Product Lead at Stripe. “No one wants to slow down for tasks that could be automated, especially leaders at high-growth businesses. In my prior company, which I co-founded, we spent ten cents on every dollar dealing with the operational friction of manual revenue management. That’s unacceptable. Now I’m at Stripe and I couldn’t be more excited to help founders, CFOs and finance teams automate their finance operations so they can spend their time and money where it really matters.”
Thousands of early SaaS customers have been using Revenue Recognition to simplify accounting and automate revenue reporting as they scale new heights.
“We’re moving everything to Stripe, so all of this complex work will disappear,” said Arianna Cesareo, Lead Accountant at Productboard. “Before Stripe, closing our books meant checking each contract manually and pasting them into an Excel file with a very complicated formula. We can’t be done with that soon enough.”
In addition to helping businesses running on Stripe recognize their revenue, the tool is the latest in a series of accountancy features that were designed for fast-growing companies, advancing Stripe’s goal of becoming a one-stop-shop for financial operations. These include:
- Stripe Tax, which makes it easy to calculate and collect sales tax, VAT, and GST; earlier this year, Stripe also acquired TaxJar to help simplify tax compliance for businesses even further.
- Recent enhancements to Stripe Invoicing including multi-currency support, mobile invoicing, and PDF attachments—all of which help businesses get paid faster.
- Billing, which helps businesses more easily create and manage subscriptions with flexible billing logic.
This week, Stripe also announced that it is to open a Fintech Development Office in London
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