Taxware selected SOFTRAX to centralize and manage customer installation data, and to automate maintenance renewals and billings. Taxware turned to SOFTRAX again several years later to handle all of the company’s deferred revenue. Today the entire revenue operation is streamlined, and finance is freed to spend considerably more time on analysis and planning.
Taxware needed a solution that would automate all of their revenue recognition functions, eliminate the need for spreadsheets and manual entries, as well as the many possibilities for error that those processes introduce. Their software business utilized a relatively simple subscription model in which the revenue for every license was initially deferred, then recognized in equal installments, one month at a time, depending on the length of the contract. They needed a system that would allow them to input revenue recognition rules for each contract, then process them automatically.
Today’s enhanced SOFTRAX system at Taxware manages not only the installed base data, billing and renewals, but automatically allocates and posts subscription and maintenance contract revenue using deferred revenue schedules.
Download the full Taxware Case Study to better understand the challenges they faced and how SOFTRAX helped provide solutions that brought efficiency and automation to their organization.