Business Benefits

SOFTRAX Business Benefits

SOFTRAX delivers substantial hard dollar savings according to a recent customer survey. SOFTRAX customers increased renewable revenue streams by an average of 5%, In addition, customers reported substantial improvements in key areas including: accounting processes, productivity, compliance processes, customer relationships, and key metrics such as days sales outstanding (DSO).

Renewable Revenue Increases by 5%
Renewable and recurring revenue streams are becoming increasingly vital sources of growth for companies in many different industries. However, these business models can trigger very complex billing and revenue accounting issues that traditional systems are not designed to handle well, resulting in missed revenue. SOFTRAX, on the other hand excels at automating such complex financial arrangements, and by doing so, delivers significant savings.

Many SOFTRAX customers get half or more of their total revenue from renewable sources. If a company has $200 million in total revenue, half of it from renewals, the average SOFTRAX savings is 5% of $100 million, or $5 million delivered straight to the bottom line annually.

Process Efficiency Ratings Improve by 48%
Customers reported that SOFTRAX substantially improves the efficiency of key financial processes, including:

• Billing
• Capturing renewable revenue
• Deferred revenue accounting
• Contract management

Productivity Improves 16%
Closing the books is a labor intensive activity for many companies, especially when complex revenue models are involved. SOFTRAX automates complex revenue transactions and delivers detailed reports. As a result, customers reported an average annual time savings of six-and-a-half weeks off their previous closing processes-an overall productivity improvement of 16%.

Enhanced Compliance Processes
Revenue compliance is a critical issue for every public and private company. The majority of financial restatements are caused by irregularities in revenue reporting. Complex accounting guidelines combined with demanding Sarbanes-Oxley requirements have made revenue accuracy extremely urgent. SOFTRAX applies strict user access and transaction monitoring to ensure proper revenue accounting and to support key internal controls.

Specifically, respondents reported that SOFTRAX improved their ability to comply with:

• Sarbanes-Oxley
• SOP 97-2
• SOP 98-9
• SOP 81-1

DSOs Improve
One of the most commonly used metrics for measuring the health of finance operations is days sales outstanding (DSO). SOFTRAX customers that reported a change in DSOs claimed reductions of 15% to 65%.

Better Customer Relationships
Financial transactions are a key part of any customer relationship. Accurate and timely billing delivered to the right location makes it much easier for customers to confidently process invoices and make payments. SOFTRAX revenue management solutions offer advanced invoice generation and flexible bill presentation capabilities to smooth the financial aspects of your customer relationships. As a result, two-thirds of survey respondents reported that SOFTRAX made their customer relationships easier to manage by reducing invoice disputes, and expediting renewals and payments.