SOFTRAX announces the Next Level of ASC 606 and IFRS 15 Automation with Revenue Manager 5.1
BOSTON - July 24, 2018 - Softrax, a division of AFS Technologies, and the leader in revenue recognition automation solutions, today announced the upcoming release of Version 5.1 of its Revenue Manager solution. Revenue Manager serves businesses by automating revenue recognition under current and future guidance, including ASC 605, ASC 606 and IFRS 15.
"We are extremely excited about this upcoming release and what it will mean for our clients and prospects," said Tom Zauli, Softrax General Manager. "This new release achieves the long-desired outcome of a zero-spreadsheet, zero-customs environment for revenue recognition. Further, we feel with this release there is little, if any, chance the revenue recognition sub-ledger will ever have to be replaced, regardless of future changes to business practices, or surrounding systems. It gives clients the confidence that this part of the back office will not be an impediment as they evolve front office practices to keep up with the demands of business."
As companies are adopting the accounting practices of ASC 606 and IFRS 15, most have had to take a brute force approach, leveraging bodies and spreadsheets. While tactically necessary for many companies to meet the deadline for adoption, such an approach induces significant risk and cost penalties. Softrax Revenue Manager was designed from the ground up to automate the processing of complex revenue recognition while maintaining strong controls and audit capabilities. Version 5.1 takes these advantages to the next level.
Softrax Revenue Manager v 5.1 includes a number of major updates, including a redesigned User Interface, a state of the art workflow engine, and a more flexible account structure. Version 5.1 will be widely available in January of 2019.
Softrax is a leading provider of revenue recognition software, helping enterprise level companies comply with the new standards, ASC 606 and IFRS 15. With Softrax solutions, companies can regain control and implement the new revenue recognition standard with confidence. Softrax solutions seamlessly augment ERP and financial systems to support existing and coming revenue guidance, reduce operating expenses, and gain unprecedented visibility into business performance. To learn more, please contact Softrax at 972-715-4028 or visit www.softrax.com