REVENUE MANAGEMENT SYSTEM
The SOFTRAX Revenue Management System is a powerful approach to revenue management. It is the world’s only system that combines best-in-class automation for one-time, milestone, subscription, consumption, and renewal billing and complex revenue recognition in a single solution to streamline the revenue management process.
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.
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The SOFTRAX Revenue Management System can be deployed as a single application, or alternatively, the Revenue Manager portion can be licensed in isolation as an independent application for revenue recognition.
SOFTRAX Billing Manager allows you to automate all types of billing schedules, enabling the transition to recurring revenue models while still supporting legacy models. Billing Manager combines robust billing functionality with contract renewals management and order entry capabilities.
Delivered as a multi-tenant cloud SaaS solution to provide customers with continuing seamless upgrades, easy scalability, and predictable costs.
Effectively deploys all types of billing, including one-time, milestone, consumption, subscription, and renewal models.
Configurable and integrates with most 3rd-party solutions (CRM, CPQ and PSA) and ERP/Accounting platforms.
Systematizes and enforces compliance of complex revenue recognition accounting guidance.
Quickly visualize your revenue data with a robust dashboard of reports.
Automatically calculate complex accounting, including allocations, scheduling recognition of revenue, carve-outs, triggers, and more.
“Through an outstanding collaborative effort with the SOFTRAX team, we improved our use of the SOFTRAX features and functionality that will help Epicor grow and scale its install base and recurring billing.”
“SOFTRAX offers the flexibility to handle the various forms of complex billing and revenue recognition we require. SOFTRAX helps us maintain our controls at a system level, keep close times short, and avoid a need to scale human resources as our business has grown.”
“SOFTRAX is a win-win for us. We saw significant efficiency improvements within two weeks of go-live. We have dramatically increased our transaction volume through organic and M&A related growth without a need for increased headcount.”
“SOFTRAX helped us capture an opportunity to operationalize the new revenue recognition guidance with automation that advanced our existing process.”