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.
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:
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.”
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 firstname.lastname@example.org, or 972.715.4028.