SOFTRAX RMS
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SOFTRAX Billing

Milestone Billing Software

With the SOFTRAX Revenue Management System (RMS), the components of milestone billing — scheduling, inputs, and budgets — are seamlessly deployed and managed to keep you on schedule.

Milestone billing is used as a billing process that renders payment when certain aspects, or milestones, of the project are completed. Milestone billing is tied closely to project management and covers upfront as well as milestone costs. Service providers and others use milestone billing to keep an eye on profitability and to avoid scope creep, which is uncontrolled growth of a project that results in higher charges. The payment terms for milestone billing vary according to company and industry, but they are tied to measurable aspects of the project. The process typically includes notifications for milestone attainment, invoicing from accounts receivable, and templated invoices with payment terms. Whatever a company’s milestone billing setup or project goals, SOFTRAX RMS can help.

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Automate Complex Milestone Billing Scenarios

SOFTRAX RMS automates the critical parts of milestone billing, allowing companies to easily create tailor-made billing and payment schedules for even the most complex scenarios.

Download the SOFTRAX RMS Billing Data Sheet to learn more.

Total Control Over All Milestone Billing Software Tasks in One Application

Full Look at Schedules, Deliverables, and Billing

SOFTRAX RMS allows you to schedule, generate, and deliver invoices based on dates or deliverables, offering a detailed look at your contract. Milestone invoices can automatically be triggered by API from an external system such as a PSA. SOFTRAX RMS can provide a UI if milestone schedules need to be managed by the accountant.

Automated Milestone Billing

With SOFTRAX RMS, you can automate key aspects of milestone billing, such as handling full and partial backorders and customer holds. SOFTRAX RMS can automatically create the initial milestone schedule by policy, or the schedule can be passed in.

Support For Complex Schedules

SOFTRAX RMS lets you leverage milestone widgets to manage even the most complex milestone schedules seamlessly.

SOFTRAX RMS is a cloud-based SaaS solution that enables the best of milestone billing. The capabilities of RMS for milestone billing provide:

  • Automated billing, including renewals
  • Improved revenue allocation and recognition compliance beyond simple scheduling
  • Increased efficiency of critical accounting procedures
  • Enhanced reporting, compliance and risk management
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The Right Solution for Milestone Billing

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REVENUE MANAGEMENT

Allow revenue allocation and compliance that goes beyond simple scheduling.

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INVOICING

Schedule, generate, and deliver invoices based on dates, contractual commitments, business requirements, or on a pre-programmed schedule.

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ASC 606 / IFRS 15

Handle reporting and revenue recognition requirements for ASC 606 / IFRS 15.

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BUDGET MANAGEMENT

Stay on budget for even the most complex project.

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AUTOMATION

Make frequent tasks, such as renewals, easily processed and handled.

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ANALYTICS

Use the analytics capabilities to get a true look at business data.

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What Clients Say About Our Milestone Billing Management Software

"The SOFTRAX suite of products is uniquely positioned to offer the flexibility to handle the various forms of complex billing and revenue recognition we require.”

John Mathison VP of Operations
Healthcare

"SOFTRAX helped us capture an opportunity to operationalize the new revenue recognition guidance with automation that advanced our existing process."

Sue Chaplin Herb SVP of Finance and Financial Reporting
Concert

"Mindbody needed a platform to automate revenue recognition to meet the needs of our global growth. With the SOFTRAX Revenue Management System, we found a solution that matched our complexity and allowed easy compliance with revenue recognition guidelines.”

Chelsey Chernick VP Corporate Controller
Mindbody

“SOFTRAX transformed how our team works. We appreciated that SOFTRAX could easily work with Microsoft Dynamics so that we could still leverage our ERP. We also liked the level of control in reporting as well as the high standard of security that SOFTRAX offered. Finally, SOFTRAX is a solution that will grow with us as we offer new billing models.”

Jennifer Fehrmann Controller
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"Through an outstanding collaborative effort with the SOFTRAX team, we improved SOFTRAX features and functionality that will help Epicor grow and scale its install base and recurring billing.”

Fabian Dohms VP of Finance Operations
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"We began to see significant efficiency improvements within two weeks of go-live. We are a growing business. SOFTRAX is a Win-Win for us.”

Corey Tuner Revenue Manager
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FAQ

Milestone billing is an invoicing model in which payments are made in installments based on the completion of specific stages or milestones in a project. The payment cycle uses agreed upon deliverables, or project milestones, as billing deadlines. The billing model is popular in professional services management and in companies with project-driven revenue.

For example, in a construction project, milestones could include the completion of the foundation, framing, plumbing, electrical work, etc. The construction company would bill the customer after each portion is completed.

Milestone billing offers many benefits, including being able to manage cash flow and mitigating risks. Companies also use milestone billing to establish budgets and ensure that all parties stay within the set budget. This billing model also establishes a concrete relationship between payment and project progress.