Facilitate Sarbanes-Oxley Compliance

The Sarbanes-Oxley Act of 2002 mandates that companies comply with a wide range of financial management and reporting requirements. While Sarbanes-Oxley does not describe any specific IT solutions, the question of how companies will achieve the near real-time financial management described in the bill without IT is also left unanswered.

Leading companies see compliance as a milestone on the way to much more significant gains in business performance, executive decision support, and more efficient processes for capturing, recognizing, reporting, and forecasting revenue. However, a recent survey conducted by RevenueRecognition.com and IDC shows that revenue recognition accounting and contract administration and management are the two most difficult areas for establishing internal controls.

Source: IDC and RevenueRecognition.com, n=118
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Softrax revenue management solutions provide a transactional audit trail for all your revenue and contract related activities. By implementing Softrax you will be automating the fundamental revenue processes around which the documentation and testing necessary for Sarbanes-Oxley 404 compliance can be built.

With Softrax, all revenue data is integrated with contractual terms and billing histories so you can easily answer auditor's questions about how, why, when and by whom every revenue related event was processed. The result is a solid foundation for complying with the revenue reporting requirements of Sarbanes-Oxley, and the aggregated data you need to manage your business with greater clarity.

Business Benefits

Provide a transactional audit trail for SOX 404 assertions Optimize and automate revenue processes to ensure proper controls are implemented into daily operations Provide audit trail for all revenue accounting to ensure that corrective intervention is possible Improve the integrity of revenue data

Create a foundation for robust internal controls over revenue processes Strengthen internal controls and increase productivity by eliminating spreadsheets and unnecessary manual processes Enhance process monitoring, separation of duties, and user authentication Support compliance with revenue recognition rules (SOP 97-2, 98-9, 81-1, SAB 101/ SAB 104, and EITF 00-21) and Sarbanes-Oxley requirements

Greatly improve visibility and transparency Eliminate spreadsheets and integrate revenue data into your financial processes to provide full revenue transparency in real time Access detailed revenue histories Forecast deferred revenues by product, customer, and general ledger account Report on revenue by embedded components, salesperson, partner, product line, etc. Forecast expected revenue by customer, product, and against billing schedules