SaaS teams balancing revenue management and subscription billing face unique opportunities and challenges. The SOFTRAX Revenue Management System helps you make the most of your business and provides the ability needed for challenges and compliance.
The downstream processes of billing and revenue recognition begin with strong order management. Automating your order management process can be challenging. SOFTRAX Revenue Management System (RMS) accurately captures order information and uses it to manage downstream billing, contract renewal, and revenue recognition processes. Orders are created either completely through import of field data from upstream systems, through manual typing of order data into the Billing Manager order entry screens, or in a hybrid approach where core data is brought in from upstream systems and augmented by accountants (for example to manually enter complex milestone schedules or subscription/consumption tiering and overage limits that may not be systematized in upstream systems).
SOFTRAX RMS allows you to tailor billing processes based on your customer’s needs. One-time and milestone billing capabilities completely automate your billing process.
Multi-faceted billing scenarios are made easy through the SOFTRAX infrastructure of automation:
As more companies migrate to recurring revenue models, many find themselves in need of a solution to handle the transition, supporting not only their legacy bill models, but also providing flexible support for subscription and consumption bill models.
SOFTRAX RMS eases this transition. In addition to the above capabilities, the Billing Manager offers full capabilities related to subscription and consumption billing, including support for:
Even contracts that are not subscriptions, per se, must often be renewed annually. In a typical scenario a company will record 80% or more of its revenue from the renewal of existing contracts. It therefore becomes extremely important that these contracts are renewed in a timely manner, and for the appropriate revenue amount, including any agreed upon uptick in the renewal rate.
SOFTRAX RMS includes a sophisticated contract renewal engine, capable of the following:
SOFTRAX Revenue Manager offers functionality that fully automates all revenue recognition processes as follows:
The SOFTRAX Revenue Management System offers functionality that fully automates all revenue management processes as follows:
The cost of accounting is heavily driven by the amount of human force applied. Costs include not only the processing of revenue, but all the checks required. Policy based processing can reduce this cost significantly > 60%.
Revenue recognition compliance is critical. Policy based processing reduces the chance of human error, comment letters, and restatements.
Processing occurs in the context of a secure, auditable database.
SOFTRAX Revenue Management System offers functionality that fully automates all revenue management processes as follows:
SOFTRAX is a powerful system to perform order management, billing, contract management, and revenue recognition. Are you ready to see what this single solution can do for your team?
Do you know the five steps of ASC 606 and the impact of them on your revenue? The SOFTRAX ASC 606 Checklist can help.