Softrax Contrax enables you to manage contracts that involve complex subscription or transaction billing. Easy implementation of new contract-based business models, automated billing and revenue recognition, simplification of contract administration, and critical financial and services information management are the key benefits of using the Contrax module. Completely integrated with Softrax Operations and Financials to ensure efficient end-to-end management of contract information, Contrax is a full business solution. Contrax enables any company to implement new business models efficiently and productively while ensuring compliance with revenue recognition guidelines. It’s an ideal solution for software and other hi-tech companies who deliver their products by subscription, application service providers that deliver recurring services against contracts, content providers that sell by subscription or transaction, and Web-based exchanges that charge by usage.
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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