Revenue Management Software works with ERP systems.
December 15, 2008 -
Complementing existing ERP systems, Softrax Revenue Manager(TM) v2.0 controls all critical revenue processes while automating revenue re-allocation, scheduling, recognition, compliance, reporting, and forecasting. Revenue recognition controls support variety of business models, and companies can stage revenue recognition journal entries earlier on in fiscal period. Solution also supports re-casting revenue and updating related accounting entries automatically based on business events.
Original Press release
45 Shawmut Road
Canton, MA, 02021
Softrax Releases New Version of Revenue Recognition Software, Complementing ERP Systems
New Features Enhance Revenue Recognition Controls, Revenue Process Automation, and Revenue Reporting
Canton, Mass. -- December 3, 2008 -- Softrax Corporation (www.softrax.com), a leading provider of enterprise revenue management and billing solutions, today announced the release of Softrax Revenue Manager(TM) 2.0. The new version adds significant features to the only enterprise software application dedicated to managing revenue recognition processes within the corporate ERP infrastructure.
Softrax Revenue Manager works in concert with existing Oracle, SAP, Microsoft and other leading ERP and Financials applications to automate the entire revenue lifecycle across the enterprise. Prior to the release of Softrax Revenue Manager, companies found their existing applications do not have the ability to automate the complex rules associated with revenue recognition. As a result, 92% of companies* still use spreadsheets for critical revenue reporting activities - adding unnecessary risk of error, inefficiency and delay.
Softrax Revenue Manager 2.0 includes many new features and enhancements that improve productivity, executive insight, and business performance. Examples include:
More comprehensive revenue recognition controls: Softrax Revenue Manager 2.0 continues to add revenue recognition controls to support more business models. This includes the standard support for usage based revenue recognition, which allows companies to automatically recognize revenue based on the draw-down of pre-paid contracts and gift cards.
Revenue reporting for reseller channel sales: Softrax Revenue Manager 2.0 supports the appropriate revenue recognition of sales from a reseller channel through automated revenue allocation. It also provides the flexible reporting structure required to report and analyze revenue from complex channel sales and reseller relationships.
"Progressive" financial close: Softrax Revenue Manager now enables companies to stage revenue recognition journal entries at earlier dates in a fiscal period rather than waiting until the end of the period. This reduces the amount of work required at the end of each period, speeds up the close and improves revenue visibility within a fiscal period.
Enhanced revenue re-allocation: In addition to the unique revenue re-allocation capabilities of the previous release - which included automated fair value/ VSOE allocation and carve-outs - the Softrax Revenue Manager 2.0 now also allows for user specified and pre-determined revenue allocation for warranties, partner revenue or market development funds.
Re-casting of revenue because of business changes: Softrax Revenue Manager 2.0 adds several features for re-casting revenue and updating related accounting entries automatically based on business events. This enhances users' ability to trigger revenue recognition decisions across multiple products, customer groups, contract types, or other business attributes.
Advanced revenue reporting: Softrax Revenue Manager 2.0 expands its reporting capabilities and adds several advanced revenue reporting concepts such as: FASB 52 multi-currency revaluation reporting, revenue aging analysis, and fair value/ VSOE analysis, which are virtually impossible to generate in spreadsheet-based or custom-built systems.
"Softrax Revenue Manager offers companies an entirely new way to manage revenue without disrupting their standard ERP applications," said Gottfried Sehringer vice president of marketing at Softrax. "This new release provides the most comprehensive set of revenue recognition controls, automation flexibility, and advanced reporting capabilities available anywhere. Companies that have complex revenue models no longer have to compromise the efficiency and integrity of their revenue reporting processes with cumbersome spreadsheets or large scale custom projects."
Softrax Revenue Manager
Softrax Revenue Manager systematically controls all critical revenue processes in a single system complementing standard ERP systems and automates revenue re-allocation, scheduling, recognition, compliance, reporting, and forecasting. As a result, customers are able to lower their compliance risk; achieve more accurate and consistent revenue recognition; and optimize overall revenue performance.
Key benefits include the ability to:
- Fully implement, monitor and manage revenue reporting enterprise-wide without disrupting order to-cash processes
- Automate revenue recognition requirements such as fair-value-based revenue allocation according to EITF 00-21 or SOP 97-2 (VSOE)
- Easily implement revenue processes for complex business models such as large, multi-element arrangements, pre-paid but frequently-changing subscriptions or long-term contracts involving future deliverables.
- Analyze and forecast revenue recognition more accurately to enhance strategic decisions
- Support Sarbanes-Oxley compliance, improve the audit and prevent badly-timed and misstated revenue.
Built for the Enterprise
Softrax Revenue Manager's open architecture has been designed for ease of integration with other enterprise systems such as SAP, Oracle or Microsoft Business Solutions. It is built on the Softrax Services Oriented Architecture (Softrax SOA) and includes an intuitive, user-friendly, AJAX (Web 2.0) user interface. The use of Business Process Execution Language (BPEL) and business rules provides powerful administrative tools and allows for continuous adaptability to changes in revenue policy and business processes.
To learn more about what Softrax Revenue Manager can do for your business, please visit www.softrax.com/revenuerecognition or call us at 1.888. 4 SOFTRAX.
*According to research by RevenueRecognition.com and IDC, 2008
Softrax Corporation is a leading provider of enterprise revenue management and billing software solutions that fundamentally change the way companies manage, analyze, report, and forecast their revenue. Softrax solutions automate the entire revenue cycle, from revenue recognition, reporting and forecasting, through complex billing and contract renewals. Hundreds of corporations benefit from using Softrax to optimize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. Softrax Corporation, headquartered in Canton, MA, is privately held. More information can be found at www.softrax.com, at www.RevenueRecognition.com, or by calling 1.888.4SOFTRAX.