Campfire manages the full revenue recognition process by applying configurable rules to contract data as it enters the system. It evaluates each contract against the five-step framework defined by ASC 606 and IFRS 15, identifying obligations, setting transaction prices, and creating recognition schedules. Revenue is allocated across deliverables and recognised in the correct periods without manual effort. This reduces reliance on spreadsheets and shortens the time required for month-end close while maintaining compliance with accounting requirements.
Campfire uses a rule-based engine to map contract details to the correct accounting treatment. Rules can be set based on product type, contract structure, delivery model, or customer segment, allowing different revenue scenarios to be handled within one system. As new contracts are created, the platform applies the relevant rules automatically, generating schedules and preparing entries without manual calculation. This ensures consistent treatment across all contracts and reduces the risk of errors in standard revenue processes.
Campfire creates journal entries as revenue is recognised, including full detail such as account codes, amounts, dates, and references back to the source contract. Entries can be posted directly to the general ledger or held for review, depending on internal controls. Each entry is linked to the contract and the rules used to generate it, providing a clear audit trail. This improves transparency, supports compliance, and removes the need for manual journal preparation during reporting periods.
Why Campfire Stands Out
