Product

Every step of the Five Step Revenue Recognition Model can be made easier with CR2. And CR2 was born in the cloud. So as you adopt the new standard, CR2 is immediately available to anyone in your organization, all over the world.

Feature Set

The list below is a combination of current and future features of CR2.

Cloud-based

Globally accessible at all times. No software to install.

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CR2 is a cloud-based application accessible anywhere in the world with your web browser. Any organization – especially those with multiple locations – can begin using CR2 as soon as your account is established.

File Attachments

Store all contract-related documents in CR2.

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The core object within CR2 is a contract. After all, the purpose of CR2 is to help you comply with the new standards concerning revenue recognition for contracts with customers. Naturally, you can upload the contracts themselves as well as any other contract-related documents.

Aligns with 5-Step Model

Structured around ASC 606 and IFRS 15’s Five Step Revenue Recognition Model.

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From identifying your contracts to allocating the transaction price to performance obligations, CR2’s interface and functionality is designed around the Five Step Revenue Recognition Model. Features such as identifying Variable Non Cash Consideration are so granular and exhibit the alignment with the new standards.

Dashboard

View the status of your documentation in an instant.

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Our dashboard allows you to quickly ascertain the status of your documentation of contracts. The interactive charts and graphs provide an intuitive drill-down approach to analyzing significant areas of concern.

Configurable to Your Business

Structure CR2 to match your business.

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From manufacturing to pharmaceuticals to services – and virtually everything in between – CR2 can be configured to match your business structure and processes.

Security

Your data is protected from unauthorized access.

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CR2 runs on AWS (Amazon Web Services) for which a SOC-1 report can be obtained. Data transmitted between your browser and the server application is 256-bit encrypted. All user passwords are encrypted at the database level meaning that not even a developer can unlock a password.

Workflow

Route data changes through your approval structure.

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CR2’s workflow engine helps you ensure that all data modifications to contracts (additions, deletions, edits) are properly approved.

Contract Briefs

Create template-based contract briefs

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CR2 includes a rich text editor which will allow you to create any type of contract-related document directly in the system.

Export to Excel

Share information with others via simple Excel export.

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We understand that there will be times that you need to share data stored in CR2 with others. It is as simple as exporting that data to Excel and sending it along.

Search

CR2’s rich data model means powerful search capabilities.

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Every contract in CR2 is tagged with a significant amount of metadata. All of this metadata is necessary as you work towards compliance with the accounting standard. Our search engine uses that metadata to allow you to perform lightning quick searches across all contracts in the system.

Frequent Updates

Leveraging the cloud platform to deliver frequent updates.

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CR2 uses a development model whereby we release system updates and enhancements once per month. You will not have to wait long for new features.

Popup Guidance

View context-sensitive ASC / IFRS guidance.

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As you are determining the standalone selling price of an item, it may help to refer back to the standard itself. Or maybe you need to be refreshed with the definition of variable consideration. CR2 has context-sensitive popups all throughout that provide helpful information.

Role-based Permissions

Tailor access rights to your user community.

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The permissions model in CR2 allows you to create roles that match your organizational structure and the rights and responsibilities of your users.

Contract Versioning

As significant assumptions change, version the prior assumptions and create a new assumption-set.

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You never have to wonder about what signficant assumptions were at a historical point in time. CR2 allows you to version contract assumptions as they change. This is a powerful feature in combination with the Quarterly Assessments.

Quarterly Assessments

Reassess assumptions each reporting period.

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The new revenue recognition guidance requires you to assess significant assumptions each reporting period. Especially as they relate to contracts with variable consideration. This will no doubt be a key internal control for companies as they comply with Sarbanes-Oxley. CR2 automates the quarterly assessment exercise and provides documented evidence that it occurred.

Threaded Discussions

Retain important dialog directly in CR2.

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All of the dialog around a given contract or even a specific performance obligation in a contract is valuable information. It just makes sense to conduct and retain that dialog in the system rather than external email alone. CR2 includes a threaded discussion engine that allows you to have dialog around all significant elements of a contract.

Embedded Spreadsheets

Create and store important spreadsheets in CR2

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Rather than storing important calculations in spreadsheets outside of the system (e.g., allocation of transaction price to performance obligations,) use CR2’s spreadsheet functionality. It includes the most-used Excel functions and even allows you to upload existing Excel spreadsheets.

Single Contracts and Portfolios

Capture your contracts at the right level.

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CR2 supports the capture of contracts as individual contracts or as members of a portfolio of contracts.

Unlimited Everything

You can’t overload CR2 with data.

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Whether you have only a handful of contracts or thousands, your subscription to CR2 allows you to enter them all… including file attachments.

Multilingual

Use CR2 in your native language.

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CR2 will support major languages including English, Spanish, Chinese (Mandarin), French, German and others. As requests dictate, we will be adding other languages to the platform.

Notifications Engine

CR2 tells you when your attention is needed.

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CR2 notifies you when something needs your attention. This can be a workflow task, a quarterly assessment, a threaded discussion comment or even an alert that a new contract was added. Behind this functionality is the CR2 Notification Engine which allows you to configure custom alerts.