Powerful Billing and Revenue Management for B2B Monetization

SOFTRAX Revenue Management System (RMS)

SOFTRAX Revenue Management System (RMS) automates all aspects of billing and revenue recognition, so companies spend less time managing revenue and more time on strategic ways to increase it.

2024 CODiE Finalist
Video Transcript

Revenue management is getting more complex. It involves dealing with order management, contract renewals, and complicated billing, such as subscription and consumption billing models. It also involves complying with revenue recognition standards like ASC 606 and IFRS 15, which regulate the recognition of revenue from contracts. In addition, the SEC and other regulators are now increasing focus on compliance with these standards. Are your front and back offices ready?

In the past, some companies customized a broad ERP system to handle each aspect of complex revenue management. This meant being locked into that vendor and version at a high cost. Some companies used separate vendors to individually solve their billing, renewal, and revenue recognition challenges. Or, as new revenue recognition requirements emerged, some companies moved to spreadsheets to comply with the added rules. All these loosely integrated components, customizations, and spreadsheets made revenue management labor-intensive, at high risk for errors, and extremely expensive. It also meant that companies didn’t have one solution with transparency to reconcile total order value, billing, and revenue recognition. It’s time to use the right solution.

The SOFTRAX Revenue Management System, or RMS, is a sophisticated order management, billing, contract renewal management, and one of the world’s most powerful revenue recognition engines. As a recognized leader in revenue management since 1999, it provides a platform for advanced revenue accounting that you will never need to replace. Our solution meets the accounting needs of companies ranging from startups to multi-billion-dollar enterprises. This multi-tenant cloud platform uses a proprietary policy engine to automate key processes and reporting requirements. This dramatically reduces human touch and errors, which will transform your revenue management and accounting. And all with zero need for customizations or spreadsheets. The RMS platform provides a secure, auditable, and controlled environment for processing complex revenue.

The RMS billing functionality handles complex billing models, such as subscription, consumption (including minimums, tiering, and overages), one-time, and milestone.

The RMS revenue recognition functionality incorporates a state-of-the-art revenue subledger. It conforms to ASC 606 and IFRS 15 standards. It handles accounting for multiple currencies and entities. It handles unbundling line items, assigning accounts, allocating revenue against standalone selling price, and deferring revenue. And it also processes contract modifications and combinations, variable consideration, material rights, time value of money, cost capitalization and more in a sophisticated way.

Given that up to 90% of a company’s revenue comes from renewals, the RMS subscription and contract renewal management functionality tracks and notifies you of pending renewals , keeps track of allowed upticks to maximize revenue at renewal, and handles complex co-terminations with full contract history.

Want to learn more? Contact us at sales@softrax.com to schedule a 30-minute consultation.

Streamlined Billing and Revenue Management

SOFTRAX RMS is the only comprehensive, multi-tenant cloud software solution, supporting supports all forms of complex billing, dynamic pricing, contract renewal management, and revenue recognition to meet the needs of today’s competitive marketplace. With SOFTRAX, a company achieves a high level of automation that allows continuous accounting, easy deployment of complex billing models, and compliance with ASC 606 and IFRS 15. In other words, SOFTRAX RMS is a gamechanger that offers revenue management tools for revenue optimization.

Download the SOFTRAX RMS Data Sheet to learn more.

A Perfect Fit for B2B Billing and Monetization

SOFTRAX RMS delivers the industry’s highest level of system-wide automation. This single revenue management solution seamlessly integrates with existing CRM, CPQ, home-grown, or other systems, automating the flow of order and fulfillment data and associated data points to trigger billing and revenue recognition. The system simultaneously accounts for exchange rate, tax, and payment data to ensure operational efficiencies and accurate and timely processing. Your team can make informed and data-driven decisions for revenue growth and revenue strategy.

SOFTRAX RMS Diagram
SOFTRAX RMS Diagram

We've Got Your Billing and Monetization Covered

Subscription Billing

Subscription billing involves increased billing complexity, but it is also challenging from a revenue recognition standpoint. SOFTRAX RMS has functionality to handle the complexities of subscription billing and integrate billing with complex revenue recognition and contract functions, drawing on SOFTRAX’s 25-year history in revenue management and revenue strategy.

Consumption and Usage-Based Billing

Consumption, or usage-based, billing is increasingly popular, and it requires sophisticated measurement that ties into the contract and can handle tracking revenue streams at the right price. SOFTRAX RMS meets any demand of a consumption or usage-based billing scenario, supporting all types of measurement, enabling automation for complicated processes, and measuring against the contract.

