SOFTRAX takes revenue recognition to the next level with integration of powerful workflow engine
By: AFS Technologies
With the introduction of ASC 606 and IFRS 15 in 2018, revenue recognition software has become the center of attention for Finance and Accounting departments. Although the update was meant to simplify industry guidelines into a comprehensive set of standards, ASC 606 and IFRS 15 has created complexities for companies that only best-in-breed software solutions can keep up with.
That's exactly what Softrax intends to do: "We're incredibly excited about the new workflow engine," says Senior Vice President and General Manager Tom Zauli. "Softrax has been leading the revenue recognition space for nearly two decades, and the 5.1 release coming out in January will truly take things to the next level. Any organization relying on customizations or concerned about the risk of a manual, or spreadsheet based, approach will see immediate benefit from the solution. With the latest improvements, the Revenue Manager solution is a drop in to existing environments with minimal disruption to the business and tremendous return in terms of cost and risk reduction."
Mark Shane, Vice President of Technology and Development at Softrax, explains that the new workflow engine" allows Softrax to handle required data transformations with what could be multiple upstream and downstream systems and without the heavy investment in the integration layer required by other offerings. With the power of built-in integration to many industry standard data sources and a flexible rules engine, rapid integration with customer ERP and other financial systems is now possible."
Building on almost two decades of development and deployment experience, SOFTRAX Revenue Manager provides the power and flexibility required to achieve a zero-spreadsheets, zero-customs back-office environment. Corporations manage billions of dollars using SOFTRAX policies and automation to maximize revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. SOFTRAX is headquartered in Canton, MA.