Revenue management is a fully integrated and automated process for managing the financial transactions associated with your customer relationships. Softrax revenue management solutions improve the accuracy, availability, and usability of your key financial information by eliminating spreadsheets and integrating the flow of revenue data across all your accounting processes.
Softrax solutions are based on a fundamental architectural advantage that enables automation to be applied independently to billing and revenue recognition in a coordinated way. As a result, very complex revenue models and the demands they place on your billing, recognition, allocation, scheduling, and compliance activities can be effectively automated in one system.
With Softrax you can easily control business models that create headaches for other systems, especially when it comes to managing deferred revenue, contract renewals, and issuing complex invoices. Because Softrax stores all revenue related information, your audit and analysis processes are always based on high integrity revenue data. By implementing Softrax you get a robust financial infrastructure that supports growth and innovation as you scale your business.
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Contract Management
- All the details of the contract are managed throughout the contract life cycle, including terms for billing and revenue recognition
- Sales orders and contract renewals are supported with multiple pricing based on volume or service level
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Billing
- Business models and customer billing can be customized by account
- Automatic pricing based on contractual terms can be applied to any line item
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Revenue Allocation
- Accurate and consistent revenue booking
- Contracts that have multiple elements and numerous revenue streams are assigned appropriate allocation and recognition schedules according to your business rules
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Revenue Recognition
- Revenue is booked and recognized in the appropriate fiscal accounting periods, according to accounting practices and regulations
- Visibility into this process is provided with a transactional audit trail and reporting tools
- Updates issued as new regulations from the SEC and FASB appear
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Revenue Reporting
- Access to detailed reports and audit trails, with visibility into revenue schedules to enable proactive revenue management
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Revenue Forecasting/Planning
- Revenue forecasting and ability to adjust business plans to reflect changing business scenarios
- Supports analysis of changes in future maintenance revenues, deferred revenues by product, forecasting services revenue by customer or engagement, and measurement of profit and loss impact according to service engagement
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Support Compliance with Sarbanes-Oxley, SEC and FASB
- Provide a transactional audit trail for SOX 404 assertions
- Create a foundation for robust internal controls over revenue processes
- Support compliance with revenue recognition rules (SOP 97-2, 98-9, 81-1, VSOE, SAB 101/ SAB 104, and EITF 00-21)
- Identify and optimize revenue processes
- Improve the integrity of revenue data
- Better establish and enforce internal controls for revenue
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CUSTOMER PERSPECTIVE
“We were also trying to keep track of
all our deferred revenue in gigantic spreadsheets. Then we had other
spreadsheets for maintenance renewals. There was too much room for
human error.”
Harold McCabe
Controller
Fischer
+ more
LIVE EXECUTIVE WEBCAST
Live on May 22nd: The New Standard Part II: IFRS & Revenue Recognition
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ATTEND AN ONLINE DEMO
 Learn
more about Softrax' billing and revenue solutions by attending an
online demo.
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