Zuora State of Revenue Accounting Report Reveals Teams Crave More Automation, Lack of Confidence in Revenue Data, Increased Pressure and Negative Impact on Mental Health
16 Agosto 2023 - 10:00AM
Business Wire
New research reveals perspective on strategies,
technology and objectives for successful revenue accounting
Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern
businesses, today released the 2023 State of Revenue Accounting
report, revealing critical challenges that revenue accounting teams
are facing as well as opportunities to address the growing demands
of the business, increase accuracy and streamline efficiency.
Complex revenue streams are the new reality of modern business,
and the report found that revenue teams are under pressure to meet
these demands by advancing their skills, processes and technology.
For example, as companies innovate, revenue accounting leaders are
increasingly feeling pushed to support new go-to-market models,
products and pricing. Failure to adapt can lead to lost business
opportunities, increased costs, unnecessary risks and a negative
impact on the mental health of revenue accounting
professionals.
Key findings of Zuora’s 2023 State of Revenue Accounting report
include:
- Audit costs are surging with revenue scrutiny: 76% of
respondents report that scrutiny from auditors has increased in the
past three years, and 65% report concerns about the risk of
misstatement because of existing manual processes and control
risks.
- Poor revenue processes can lead to poor mental health:
63% of respondents report poor revenue processes affect their
mental health, and 19% report having nightmares about revenue data
or processes. Additionally, 59% report their revenue accounting
team members feel unfulfilled with their work.
- The business expects more from revenue teams: 76% of
revenue accounting leaders say they’ve experienced increasing
pressure from the business to support new go-to-market models,
products and pricing. But 68% report not having the right
technology to address growing demands from the business.
- Revenue teams lack confidence in their data: Only 44% of
respondents say they are highly confident in their revenue data.
Bad data hygiene in upstream processes (39%) is highlighted as the
top challenge revenue teams face.
- Revenue accountants crave more automation: 79% of
revenue accounting leaders agree there’s a need for higher levels
of automation. Revenue accounting leaders also estimate their team
wastes more than half (53%) of their time doing manual repetitive
tasks, with 60% feeling that their Enterprise Resource Planning
(ERP) revenue recognition modules do not fully support business
requirements, even with customization.
- But executives need more education on revenue
automation: 67% of respondents say it’s a struggle to
get buy-in from finance and accounting leadership to implement
revenue automation.
“With more pressure than ever to innovate, companies are
increasingly introducing complex revenue streams that leave revenue
accounting teams struggling to support these business
requirements,” said Emily Daigle, Vice President and General
Manager of Zuora Revenue. “Zuora’s State of Revenue Accounting
report shows the opportunities for teams to automate mundane tasks,
reduce risk and unlock resources. Better collaboration across
accounting, finance and business leadership will help companies
strategically address market demand and become more
customer-centric.”
Zuora commissioned an independent market research firm to survey
over 500 accounting and finance leaders at enterprise organizations
across North America and Europe to analyze the current state of
corporate revenue accounting.
The 2023 State of Revenue Accounting report is available
here.
About Zuora, Inc.
Zuora provides a leading monetization suite for modern
businesses across all industries, enabling companies to unlock and
grow customer-centric business models. Zuora serves as an
intelligent hub that monetizes and orchestrates the complete quote
to cash and revenue recognition process at scale. Through its
industry leading technology and expertise, Zuora helps more than
1,000 companies around the world, including BMC Software, Box,
Caterpillar, General Motors, Penske Media Corporation, Schneider
Electric, Siemens and Zoom nurture and monetize direct, digital
customer relationships. Headquartered in Silicon Valley, Zuora
operates offices around the world in the Americas, EMEA and APAC.
To learn more about the Zuora monetization suite, please visit
www.zuora.com.
© 2023 Zuora, Inc. All Rights Reserved. Zuora, Subscribed,
Subscription Economy, Powering the Subscription Economy,
Subscription Economy Index, Zephr, and Subscription Experience
Platform are trademarks or registered trademarks of Zuora, Inc.
Third party trademarks mentioned above are owned by their
respective companies. Nothing in this press release should be
construed to the contrary, or as an approval, endorsement or
sponsorship by any third parties of Zuora, Inc. or any aspect of
this press release.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks, uncertainties, and assumptions,
including but not limited to statements regarding the expected
trends of revenue accounting leaders. Any statements that are not
statements of historical fact may be deemed to be forward-looking
statements, and actual results could differ materially from those
stated or implied in forward-looking statements. Information that
is based on estimates, forecasts, projections, market research, or
similar methodologies is inherently subject to uncertainties and
may differ materially from actual events or circumstances.
SOURCE: ZUORA FINANCIAL
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230816440868/en/
Margaret Pack press@zuora.com 619-609-3919
Zuora (NYSE:ZUO)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Zuora (NYSE:ZUO)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024