The SOFTRAX Revenue Management System is the ultimate solution for Professional Service Organizations. Professional services companies face unique challenges in managing their operations and revenue accounting. SOFTRAX is here to simplify it all. Our Revenue Management System integrates seamlessly with your PSA, automating order capture, billing, and revenue recognition. Say goodbye to manual spreadsheets and custom workarounds. Whether it’s fixed-price services, time and materials, or recurring subscriptions, SOFTRAX handles it all. We ensure compliance with ASC 606, even for the most complex contracts. Let SOFTRAX take care of the complexities so your team can focus on delivering exceptional services. Schedule a demo today and see how SOFTRAX can transform your billing and revenue processes. Experience the power of automation and ensure accurate and compliant financial management.
Professional services companies relying on ERP systems to manage the complexity of their businesses often find they just don’t have the functionality and integration needed to run a tight ship. They are forced to manual spreadsheets, customizations, and other work arounds. SOFTRAX has over 20 years of experience deploying revenue accounting in the context of a complex Professional Services Automation (PSA) environment, enabling companies to bypass expensive customizations or reliance on spreadsheets and meet current and emerging business and reporting needs.
The SOFTRAX Revenue Management System (RMS) is designed to receive orders from upstream CPQ, CRM, or other systems. Orders may be specific to professional services, or include other components, such hard goods, software license or subscription, and other items.
SOFTRAX RMS integrates with PSA systems through a PSA gateway. Upon receipt of order, it passes order information and key identifiers specific to the professional services lines on the order to the PSA system. Users of the PSA system use this information to flesh out the project, key milestones, resource assignment, etc.
SOFTRAX RMS simultaneously passes order data to its billing and revenue recognition engine, to start these processes. Fixed price services can be handled via a one-time or milestone set of bill schedules. In this case, the PSA system sends notification of milestone or other bill events to SOFTRAX RMS, which constructs the matching invoice. Percent of Transfer information is sent to the revenue recognition engine of SOFTRAX RMS to ensure proper and timely recognition of revenue. Time and expense work can be billed as incurred and recognized as performed. In this case, data is sent from the PSA system to SOFTRAX RMS to ensure the proper billing and revenue recognition occurs.
SOFTRAX RMS automates order capture, billing, fulfillment, and revenue recognition for ASC 606, providing a professional services organization with the capabilities to track time and expenses more completely, deploy resources and manage projects more effectively, and generate services invoices more promptly and accurately. This automation ensures that the sales and finance teams at professional services organizations can stay focused on the core business.
Professional services organizations deal with complex contracts, making reporting and compliance with ASC 606 more difficult than other industries. Companies need to account for a number of factors, including disaggregation of revenue, proportional allocation against SSP, disclosure of contract asset and liability balances, potentially contract modifications and combinations, and the cost to obtain contracts. SOFTRAX RMS can easily meet the ASC 606 reporting needs for even the most complex contracts, letting an organization be confident in their compliance reporting.
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