In This Issue
Welcome to Softrax eNews, the Inside Track on Revenue Management.
Another year and another great wave of change is upon us – or is it? IFRS preparations are getting under way at an increasing number of companies. Most organizations will not have to report under IFRS for several years, but it will take two to three years of planning to be in compliance – and revenue recognition is an area that will require particularly close attention. Then again, the SEC could call the whole thing off.
Either way, efficiency and flexibility will be the key factors for managing change. Now is the time to get your revenue processes under centralized control. By starting early you can lower current operating costs and reporting risks, and substantially reduce the time and effort future changes will require. In this issue we have a number of resources to help you assess the scope of change under consideration and prepare your people, processes, and systems for the next wave of change.
IFRS offers no relief for complex revenue processes. 
A new survey from RevenueRecognition.com "Risk and Complexity in Revenue Reporting under US and International Standards," summarizes results from senior financial executives in the US and 34 other countries. More than twice as many respondents from both US and International groups identified revenue recognition among nine key processes as the most complex, most prone to error, and most material to financial statements. These results show the assumption that revenue recognition will get much easier under IFRS is clearly a misperception.
Automating revenue recognition processes provides tangible improvements.
A new white paper from BearingPoint and Softrax, "Laying the Foundation for Automating Revenue Accounting," explains why companies should automate their revenue processes, and how to successfully manage each phase of the implementation process from strategy to scope, design, and execution.
Warm Regards,
Softrax
Live Webcast on February 26th:
A New Revenue Recognition Standard?
On Thursday, February 26th at 1:00 p.m. Eastern Time, renowned Revenue Recognition expert, Tony Sondhi, will present a unique insider’s perspective on the new revenue recognition concepts outlined in the recently released FASB/IASB discussion paper, "Preliminary Views on Revenue Recognition in Contracts with Customers".
Revenue Recognition: an IFRS "Hot Spot"
—Featured on RevenueRecognition.com
This article outlines the key differences in the standards and provides a step-by-step approach to managing change as the fundamentals regarding revenue recognition and reporting are reformulated.
Software M&A – How the Rules Have Changed
Ken Bender, founder and Managing Director of Software Equity Group, provides an insightful recap on the software M&A trends in 2008, as well as valuable insight into what lies ahead in the software industry for 2009.
COSO Project 2008 Update: Guidance on Internal Controls
Trent Gazzaway, Managing Partner, Corporate Governance, Grant Thornton LLP, and project leader to the COSO initiative, provides a truly unique insider’s understanding of this initiative.
The Milestone Method: U.S. GAAP?
Is it GAAP? Will there be new guidance published on the application of this method? And what should you be aware when using this method? Renowned Revenue Recognition expert, Tony Sondhi, to discuss this critical issue in accounting under U.S. GAAP.
Automating Deferred Revenue to Increase Productivity
Taxware (now ADP Taxware) selected Softrax to centralize and manage customer installation data and to automate maintenance renewals and billings. Taxware turned to Softrax again several years later to handle all of the company’s deferred revenue. Today the entire revenue operation is streamlined, and finance is freed to spend considerably more time on analysis and planning.
SPOTLIGHT
Complete Billing and Revenue Management Solutions
Are you managing innovative business models with an old school financial infrastructure? Softrax provides end-to-end solutions to manage operational and accounting processes such as revenue recognition, complex billing, contract 
renewals, order management and more.
(Approximately 10 minutes)
Revenue Recognition for ERP
Does your ERP system do revenue? Working in concert with your existing ERP and Financials infrastructure, Softrax Revenue Manager fully automates revenue recognition, reporting, and forecasting throughout the enterprise.
(Approximately 10 minutes)
Laying the Foundation for Automating Revenue Accounting
A new white paper from BearingPoint and Softrax Corp. explains why companies should automate their revenue processes, and how to successfully manage each phase of the implementation process from strategy to scope, design, and execution.
Risk and Complexity in Revenue Reporting under US and International Standards
A new survey from RevenueRecognition.com shows that US and non-US companies have similar levels of risk and complexity in their revenue reporting processes. Both groups rated revenue recognition the most complex, most prone to error, and most material to financial statements by a margin of at least 2 to1 over other key processes. Companies from countries where IFRS is in force rated the relative risk and complexity in revenue recognition accounting higher by an even wider margin.
Upcoming Educational Seminars
2009 Executive Seminars on Revenue Recognition
Softrax is a sponsor of the following executive education providers and these CPE accredited courses.
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Currently a member of the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board (FASB), Dr. Sondhi’s events are designed for CFOs, controllers, financial reporting managers and others responsible for understanding and applying current accounting rules. |
Spring 2009 Schedule: |
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Introduction to Revenue Recognition Current Revenue Recognition Software Revenue Recognition |
Advanced Topics in Software Revenue Recognition EITF 08-01 & 08-09 Securitizations & VIE Acquisition Accounting - SFAS 141R |
Accounting for Software Revenue Recognition
Scheduled dates:
May 5 – Atlanta, GA
May 21 – San Jose, CA
June 2 – Boston, MA
+ more information and registration
To receive $100 off the EEI conference only price, enter priority code E8264/SFTX when registering.
