Compliance Challenges in Billing and ASC 606 for Construction Companies
In the current economy, supply chain issues and possible recessionary conditions can make it difficult for construction companies to forecast and maintain a healthy bottom line. Added to these issues are the complexities of maintaining compliance in billing and ASC 606 for construction companies. Now is the ideal time for businesses in the construction industry […]
Telecommunications Industry Billing and ASC 606 Compliance Challenges
Given the nature of their business, telecommunications companies have had a high level of success in revenue recognition processes. However, for most industries, including the telecommunications industry, billing and ASC 606 compliance became increasingly difficult with the updates to ASC 606.
What is Milestone Billing and Why Automate the Process?
Milestone billing is a billing model popular in professional services management and companies with project-driven revenues. Milestone billing has proven to be so beneficial that leading companies like Boeing have incorporated it into their invoicing and payment process guidelines. While this event-based billing structure does have its challenges, it’s important to understand when the milestone […]
Cloud-based Revenue Management for Complex Billing and Revenue Recognition
The migration to recurring revenue business models coupled with recent changes in revenue recognition accounting guidance necessitates additional infrastructure for support in the back-office, prompting companies to look for modern, cloud-based revenue management solutions.
Mitigating the Impact of Subscription Billing with Modern Revenue Management Solutions
How to manage the challenges behind the subscription-based business model with leading revenue management software solutions. Trends from the past years consistently show that buying preferences have shifted from ownership to usership. This presents incredible revenue growth opportunities for subscription businesses and those looking to adopt the subscription business model. It also presents new and […]
SEC Compliant Revenue Management Solution
Throughout 2021, SOFTRAX released industry-specific blog entries that explored financial reporting challenges and SEC comment letter trends. These posts can be found on the SOFTRAX Blog and feature information on leading revenue management solutions for complex billing, revenue recognition under ASC 606 and IFRS 15, and more.