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Contract & Renewals Management

Automate Your Maitenance Renewal Process and Optimize Customer Revenue

Contract renewals are a critical revenue source for many businesses. Yet many companies still rely on desktop tools and custom systems to manage their renewals, greatly increasing the risk of missed revenue.

SOFTRAX offers a fully integrated and automated solution, eliminating inefficiency, confusion, and risk while bringing renewals directly into your finance operations.

 

Optimize Renewals Throughout the Revenue Cycle
  • Customize renewal rules using a broad range of criteria — date, product, location, customer, and more
  • Automate pricing based on contract terms and coverage dates
  • Capture all maintenance information at order entry — no downstream reentry needed
  • Automatically create revenue schedules, renewal notices, invoices
  • Deferred revenue automatically posts to the general ledger each month

Identify Upsell and Renewal Opportunities.
  • See when a contract is up for renewal — and what was previously negotiated around that contract
  • Create renewals using detailed account information, including multiple bill-to addresses and company hierarchy
  • Automatically incorporate changes to the invoice into all appropriate general ledger accounts

Streamline Renewals for Customers.
  • Easily send pro-forma invoices — early negotiations mean effective upselling
  • Renewals always include current contract terms, including pre-negotiated changes in pricing and discounting
  • Consolidate multiple renewal notices and simplify renewals with automated co-termination
  • Maintain global maintenance contracts for multinational companies with international business unit

Integrate Contract Data With Your Accounting Processes.
  • Simplify administration and accounting for multi-element contracts
  • Facilitate complex billing
  • Support compliance with Sarbanes-Oxley, SEC and FASB guidelines 

Put an End to Revenue Leaks With Better Visibility.
  • Quickly get data needed for timely renewals and maximize your uptick potential
  • Instantly access detailed historical and future views of deferred and recognized revenue streams
  • Improved insight into renewal revenue: follow new dollars added, churn, and total renewal base
  • Track the status of each renewal as it moves through the process

 

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