Milestone Billing

Milestone billing is a payment cycle that uses agreed-upon events or deliverables as billing deadlines. SOFTRAX RMS allows all aspects of milestone billing to be automated and leverages milestone widgets to manage even the most complex schedules seamlessly.

Revenue Recognition

Revenue recognition is a key part of financial success for B2B companies. SOFTRAX RMS automates revenue recognition for ASC 606 / IFRS 15 compliance, empowers faster close times, and handles all levels of revenue recognition from simple to complex.

Subscription Billing

Consumption and Usage-Based Billing

Milestone Billing

Revenue Recognition

Subscription billing involves increased billing complexity, but it is also challenging from a revenue recognition standpoint. SOFTRAX RMS has functionality to handle the complexities of subscription billing and integrate billing with complex revenue recognition and contract functions, drawing on SOFTRAX’s 25-year history in revenue management and revenue strategy.

Consumption, or usage-based, billing is increasingly popular, and it requires sophisticated measurement that ties into the contract and can handle tracking revenue streams at the right price. SOFTRAX RMS meets any demand of a consumption or usage-based billing scenario, supporting all types of measurement, enabling automation for complicated processes, and measuring against the contract.

Milestone billing is a payment cycle that uses agreed-upon events or deliverables as billing deadlines. SOFTRAX RMS allows all aspects of milestone billing to be automated and leverages milestone widgets to manage even the most complex schedules seamlessly.

Revenue recognition is a key part of financial success for B2B companies. SOFTRAX RMS automates revenue recognition for ASC 606 / IFRS 15 compliance, empowers faster close times, and handles all levels of revenue recognition from simple to complex.

Contract Renewal Management

Contract Renewals have a direct tie to business profitability and efficiency. For most companies, the majority of their revenue comes from contract renewals. SOFTRAX RMS tracks the status of every contract through the renewal process. It manages the associated products based on division, location, and other parameters. This reduces revenue loss and leakage and allows quick access to the data needed for timely renewals.

Analytics

Today’s ultra-competitive market requires companies to have perfect, real-time transparency into the revenue metrics that drive their business. Particularly in recurring revenue environments, it is imperative for executives to understand the factors causing month-to-month fluctuations, including upsells, downsells, new logos, credits, pauses, product swaps, and many others. SOFTRAX RMS offers this view of revenue metrics through feature-rich analytics for real-time revenue data, all contract state and history, and change events.

Workflow

SOFTRAX RMS is augmented by a powerful workflow engine with a substantial amount of proprietary IP built in. This workflow engine can be used as a pre-processor for data to extend the power and flexibility of the proprietary policy engines, to automate key, specific workflows, and as a productization of the integration layer for order and other data. A company should use all forms of data for a complete understanding of its revenue and financial status. With SOFTRAX RMS, a company can import customers, products, contracts, orders, invoices, usage records, credit memos, and all your transactional data.

Contract Renewal Management

Analytics

Workflow

Contract Renewals have a direct tie to business profitability and efficiency. For most companies, the majority of their revenue comes from contract renewals. SOFTRAX RMS tracks the status of every contract through the renewal process. It manages the associated products based on division, location, and other parameters. This reduces revenue loss and leakage and allows quick access to the data needed for timely renewals.

Today’s ultra-competitive market requires companies to have perfect, real-time transparency into the revenue metrics that drive their business. Particularly in recurring revenue environments, it is imperative for executives to understand the factors causing month-to-month fluctuations, including upsells, downsells, new logos, credits, pauses, product swaps, and many others. SOFTRAX RMS offers this view of revenue metrics through feature-rich analytics for real-time revenue data, all contract state and history, and change events.

SOFTRAX RMS is augmented by a powerful workflow engine with a substantial amount of proprietary IP built in. This workflow engine can be used as a pre-processor for data to extend the power and flexibility of the proprietary policy engines, to automate key, specific workflows, and as a productization of the integration layer for order and other data. A company should use all forms of data for a complete understanding of its revenue and financial status. With SOFTRAX RMS, a company can import customers, products, contracts, orders, invoices, usage records, credit memos, and all your transactional data.

Learn How SOFTRAX RMS Can Improve Your Accounting Processes

Invoice

Running Billing without Manual Processes

The complexities of subscription and consumption billing have caused many companies to revert to manual processes for total revenue management. This human element increases the risk of error for even the most talented teams and decreases team productivity.

SOFRTRAX RMS does away with the need for any manual touchpoint or spreadsheet, automating all aspects of billing and revenue recognition. With the platform, all stages of the billing cycle are captured, so that revenue management is always active and accurate.

