SOFTRAX Revenue Management System Offers World-Class Billing and Revenue Recognition Automation in a Single Cloud Application
SOFTRAX, a leading provider of cloud-based revenue management solutions, today announced the launch of the latest version of its SOFTRAX Revenue Management System (RMS), v13.5. The 13.5 version incorporates advanced subscription billing functionality and a unit-step improvement in the level of automation across both billing and revenue recognition. These features augment the existing transactional billing functionality allowing for more flexible monetization across traditional and recurring billing models. The new release includes an expansion of SOFTRAX’s proprietary, policy-based processing approach and brings SOFTRAX another step closer to touchless automation of even the most complex revenue accounting processes.
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The new 13.5 features are designed to provide significant aid to B2B companies as they begin to utilize new billing models. For example, while IDC forecasts that subscription billing will represent 87.4% of total software revenue by 2026, many existing platforms are not designed for these bill models nor the downstream complexities that can occur in the revenue recognition process under the ASC 606 and IFRS 15 standard. The RMS system is designed for billing and revenue recognition to occur on separate schedules. In version 13.5, SOFTRAX adds an ability for orders to be considered complete if certain criteria are met and as they arrive from source systems. This order completion event then triggers the downstream processes of billing (of any type) and revenue recognition in parallel. The schedule of invoices is constructed automatically via the policy engine. The new scheduler in 13.5 enables organizations to specify the batch creation and transmission of invoices to their clients, optionally without human intervention, and with a much lower risk of error or revenue leakage. Unbundling, allocation against SSP, and assignment of schedules of recognition also occur automatically via the policy engine. Because billing and revenue recognition are maintained in one system, there is perfect transparency between the two, and the contract asset/liability position of the revenue contracts is automatically determined.
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“Subscription and consumption billing models offer tremendous monetization opportunities for companies, especially those in the B2B industry, but the model can be tough to reconcile with revenue recognition and other back-office processes,” said Tom Zauli, General Manager and SVP at SOFTRAX. “SOFTRAX’s mission is to offer sophisticated billing and revenue recognition in a single application to make this path to monetization easier and offer needed transparency across billing and revenue management.”