SOFTRAX gives Software and SaaS companies a single-system solution for support of all billing models, revenue recognition, contract management, and ASC 606 compliance.
With SOFTRAX, media and entertainment companies can automate the revenue and contract reporting requirements of ASC 606, allowing them to focus on the core areas of their businesses.
With SOFTRAX, large-scale manufacturers and construction companies can reduce team reliance on manual entries and spreadsheets, which can be susceptible to compliance risk.
SOFTRAX allows healthcare companies to deploy milestone billing, subscription, consumption and other schedules, with the confidence that any processing for billing modifications is easily handled.
SOFTRAX automates order capture, billing, fulfillment, and revenue recognition for ASC 606, providing a professional services organization with the capabilities to track expenses more completely.
SOFTRAX has a way to save time and resources while meeting your reporting and compliance goals. Our Revenue Management System offers the industry’s most powerful single system to manage all forms of billing, contract renewal, and revenue recognition.
SOFTRAX combines best-in-class automation for complex billing models and revenue recognition in a single solution. It acts as a layer between existing CRM/CPQ and ERP systems to take the burden of reporting and integration from the IT department.
The compliance team understands what is needed to fulfill each step to ensure financial reporting is being done correctly. Since the introduction of the ASC 606 standard, SOFTRAX helps compliance teams with this understanding and reporting, including the regards to contracts.
Subscription billing connects back-office functions to the customer like never before, and sales and marketing executives need confidence in the billing system to ensure they are optimally monetizing their relationship with their clients. That’s where SOFTRAX comes in.
Companies that implemented ASC 606 may have found disparities with their previous practices that go beyond the capacity of existing systems. Many have leveraged spreadsheets and other work-around processes as a result to address the five steps of ASC 606 / IFRS 15.
The keys to successful contract and subscription renewal management are data access and automation, which will help you maintain revenue streams, discover possible new areas of business, track and enforce upticks in renewals, and keep your customers happy.
The move to recurring revenue business models, coupled revenue recognition under ASC 606, provides a compelling reason to reassess back-office infrastructure. For many companies, the cloud is an attractive option for the migration of their revenue management systems.
Subscription and consumption billing models have transformed many industries that had relied on milestone billing. For companies that have the ability to choose their billing models, knowing the benefits and challenges of each will help to make the right choice.
SOFTRAX has more than 20 years of experience in providing billing and revenue recognition solutions enabling us to offer the industry’s most comprehensive features. Our legacy gives us an in-depth understanding of customer needs, pain points, and areas of growth across a number of industries. The SOFTRAX RMS is the only multi-tenant cloud platform supporting sophisticated billing and revenue recognition in a single application.
