Market-Leading Revenue Automation Solution Available to Help Companies Meet New ASC 606 and IFRS 15 Requirements
CANTON, Mass. – October 30th, 2014 – Revenue recognition specialists SOFTRAX today announced that Revenue Manager, their market-leading revenue automation solution, will be prepared to support businesses adopting new guidance finalized by the Financial Accounting Standards Board (FASB) and International Accounting Standard Board (IASB) earlier this year.
For US companies, the new ASC 606 standards will represent the most significant change to business accounting practices since 2002’s Sarbanes-Oxley Act. The impact of ASC 606 is multiplied by the fact that it fundamentally changes the revenue recognition process, replacing the existing range of industry-specific guidance with a universal five-step framework. And with public companies expected to start using the new standard by 2017, the window for implementation is rapidly closing.
Adopting the new guidance is certain to raise logistical challenges. Even now, shortcomings in ERP and financial systems force many large businesses to resort to error-prone spreadsheet solutions or expensive customizations to successfully handle their revenue. That number will only increase as the new guidance pushes complexity into verticals that have traditionally had simple revenue recognition processes, driving risk, version lock-in, and other issues.
Faced with such problems, companies might opt to completely “rip and replace” their existing systems. However, this carries a significant burden in terms of time, cost, and business disruption. Revenue Manager offers a simpler way out of this dilemma. It represents a productized solution that easily integrates with existing infrastructure to automate the entire revenue process, including allocation, carves, deferments of both cost and revenue, determination of fair value, and generation of journal entries – activities that require manual workarounds in many leading systems.
Thanks to Revenue Manager’s flexible, template-based architecture, business users can quickly set up and support both current and future revenue management requirements. This puts control of your revenue process where it belongs: in the hands of your subject matter experts. Because data is being systematized in a productized solution, Revenue Manager also provides unprecedented reporting and support for audit, giving companies the single point of truth and visibility they require.
“SOFTRAX solutions have been helping companies stay ahead of changing regulations for more than 15 years,“ said Graham Hulme, Director of Product Development at SOFTRAX. “The flexibility and adaptability of our Revenue Manager product was founded on an understanding that the modern business world is constantly in motion. For companies that are in the process of planning their move to ASC 606, or for those seeking to move away from spreadsheets or expensive custom solutions, Revenue Manager can ease these transitions while creating new sources of business efficiency.”
For over 15 years, SOFTRAX has been fundamentally changing the way companies manage, report, and forecast their revenue and cash. With over 500 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.