SOFTRAX: An End-to-End Solution for Revenue Recognition

SOFTRAX is a cut above the rest thanks to their flexible multi-tenant cloud solution

A powerful revenue sub-ledger handles the transactions as they come and automatically streamlines each aspect of the revenue recognition process, which, in turn, improves efficiency and accuracy of revenue reports, reduces operating expenses, and provides unprecedented visibility into business performance. This automated functionality eliminates a client’s need for manual work in spreadsheets or writing custom code. Additionally, SOFTRAX offers robust billing functionality and ensures that the client’s billing activity is always synchronized with the latest regulatory changes and amendments. The solution automatically generates billing schedules and manages transactions over a customer lifecycle. Furthermore, SOFTRAX offers sophisticated price books and a calculator to evaluate standalone selling price (SSP), and goes on to automateany subsequent post-processing event such as contract modifications, contract combinations, and revaluation of variable consideration. SOFTRAX solutions have easily customizable dashboards and graphical reports, which ensures that the revenue data is always at their client’s fingertips.

In order to ensure strong security and controls, revenue recognition policy is configured during the solution’s implementation, and an audit trail exists in the solution for any manual intervention with the application outside of the policy. Not only this, the UI enables the users to perform sophisticated searches to spot check given contracts or find an order or a particular customer. Thus, SOFTRAX provides a 360-degree view of the state of the transaction or a contract, making it unique in the revenue management space.

For almost two decades, numerous companies have relied on SOFTRAX’s revenue management software to optimize their revenue, reduce operating expenses, and comply with revenue recognition regulations. To further elucidate the company’s solutions, Zauli shares a client success story. A Dallas-based client had a requirement to process thousands of transactions a day. The multibillion-dollar company was struggling with ASC 605, but the challenges got more complex with ASC 606. After implementing SOFTRAX’s end-to-end solutions, the client effortlessly processes approximately 300,000 transactions a day, including some of the more complex processing of ASC 606 allocations and contract modifications.

Such success stories are a testament to SOFTRAX’s remarkable solutions in the revenue management space. Even though the market is impacted by the ongoing COVID-19 pandemic, SOFTRAX’s solutions are unscathed due to its robustness to handle the complexity of the ASC 606. Undoubtedly, such a robust approach keeps SOFTRAX ahead of the competition. Nevertheless, the company is dedicated to improving its offerings by working with both clients and partners. SOFTRAX is presently working on more products related to revenue recognition. Moving ahead with this undeterred momentum, SOFTRAX will surely continue to set itself apart.