News and Events

05/11/10

AFS FINANCIAL SOLUTIONS ANNOUNCES THE RELEASE OF SOFTRAX^® ENTERPRISE

SOFTRAX^® Delivers Next-Generation Billing and Revenue Recognition Technology Platform

Canton, Mass. - May 11, 2010 – AFS Financial Solutions, a leading provider of enterprise revenue management and billing solutions, today announced the availability of SOFTRAX^® Enterprise, the next-generation of its flagship billing and revenue recognition platform. SOFTRAX^® Enterprise represents a comprehensive suite of financial technologies, designed to work together to solve key operational challenges nearly all companies face when managing an order-to-revenue cash cycle.

“SOFTRAX^® has long maintained a leadership position in billing and revenue recognition solutions for a wide range of companies. With the introduction of SOFTRAX^® Enterprise, we’ve extended this leadership position with additional capabilities that are critical to maximizing revenue and increasing customer satisfaction while minimizing compliance risk,” said Kurien Jacob, CEO of AFS Technologies, Inc.

SOFTRAX^® Enterprise includes the next major releases of SOFTRAX^® Operations and SOFTRAX^® Contrax, the cornerstone of AFS Financial Solutions technology platform, and the industry standard in billing, revenue, order management, contract management and customer management.

SOFTRAX^® Enterprise also integrates key general ledger and analytics capabilities with the recently released SOFTRAX^® Advanced Financials, and SOFTRAX^® Discovery. When deployed in concert with one another, these technologies make SOFTRAX^® Enterprise the financial foundation of any growing company.

This release of SOFTRAX^® Enterprise demonstrates a continued commitment by AFS to delivering innovative financial solutions. New features and improvements include:

• Consolidated, Unified Access – SOFTRAX^® Enterprise introduces a consolidated application dashboard and launching point, with click-and-go access to SOFTRAX^® applications, as well as other enterprise applications your employees are already using. Authentication is pre-configured and handled automatically, so there is no need to log in multiple times to multiple applications. Operations, billing, revenue, order management, contract management and customer management functionality are literally a click away from your GL, AP, AR, online reporting, analytics and system administration capabilities.


• Gain Efficiency in Managing Deferred Revenue Schedules – Recasting deferred revenue schedules has become even more powerful with SOFTRAX^® Enterprise. DR schedules can be recast according to start and end dates other than those initially used to establish the schedule, saving significant time and effort over manually managing DR schedules and improving accuracy in revenue reporting.


• Greater Milestone Invoice Flexibility – Companies with business models supported by milestone invoicing have more invoice delivery options than ever before. Improve customer satisfaction with transparency into just the right detail for the intended recipients.


• Enhancements to Tax Capabilities – New tax capabilities have been introduced in SOFTRAX^® Enterprise, including the ability to apply tax rules to both sales orders and proformas, on a company-by-company basis. The result is efficient and accurate application of tax rules, in a broad set of business scenarios.


• Support for New Revenue Recognition Models – A new recognition method has been introduced, offering companies the ability to recognize revenue as units or services are consumed, rather than at the time of sale or agreement. This supports business models where invoicing is required when a contract is initiated, and subsequent recognition to occur as units are consumed.


• Web Services Integration – As part of AFS Financial Solutions’ commitment to interoperability and flexibility, key functionality in SOFTRAX^® Enterprise has been re-written using Microsoft .NET, allowing interoperability with Web Service methods. Third-party and custom applications can initiate functionality only previously available via the client user interface, representing a significant step forward in integration and openness with your existing enterprise infrastructure.


• Significant Performance Enhancements – AFS Financial Solutions has taken the initiative to significantly improve performance in SOFTRAX^® Enterprise, helping to increase reliability and stability while reducing time and effort required during your business’ month-end, quarter-end and year-end close.


• Broad Platform Support – SOFTRAX^® Enterprise delivers support for modern IT infrastructures, including both 32- and 64-bit versions of Microsoft OS and database platforms. Support for these platforms makes it easier than ever to adopt virtualization strategies when considering deployment of SOFTRAX^® solutions.

SOFTRAX^® Enterprise will be generally available in May, 2010

About AFS Financial Solutions
AFS Financial Solutions Inc. is a leading provider of enterprise revenue management and billing solutions that fundamentally change the way companies manage, analyze, report and forecast their revenue. SOFTRAX^® solutions automate the entire revenue cycle, from contract and order management, billing and contract renewals through revenue recognition, reporting, and forecasting. Hundreds of corporations benefit from using SOFTRAX^® solutions to optimize their billing, maximize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. AFS Financial Solutions Inc., headquartered in Canton, MA is a wholly-owned subsidiary of AFS Technologies Inc. More information can be found at www.afsfinancials.com, www.revenuerecognition.com and by calling 1.800.533.2312.

About AFS Technologies, Inc.
AFS Technologies Inc. is the leading provider of business enterprise and on-demand software solutions. The company serves over 1,200 customers across the Americas with a portfolio of solutions for the Food, Beverage and High Technology segments. AFS Food and Beverage solutions are designed to reduce costs, improve efficiency, increase sales and margins, streamline internal processes, and assist in regulatory compliance. All AFS solutions utilize service oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies, distribution, and complex software companies the flexibility to upgrade specific elements of the software without affecting the rest of the system. For additional information, please visit www.afsi.com or call 877.821.3007.