Eliminate Spreadsheet Accounting

With Softrax, you can eliminate the spreadsheets you may be using for accounting purposes and greatly improve your productivity and decision making ability. Many companies (and financial professionals) start off using spreadsheets, so they naturally take for granted that spreadsheets are an acceptable, low-cost standard for accounting. But for successful companies in today’s world, the new mantra is: “Spreadsheets are for analysis not accounting.”

Using spreadsheets to perform accounting tasks—such as, revenue scheduling and allocations, deferred revenue calculations and forecasting, complex billing calculations, maintenance renewal alerts, and other critical financial processes—is a recipe for inefficiency and an invitation for audit issues. According to a recent survey conducted by IDC and RevenueRecognition.com, there are many substantive risks associated with spreadsheets:

Source: IDC and RevenueRecognition.com, n=118
To see the full report, click here.

As a result of integrating revenue calculations with the rest of your accounting workflows, you can minimize these risks while gaining control over data flows, increasing capacity, and utilizing resources more effectively.

Business Benefits

• Spend more time on high value add activities such as reporting and analyzing data
• Automatically perform all accounting calculations including support for tasks such as pro-rating VSOE (vendor specific objective evidence) and forecasting deferred revenue
• Automatically generate maintenance renewal alerts
• Create an auditable record of transactions
• Automatically produce revenue reports
• Integrate the transaction accounting and tracking process from quote through invoicing, accounting, reporting and forecasting
• Create a foundation for compliance with accounting guidelines and Sarbanes-Oxley requirements