Checklist

Operationalizing ASC 606 / IFRS 15

Now that most organizations are confident in their ASC 606 compliance, they face the “day-two” challenge of operationalizing this massive accounting shift that ties revenue billed or received to the customer contract.

SOFTRAX RMS is designed meet changing financial requirements and accounting standards that come with business operational adjustments or compliance modifications. SOFTRAX draws on its 25-year history of developing industry-leading revenue management systems to power companies for their next phase of growth.

SaaS Cloud

Reinvigorating Aging ERP Setups

Many legacy financial systems are not equipped to handle the complex revenue management requirements imposed by evolving business models and ASC 606. Often companies are forced to adapt to the changing marketplace with manual workarounds that are inefficient and vulnerable to human error.

SOFTRAX RMS features seamless integration with all major ERP, CRM, and CPQ systems with zero customizations or spreadsheets. SOFTRAX RMS also allows companies to avoid a costly rip and replace of current systems.

Running Billing without Manual Processes

Operationalizing ASC 606 / IFRS 15

Reinvigorating Aging ERP Setups

The complexities of subscription and consumption billing have caused many companies to revert to manual processes for total revenue management. This human element increases the risk of error for even the most talented teams and decreases team productivity.

SOFRTRAX RMS does away with the need for any manual touchpoint or spreadsheet, automating all aspects of billing and revenue recognition. With the platform, all stages of the billing cycle are captured, so that revenue management is always active and accurate.

Now that most organizations are confident in their ASC 606 compliance, they face the “day-two” challenge of operationalizing this massive accounting shift that ties revenue billed or received to the customer contract.

SOFTRAX RMS is designed meet changing financial requirements and accounting standards that come with business operational adjustments or compliance modifications. SOFTRAX draws on its 25-year history of developing industry-leading revenue management systems to power companies for their next phase of growth.

Many legacy financial systems are not equipped to handle the complex revenue management requirements imposed by evolving business models and ASC 606. Often companies are forced to adapt to the changing marketplace with manual workarounds that are inefficient and vulnerable to human error.

SOFTRAX RMS features seamless integration with all major ERP, CRM, and CPQ systems with zero customizations or spreadsheets. SOFTRAX RMS also allows companies to avoid a costly rip and replace of current systems.

Analytics

Eliminating Customizations and Spreadsheets

When billing and revenue recognition are complex, spreadsheets or customizations will only cause problems. The best way to capture all billing opportunities, recognize revenue easily, and manage contract renewals is to have the right solution in place.

SOFTRAX RMS is the only solution providing seamless integration between billing and revenue recognition without the need for customizations or reliance on spreadsheets. The platform automates processes, allowing companies to handle revenue management easily.

Calculator

Managing Recurring Revenue

Many companies see the benefits of the recurring revenue economy but are impeded by the complex processes these billing models require.  Legacy financial systems in particular lack the functionality to automate one or both of these processes.

SOFTRAX RMS allows for recurring revenue to be recognized and managed seamlessly, for both new implementations and across legacy systems.

Slider Icon

Implementing Touchless Revenue Accounting

While total back-office automation may seem out of reach, the path toward continuous accounting is something most companies should prioritize if they want to thrive in the future.

SOFTRAX RMS provides the only solution that combines complex billing and revenue recognition capabilities to streamline revenue management and advance an organization’s path toward continuous accounting.

Eliminating Customizations and Spreadsheets

Managing Recurring Revenue

Implementing Touchless Revenue Accounting

When billing and revenue recognition are complex, spreadsheets or customizations will only cause problems. The best way to capture all billing opportunities, recognize revenue easily, and manage contract renewals is to have the right solution in place.

SOFTRAX RMS is the only solution providing seamless integration between billing and revenue recognition without the need for customizations or reliance on spreadsheets. The platform automates processes, allowing companies to handle revenue management easily.

Many companies see the benefits of the recurring revenue economy but are impeded by the complex processes these billing models require.  Legacy financial systems in particular lack the functionality to automate one or both of these processes.

SOFTRAX RMS allows for recurring revenue to be recognized and managed seamlessly, for both new implementations and across legacy systems.

While total back-office automation may seem out of reach, the path toward continuous accounting is something most companies should prioritize if they want to thrive in the future.

SOFTRAX RMS provides the only solution that combines complex billing and revenue recognition capabilities to streamline revenue management and advance an organization’s path toward continuous accounting.

What Customers Are Saying About SOFTRAX

Learn How to Transform Your Revenue Management Through Automation

SOFTRAX RMS is the industry’s only solution that pairs complex subscription and milestone billing with enterprise-level revenue recognition capabilities in a single multi-tenant cloud system. To understand more download our Solution Overview sheet.

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