SOFTRAX, a leader in revenue recognition software in accord with accounting mandates for software suppliers, enhances its product suites with Contrax — a software solution for managing contract data, subscription, and transaction-based revenue. Contrax benefits software companies and application service providers (ASPs) offering access to the software as a service, Internet content providers charging for access on a transaction or subscription basis, and Net marketplaces, and exchanges.
The company recently added Contrax to its product portfolio. Contrax provides dynamic contract management in variable billing and revenue recognition environments — the essence of new Internet-based business models. These models include software companies that add software services or rent software; ASPs that provide software as a service; Internet content providers that charge for access for information on a transaction or subscription basis; and Net marketplaces and exchanges that mediate business processes.
Other companies offer limited support for complex billing environments — witness billing programs for the telecommunications industries — but none link dynamic billings with revenue recognition, nor support the terms and conditions of complicated contracts. Today many companies rely on manual journal entries for keeping account of the transactions that surround their customers’ contracts, a practice that leads to inaccuracies, omissions, and errors. SOFTRAX Contrax successfully addresses and automates the financial issues of subscription billing and contract management, transaction billing, revenue allocation, and revenue recognition.
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