Revenue Recognition Subject Matter Expert
Resume:
KONRAD M. SOSNOW, M.B.A., J.D.
******@******.***
Hands on, Detail Oriented, Quote to Collect Subject Matter Expert
Accomplishments:
Supported sales team in negotiating contracts, thus increasing revenue by millions of dollars.
Trained start-up accounting team in revenue recognition under ASC 606, and developed tools to assist them. Result was accurate revenues, which supported the next round of financing.
Analyzed and solved revenue recognition issues resulting in increase of revenue by several million dollars.
Led team of junior revenue recognition accountants to successfully close books, account for revenue, and handle Remaining Performance Obligations without increasing staff as revenues increased by 50%
I have deep knowledge and experience with ASC 606, ASC 340-40, Contract reviews, SSP analysis, Hardware, Software and SaaS Licensing Agreements, development of Policies, Procedures and Training.
Improved processes and controls, including Sarbanes Oxley (SOX), to improve revenue accuracy in order to satisfy the external auditors.
I am also an Attorney and have drafted, reviewed, negotiated, and successfully completed numerous agreements including: Product Sales, Software & SaaS Licensing, International Distributor, and Transfer Pricing and Technology Transfer Pricing.
Professional Experience:
Revenue Recognition Accounting Consultant
Snowflake November 2022 to March 2023
● Under ASC 606, reviewed customer contracts for revenue recognition, calculated multi-element allocations, performed monthly revenue close including journal entries, account reconciliations, flux analysis, and backend controls to ensure accuracy of revenue. Developed desktop procedures for ongoing revenue accounting activities.
Technical Accounting Consultant
RoseRyan October 2021 to October 2022
Established and trained SaaS clients in recognizing revenue under ASC606 and incremental contract costs under ASC 340-40.
Wrote memo for auditors documenting procedures and controls under ASC 606.
Determined correct amortization of Extended Warranty under ASC 606.
Determined SSP per ASC 606 for public network security company
Revenue Recognition Subject Matter Expert
Extreme Networks May 2021 to August 2021
Reviewed and improved Variable Consideration processes under ASC 606 in order to improve accuracy of reserves for stock rotation and back-end rebates.
Used SOX controls to evaluate where procedures need to be modified.
Revenue Recognition Consultant
GoPro, Inc. June 2019 to October 2019
Improved Variable Consideration process under ASC 606 by adding an executive summary to reports and modifying backup information so it flows logically.
Resolved variable consideration revenue recognition issues for multi-element arrangements under ASC 606 which were created by offering customers options to buy additional products at a discount, thus creating a material right. NetSuite was the accounting system.
Revenue Recognition Consultant
Hewlett Packard Enterprise June 2017 to January 2018
I forecasted revenue with input from sales, drove determination of correct Revenue Recognition for multi-million-dollar, multi-element hardware and software arrangements under ASC 605-10- S99 (SAB 104), ASU 2009-13 (EITF 08-1), ASC 95-605-15-14A (EITF 09-3), and ASC 985-605-25 (SOP 97-2). Handled complex acceptance issues for NSA, NASA, and commercial contracts as well as Gross vs. Net determinations. Used Oracle and Revstream
Revenue Recognition Consultant
Delphix January 2016 to July 2016
Led the restatement of revenue for this provider of enterprise software which enables Data as a Service. Reviewed contracts and determined correct revenue recognition under ASC 985-605-25 (SOP 97-2). NetSuite was the accounting system. Wrote a comparison of ASC 606 vs. ASC 605. As the first step in implementing ASC 606.
Revenue Recognition Consultant
Vendavo April 2015 to October 2015
Improved revenue recognition processes and establishing controls for this provider of B2B software for margin and profit optimization through Big Data Analytics. Established Revenue Recognition Checklist to ensure correct revenue recognition and to document how thy determination was made. Reviewed contracts, advised sales, and performed monthly close, under ASC 985-605-25 (SOP 97-2) and ASC 605-35 (SOP 81-1). Used SAP and Salesforce.
Revenue Recognition Consultant
Couchbase March 2015 to April 2015
● Restated revenue recognition treatment for years 2012 through 2015 under 985-605-25 (SOP 97-2) for this provider of Big Data software, in preparation for an IPO. NetSuite was the accounting system.
Revenue Recognition Consultant
SGI December 2014 to January 2015
and Sept. 2011 to July 2013
I forecasted revenue with input from sales, analyzed multi-million-dollar, multi-element hardware and software arrangements and determined correct Revenue Recognition. Used Oracle and RevPro.
Worked with Legal and Sales to respond to Request for Proposals to ensure that potential revenue issues were identified and resolved.
Reviewed Contracts and communicated requirements to recognize revenue to management.
Documented arrangements for auditor review.
Reviewed and provided constructive comments for analysis completed by junior staff members.
Trained revenue recognition team.
Revenue Recognition Consultant
ForeScout March 2014 to June 2014
Performed Forensic Accounting as a component of Restating Revenue for years 2011 through 2013 Also improved procedures and controls for this provider of pervasive network security solutions.
Revenue Recognition Consultant
Saba Aug. 2013 to Feb. 2014
Restated revenue for multi-element arrangements for years 2008 through 2011 for this provider of SaaS based talent management, and social enterprise solutions.
Various April 2010 to September 2011
Clients included Narus Software and PINC Solutions.
Nanometrics July 2008 to Mar. 2010
Revenue Controller
● Managed team of six, including Korea, Japan, China, Taiwan and Europe, providing leadership, training and development.
Forecasted revenue with input from sales and assessed complex multi-element transactions ranging from $100K to $10 million.
Used knowledge/expertise in law and revenue recognition to review contracts and other agreements for tools, upgrades and service (under EITF 00-21 and SAB 104).
Supported the Sales team with negotiation of terms and arrangements.
Worked with Business Unit Managers to develop BESP process in order to implement ASU 2009-13 (EITF 08-1).
Directed worldwide accounts receivable collections via Oracle AR, slashing days sales outstanding from 110 to 75, in one year.
Kana Aug. 2006 to June 2008
Director of Worldwide Revenue
● Managed team of four, including one in Europe, providing leadership, training and development.
Forecasted revenue with input from sales for this provider of SaaS subscriptions and on-site CRM solutions.
Provided leadership, training, and development for revenue team.
Researched and wrote position papers delineating company positions relating to revenue recognition issues.
Used legal knowledge and revenue recognition expertise to review software contracts and other agreements for software license, maintenance, SaaS, and professional services revenue recognition under SOP 97-2, SOP 98-9, SOP 81-1, EITF 00-21 and SAB 104.
Quote to Collect process leader for NetSuite implementation.
Trained sales team on Revenue Recognition Fundamentals.
Supported sales team with negotiation of arrangements.
Oversaw the month-end revenue close including journal entries and account reconciliations related to revenue, deferred revenue and cost of revenues.
Directed licensing, revenue recognition and invoicing.
Prepared SEC revenue schedules and footnotes.
Systems: NetSuite, Oracle, Workday, Salesforce, and RevPro
Education:
B.S. Physics, Drexel University
M.B.A. in Finance, Santa Clara University
J.D., Peninsula University School of Law
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