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AEG

Ownership: Private
Industry: Entertainment
Location: Los Angeles, CA

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Case Study: AEG

The impact of the new revenue recognition accounting standard, ASC 606 / IFRS 15 has been felt far and wide. Late in 2018, the Anschutz Entertainment Group (AEG) began searching for a cloud software solution to implement and execute the new ASC 606 requirements for its sponsorship advertising revenue recognition, which as a result had greatly increased in complexity. AEG is a leading worldwide sporting and music entertainment presenter, which owns and operates a collection of sports, entertainment, and real estate interests around the world.

 

The Challenges

Said Sue Chaplin Herb, SVP of Finance and Financial Reporting for AEG. “At AEG, we wanted to capture an opportunity to operationalize the new revenue recognition guidance with automation that advanced our existing process. From what could be viewed as a required compliance exercise, we believed we could emerge with a strategic revenue process that was stronger than ever. Based on feedback we received from a trusted consulting partner, who had evaluated other software on the market, and demonstrations of its capabilities, SOFTRAX was the clear winner. There were several factors that guided our decision. These included:

  • Cost: We found that due to the smart architecture of the core application, which did not require customization, the time and cost to implement was 50% lower than other vendors. We weren’t going to “reinvent the wheel” and pay for it.
  • SOFTRAX position and longevity: As an industry leader for over 20 years we believed SOFTRAX had the stability and pedigree required in a partner. We could trust in its compliance capability to deliver timely, accurate, quality outputs as needed in this critical, complex area.
  • Enhanced automation: Through our evaluation, we realized we could achieve a level of automatization where we could continue to grow the revenue volume on the platform without a corresponding human capital effort in the accounting. The software has a clean, effective user interface that can be centrally maintained and controlled for our business.
  • Superior analytics: SOFTRAX provides analytical capabilities that enable our financial reporting team to create custom reports that gets us the data and key contract information we need.
  • ERP-agnostic architecture: The structure of the SOFTRAX solution combines the integration layer, reducing the time, cost, and complexity of connecting SOFTRAX Revenue Manager to upstream applications. Uploads from existing systems are fast and effective.
  • An ability to readily expand into other revenue areas, billing and operational uses: If we decide to shift or expand our contract entry and billing applications in the future, including potentially other revenue streams, we believe we have room to continue to grow with SOFTRAX, as the integration process would be fast and streamlined.”

 

From Tom Zauli, SOFTRAX SVP and General Manager:

“AEG has been a fantastic partner. Sue and her team have bypassed the risk of spreadsheets and custom solutions, demonstrating a commitment to ensure industry leading security and controls within the AEG order to revenue processing infrastructure. We look forward to partnering with them for many years to come.”

About SOFTRAX

SOFTRAX provides the only complete revenue management solution that combines enterprise-level billing and revenue recognition capabilities in a multi-tenant cloud-based tool. Independent modules seamlessly integrate with each other and existing core systems to deliver enterprise-level functionality that streamlines the entire revenue management process and advance an organization’s path toward continuous without the need for large platform customization or replacement.

We would greatly appreciate an opportunity to help your company and you reach full revenue
automation. Please contact SOFTRAX today at sales@softrax.com, or 972.715.4028.

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