Modular Solution Manages Award-Winning Market Leader’s Revenue Recognition Process
CANTON, MA – January, 2019 – Revenue recognition specialists SOFTRAX are pleased to announce that Recorded Books has joined the growing number of businesses using the powerful revenue recognition and automation capabilities of SOFTRAX Revenue Manager to augment their existing ERP and financial platforms in support of ASC 606 and IFRS 15.
Recorded Books manages not only revenue, but also cost of goods (primarily commissions and royalties), with the SOFTRAX Revenue Manager solution. The deployment of SOFTRAX has enabled the accounting team to greatly improve its process for managing contracts with customers, deferred revenue, and deferred cost. The new system reduced the amount of time and effort required to track deferments at the end of each month while also allowing Recorded Books’ team to improve the controls in place to manage revenue and cost. Patricia Gilbert, who manages deferred revenue for Recorded Books, said that, “We especially like the reduction in time needed to process deferments at the end of each month as a result of the improved automation and we are impressed by the accurate, error free, results that we have seen since the cutover.”
Recorded Books was also able to migrate one year of legacy cost and revenue data. This enabled year- over-year comparative reporting using Revenue Manager’s Data Analytics solution. From commencement of formal professional services implementation activities, to its transition to Customer Care after going live, Recorded Books was live on Revenue Manager with under 30 days of Professional Services support from SOFTRAX.
Per Sharon Fay, Sr. VP, Global Operations for SOFTRAX, “We are very excited to have Recorded Books as part of our family of clients. The rapid deployment was only possible via the proprietary policy mapping technology within the Revenue Manager application. This engine enables configuration of even the most complex revenue policy in a point-and-click environment and is designed for rapid deployment. It has been critical to SOFTRAX’s ability to deploy a fully compliant environment with zero customizations and zero spreadsheets involved.”
SOFTRAX Revenue Manager provides these businesses with an easier alternative: instead of replacing existing financial or ERP solutions, this modular product augments them. Plugging into the company’s infrastructure, it draws data directly from order management, billing, and fulfillment systems, then uses this information to automate the entire revenue recognition process from end-to-end. As a scalable solution, Revenue Manager can grow alongside the organization itself as it is capable of processing hundreds of thousands of transactions per day.
About Recorded Books
Recorded Books is the largest independent publisher of audiobooks in the world, with a catalog of more than 40,000 exclusive titles narrated by award-winning actors. In addition to offering the highest-quality audiobooks, Recorded Books also delivers eBooks, magazines, comics, entertainment services, educational offerings, and more. The company’s RBdigital app delivers the library industry’s broadest array of digital services to millions of consumers. Recorded Books is an RBmedia company. Learn more at www.recordedbooks.com.
About SOFTRAX Revenue Manager
SOFTRAX Revenue Manager gives companies the power to address complex revenue recognition requirements not met by their current solutions – all with a minimum of disruption. The proprietary technology within Revenue Manager enables full automation of the ASC 606 / IFRS 15 guidance, including complex areas such as automation of Contract Modification and Contract Combination guidance, the Significant Financing Component, and other aspects not covered by platform or other purpose-built solutions. A powerful data analytics engine and extensive audit support keeps your data manageable for everybody from accountants to executives.
SOFTRAX Revenue Manager is ERP agnostic, easily integrating with leading enterprise solutions such as Microsoft Dynamics, Netsuite, SAP, Oracle, and Intacct.
For over 15 years, SOFTRAX has been fundamentally changing the way companies manage, report, and forecast their revenue and cash. With nearly 800 successful deployments, SOFTRAX is the leading provider of revenue automation solutions for US enterprises. Today, corporations manage billions of dollars through SOFTRAX, maximizing their revenue, reducing operating expenses, and complying with revenue recognition regulations and Sarbanes-Oxley requirements while gaining unparalleled visibility into their business performance.
SOFTRAX is headquartered in Canton, MA. More information can be found at www.SOFTRAX.com.