Subscription and contract renewal management are an important part of any business, but especially for those who provide recurring services. These contract and subscription renewals can provide up to 90 percent of a company’s revenue, so insight into recurring revenue, identifying possible new revenue stream, and surfacing areas in which customer churn is occurring are essential. 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. A company should be able to access contract and subscription data seamlessly and have a system that alerts the right departments to upcoming renewals.
Certain aspects of the contract and subscription renewal process can be automated to save staff time and ensure that human errors are not accidentally introduced. Automation can support the renewal process with user-friendly management tools that help get more value out of each renewal. Automation can help the contract and subscription renewal process with user-friendly management tools that help get more value out of each renewal. With an automated renewal management system, organizations can afford to have their legal team focus on providing valuable counsel and risk assessment instead of prolonged document review. With the right solution, price changes and upcoming legal requirements can be easily updated throughout business operations.
With the SOFTRAX Revenue Management System, you can access the only solution with subscription and contract renewal management, multi-form billing, and revenue recognition. Whatever contract might be automated, we can systemize and enforce compliance with complex revenue recognition accounting guidelines. With our cloud-based revenue management solution, organizations can stay updated with new accounting practices. We also offer seamless upgrades to ensure a consistent beneficial user experience and predictable costs.
The SOFTRAX Revenue Management System, includes a sophisticated contract and subscription renewal engine, capable of the following:
Do you know the five steps of ASC 606 and the impact of them on your revenue? The SOFTRAX ASC 606 Checklist can help.