Launch of finance and accounting solutions in the cloud Rev. Right announced today that it has raised $ 5 million in new funding to accelerate product development and expand its marketing channels in the United States and globally.
Norwest Venture Partners and Salesforce Ventures led the round. IDEA Fund Partners, Two Sigma, GoBig.ai and Correlation Ventures have also invested.
Founded in 2020, RightRev offers advanced revenue recognition automation software for Salesforce AppExchange that enables Salesforce Revenue Cloud customers to optimize the performance of prospecting processes. The service is touted as a complement to Salesforce Quote-To-Revenue solutions by providing a true revenue sub-ledger within the Salesforce Cloud.
The solution allows you to perform complex revenue equations based on recent changes to revenue recognition guidelines, such as ASC 606 and IFRS-15. Additionally, the service is designed to help businesses better serve their customers by enabling more aggressive pricing to maintain a competitive advantage. RightRev claims this is something legacy systems cannot do because they are manual or do not provide the advanced capabilities to automate the accounting process.
According to the company, the legacy revenue accounting processes and systems are labor intensive, inefficient and highly error prone. In addition to its service modernizing accounting practices, RightRev offers a unified platform for sales operations and revenue reporting for all products and services, from one-off sales subscriptions, services, training, promotions, and more.
Under the hood, the company’s cloud-based accounting solutions are built on a robust engine capable of handling the complexity of revenue accounting and compliance. All opportunities, quotes, subscriptions, orders and billing information already captured as part of a sales process are seamlessly integrated with RightRev’s revenue rules engine for automated revenue recognition.
The service is hosted on Amazon Web Services Inc. and is designed to adapt to volume and workload needs.
âBy streamlining revenue recognition for compliance with the latest accounting requirements, RightRev completes the lead-to-revenue cycle and has built an enterprise-grade solution that extends Revenue Cloud for our clients,â said Pascal Yammine, Managing Director of Salesforce Revenue Cloud. in a report.