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Manage All Your Revenue Recognition Decisions in One Place
Softrax Revenue Manager organizes all the detailed revenue information you need to ensure your revenue policy is in force throughout the enterprise. Key internal controls over revenue transactions can be established and monitored across systems. Recognition and scheduling rules can be easily created and applied to control revenue according to your business processes, and exceptions are identified and escalated through automated workflows. You can easily perform complex revenue calculations and updates based on revenue recognition regulations; optimize and automate revenue recognition processes; review and audit revenue recognition decisions; and monitor revenue as it is impacted by actions and events of other enterprise processes.
Softrax Revenue Manager enables you to systematically support compliance with complex revenue recognition accounting guidance, including EITF 00-21, SOP 81-1, SOP 97-2, SOP 98-9, and SAB 101/ SAB 104. It supports a comprehensive revenue management process that integrates the four core revenue recognition principles (pervasive evidence of agreement, fixed and determinable fees, probable collection, and delivery) as well as associated issues such as Vendor Specific Objective Evidence (VSOE) and Fair Market Value (FMV) for components of multi-element arrangements. This results in full control over all aspects of revenue recognition without resorting to spreadsheets.
"Revenue Workbench" is part of the Softrax Revenue Manager - Revenue Recognition for ERP line of products, developed by Softrax.