Among the hallmarks of financial reporting is the reliance on manual effort and data that is organized into accessible rows and columns to demonstrate compliance with regulations and communicate financial performance to stakeholders.

Yet new requirements, especially those that concern revenue recognition, often require finance teams to manually search through a hodgepodge of documents and contracts to keep track of their companies’ compliance and performance obligations.

By relying on information hidden in contracts that are inherently unstructured to recognize and report on revenue linked to performance obligations, finance teams expose their companies to unnecessary expense and significant material risks, including penalties for noncompliance.