ARM is an advanced revenue management solution that simplifies forecasting, allocating, recognising and reclassifying. Furthermore, this module makes auditing and reporting much simpler.
ARM provides full support for Vendor Specific Objective Evidence (VSOE) and Third-party Evidence (TPE), and offers optimised flexibility when creating business-specific schedules – helping ensure better compliance with revenue recognition standards.
What is ARM?
The ARM processor is an Instruction Set Architecture (ISA) tailored for embedded systems. It’s widely used across devices like mobile phones and media players as well as supercomputers.
NetSuite ARM can streamline revenue recognition to ensure compliance with major industry standards and regulations, and provide real-time visibility into revenue data and reports.
NetSuite Advanced Revenue Management offers businesses a way to automate revenue forecasting, allocation, recognition and reclassification via its rule-based event handling framework, helping them meet accounting standards such as ASC 606 while producing financial results on schedule.
This system supports various revenue arrangements and plans that allow companies to select the optimal approach for every business situation, including milestones, usage-based revenues and recurring ones. Furthermore, the ARM system can accommodate various revenue rules, recognition timeframes and allocation amounts across performance benchmarks; supporting multiple currencies and revenue management scenarios.
ARM Certification Requirements
NetSuite Advanced Revenue Management is an added-value module with key capabilities and features like revenue scheduling, allocation and reporting. Scalability and automation enable companies to conform with accounting standards such as ASC 606 and IFRS 15.
ARM provides business owners with a simple tool to implement revenue recognition rules tailored to their company’s individual needs and minimize non-compliance penalties and legal liabilities, while at the same time ensuring financial reporting accuracy, seamless updates and real-time visibility into revenue performance.
The ARM system also provides optimised flexibility for creating business-specific revenue recognition templates that make for efficient order value reallocation and VSOE compliance, multilayered transactions with various revenue elements across different revenue arrangements, industry requirements and tracking revenue performance over time through various metrics and benchmarks.
ARM Certification Exam
An ARM designation can provide you with an important edge in the insurance industry, but getting there requires hard work and study. Varsity Tutors’ personalized ARM preparation plans can help you meet your goals more easily – our tutors provide test-taking strategies, time management techniques, relaxation methods and focus strategies so that on exam day you’re confidently ready.
ARM simplifies revenue management by offering clear visibility of estimated sales prices (ESP) and actual sales prices to ensure compliance with key regulatory and industry standards. Furthermore, users are given the power to recognize revenue for complex sales processes by being able to change recognition plans and allocations in real time.
ARM exams contain application-based scenario questions, so in order to pass, it is imperative that you apply what you learn in class to real-life situations in order to pass. You may take the exam multiple times but preparation beforehand is critical for success.
ARM Certification Results
The ARM certification program offers many advantages for IT professionals. It helps lay a firm foundation for insurance and risk management within their field, strengthen knowledge among insurance specialists, and enhance decision making according to clients’ risks.
NetSuite’s Revenue Accounting Management (ARM) feature is designed to fully automate revenue forecasting, allocation, recognition and reclassification activities in accordance with standards such as VSOE and TPE. Businesses can further customize the module according to individual business needs by setting custom revenue recognition schedules or rules.
ARM can also be used to generate personal or master validation lists for treatment fields, data headers and site description information. These lists will simplify data entry by inexperienced typists while helping prevent typing errors from occuring. Furthermore, it can easily detect corrupted inheritance on file servers.