An ERP system designed by Softrax.
Softrax Revenue Manager is the first and only software application that enables companies to manage revenue compliance, reporting, and forecasting in a single system-in concert with existing ERP, Business Intelligence and Compliance infrastructures. It enables companies to fully implement, monitor, and manage their revenue recognition policy on an enterprise-wide basis. It mirrors the corporate revenue policy in a single system, and controls all critical revenue processes, including: allocation, scheduling, recognition, compliance, reporting, and forecasting.
With Softrax Revenue Manager you can easily implement and manage internal controls over revenue processes throughout your business. Key Sarbanes-Oxley compliance capabilities include rules enforcement and support for testing, and reporting. Your revenue controls are continuously up to date and documented, ensuring executives and auditors that reported revenue is in compliance with all applicable guidelines and regulations. The ready availability of revenue compliant data and internal control documentation also helps reduce audit issues and expenses by providing an unprecedented level of detail and accuracy to the audit team.
Softrax Revenue Manager’s open architecture has been designed for seamless integration with other enterprise systems such as SAP, Oracle/Peoplesoft 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.
It provides equally strong support for complicated, multi-element contracts that require appropriate approvals and careful interpretation of revenue recognition guidelines, such as: the AICPA’s Statements of Position SOP 97-2, SOP 98-9 and SOP 81-1; the FASB’s Emerging Issues Task Force recommendation EITF 00-21; and the SEC’s (Staff Accounting Bulletins) SAB 101 and SAB 104. With Softrax Revenue Manager, your financial infrastructure is robust and flexible enough to manage vastly different revenue recognition challenges in a single application.
Softrax Revenue Manager connects revenue data to your operational infrastructure. Time-consuming off-line processing is eliminated, providing for much faster (and more accurate) revenue analysis. As a result, the monthly close process can be completed with up-to-date revenue data within the normal timeframe.
Softrax Revenue Manager enables you to apply multiple criteria for revenue recognition on a line item basis. As a result, it can manage the most complex revenue transactions that occur in different types of businesses. It is very adept at managing high-volume transactions where revenue recognition treatments need to be automated, e.g.: the creation of revenue schedules based on templates, revenue allocation based on FMV or VSOE, and making proper revenue accounting and General Ledger entries as revenue recognition occurs.
With Softrax Revenue Manager you can view the entire revenue process as a whole - from contract/order all the way to the final revenue reporting. Detailed analysis can be conducted on multiple levels, such as business unit, product line, market segment, contract type, account, and more. All data is presented according to the appropriate revenue recognition treatments of your revenue policy.
Softrax Revenue Manager gives you the power of intelligent revenue performance analysis for future periods based on your revenue recognition policies. It enables rapid and accurate revenue forecasting - including: deferred revenue, unbilled revenue backlog, and revenue analysis of the sales pipeline - which will help you better understand and optimize revenue performance.
You can see how all business, both ongoing and proposed, can impact future revenue growth, giving you the ability to understand how critical decisions about customer contracts, discounts, pricing, bundling, or product introductions will affect future reported revenue. You can also identify and monitor expected recognition of revenue that may be at risk because of other related actions and events.
Softrax Revenue Manager organizes all the detailed revenue information you need to ensure your revenue policy is in force throughout the enterprise. Key internal controls over revenue transactions can be established and monitored across systems. Recognition and scheduling rules can be easily created and applied to control revenue according to your business processes, and exceptions are identified and escalated through automated workflows. You can easily perform complex revenue calculations and updates based on revenue recognition regulations; optimize and automate revenue recognition processes; review and audit revenue recognition decisions; and monitor revenue as it is impacted by actions and events of other enterprise processes.
Softrax Revenue Manager enables you to systematically support compliance with complex revenue recognition accounting guidance, including EITF 00-21, SOP 81-1, SOP 97-2, SOP 98-9, and SAB 101/ SAB 104. It supports a comprehensive revenue management process that integrates the four core revenue recognition principles (pervasive evidence of agreement, fixed and determinable fees, probable collection, and delivery) as well as associated issues such as Vendor Specific Objective Evidence (VSOE) and Fair Market Value (FMV) for components of multi-element arrangements. This results in full control over all aspects of revenue recognition without resorting to spreadsheets.
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