The SOFTRAX Revenue Management System is the ultimate solution for compliance departments navigating ASC 606 and IFRS 15. Simplify revenue recognition compliance with a system built for the modern standards. From contract management to complex allocations, SOFTRAX automates the five-step process: Identify contracts, outline performance obligations, determine transaction prices, allocate revenue, and recognize it accurately. Say goodbye to manual processes and compliance risks. SOFTRAX handles complex aspects like variable considerations, contract modifications, and standalone selling prices with ease. Its powerful automation ensures seamless reporting and integrates smoothly with your financial systems. SOFTRAX RMS delivers advanced analytics and customizable reports to keep you ahead of tightening regulations. Empower your compliance team with confidence and precision. Schedule a demo today and see how SOFTRAX can transform your revenue management. Experience the future of compliance and revenue recognition.
Revenue recognition changed with the adoption of ASC 606 / IFRS 15, with what had been a judgment-based means of recognizing revenue turning into a principle-based process. Because the guidance was new, and due to the impact of COVID-19, regulatory authorities have taken a light touch in enforcing the more complex portions of the standard. However, as time progresses, these authorities have begun to tighten compliance requirements, with the SEC issuing more comment letters in 2022 than 2021. This represents the first time the count of comment letters has increased in years.
Whether a company has a full compliance office or is one that has human resources, legal, and finance filling the compliance role, the members of the compliance team need to be confident that the company is recognizing revenue in line with their contracts and with the tenets of ASC 606 or IFRS 15. The SOFTRAX Revenue Management System (RMS) is a purpose-built solution representing this new era in revenue recognition that meets the requirements of ASC 606 and IFRS 15 compliance reporting.
ASC 606 / IFRS 15 involves recognizing revenue according to the terms of the contract. SOFTRAX helps companies monitor and report on all aspects of a contact that affect revenue, including:
All companies should look to automate the functions of revenue reporting required by ASC 606/IFRS 15, and for some functions, such as subscription billing, this automation is difficult to achieve due to ERP or legacy systems or other factors. SOFTRAX RMS makes automation possible by delivering the only comprehensive solution that supports all forms of complex billing and revenue recognition in accordance with the new ASC 606 / IFRS 15 standards. This unique system drives a high level of automation to advance your back-office functionality toward continuous accounting.
SOFTRAX RMS is fully integrated with a proprietary, policy-based processing engine that features strong reporting and analytics that provide both analytical dashboards and customer-centric drill-down reports for revenue managers and senior executives alike. SOFTRAX RMS analytics allows users to customize, manage, and share out of the box reports at the summary and detailed level via simple drag and drop controls.
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