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Contract Management that Drives Billing and Revenue Recognition

By Softrax - a division of AFS Financial Solutions

Current Version: n/a 
 
Product Description  

 

MAKE YOUR ACCOUNTING PROCESSES MORE EFFICIENT BY INTEGRATING KEY CONTRACTUAL DATA INTO YOUR WORKFLOWS.

With Softrax, the contract data that governs your active customer relationships drives your accounting processes. Softrax handles each contract as a dynamic representation of your relationship with the customer. It maintains in-depth information about contract details and related records, as well as a fully auditable history of changes and amendments to a contract’s key elements. In addition to managing scheduled activity, Softrax seamlessly processes miscellaneous charges and contract changes that occur during a billing cycle.

Softrax provides a single point of entry for all your contract data. Once the contract is entered, Softrax automates mission-critical downstream processes such as billing, expenses, revenue scheduling, revenue allocation, and managing contract renewals. The result is more efficient and effective account tracking, more accurate and timely billing, and enhanced customer service. In addition, by integrating contract management with a robust financial infrastructure, Softrax delivers several other significant benefits:

* A comprehensive customer database and on line query capability that puts powerful insights into business performance at your fingertips
* An integrated renewals process that delivers optimal revenue from your existing customers
* A centralized, real-time audit trail to support reporting, forecasting, audits and Sarbanes-Oxley 404 compliance

SOLUTION HIGHLIGHTS
=====================
Simplify the administration and accounting for multi-element contracts
- Automatically calculate recognition amounts for each element
- Manage multiple schedules against a single contract
- Enable entry of percent complete values that cascade through the system
- Allocate revenue based on established VSOE values

Put all your contract data in one central repository
- Establish one source for information on contracts, users, licenses, serial numbers, platforms, maintenance, etc.
- Automatically update all accounting processes with contract changes
- Enter data once, no need to re-key for billing, general ledger or reporting
- Track upgrades by date, version, price, etc.

Facilitate complex billing
Consolidate multiple charges into a single bill
- Manage simple and complex billing schedules
- Detailed audit tracking of all activity
- Support separate “bill-to” entities for different locations under the same contract
- Create blended, logical views of all contract, delivery and billing data by bill-to location

Support compliance with Sarbanes-Oxley, SEC and FASB
- Provide a transactional audit trail for Sarbanes-Oxley 404 assertions
- Create a foundation for robust internal controls over revenue processes
- Support compliance with revenue recognition rules (SOP 97-2, 98-9, VSOE, SOP 81-1, SAB 101, and EITF 00-21).
- Identify and optimize revenue processes
- Improve the integrity of revenue data
- Better establish and enforce internal controls for revenue


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Note: The vendor profile above for (Contract Management that Drives Billing and Revenue Recognition
) is not written by Accounting Software 411. Information is provided and maintained by the vendor Softrax - a division of AFS Financial Solutions and/or by third party sources. Accounting Software 411 confirms basic company data prior to posting a profile. The above information is not a review or endorsement by Accounting Software 411 of the product.



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