2024 CODiE Finalist
Softrax

Resources

Case Study

Scaling Up With a Subscription Licensing Model

When the products of this software company really took off, they left the company’s primary accounting tools in the dust. With a subscription-based business model, the company had complex bills, revenue recognition requirements, and challenges in contract management. A move to SOFTRAX has fully automated these revenue activities, cutting financial cycle times by 75% and providing superior visibility into the financial present and future.

The company provides its software and services under several business models: some customers have perpetual licenses, but most are on annual subscription contracts, with set up and training fees charged separately and deferred over the contract term. While the division used an industry-standard application for their general ledger, most accounting activities—including customer tracking, invoicing, revenue recognition and reporting—were entirely manual processes managed from one spreadsheet with a tab for every customer.

The company had four primary requirements for a new system: it must manage deferred revenue, keep track of which products each customer owned, capture revenue by customer by month, and reduce billing cycle time. Management of deferred revenue was the most important.

“For companies with subscription or usage-based business models, SOFTRAX is perfectly suited for managing revenue recognition issues, billing, and contract administration.”
Vice President of Finance

Download the full case study to better understand the challenges facing this company and how SOFTRAX helped provide solutions that brought efficiency and automation to their organization.

Read the Full Case Study

FREE CPE WEBINAR
00
Days
:
00
Hours
:
00
Minutes
WATCH THE WEBINAR NOW