SOFTRAX recently launched the latest version of the SOFTRAX Revenue Management System, which now offers advanced subscription billing features to improve automation across billing and revenue recognition. The new 13.5 version enhances the current transactional billing features, enabling flexible monetization using traditional or recurring billing models. As Global Market Insight reports, the subscription billing market is projected to grow by a rate of 15.5% from 2023 to 2032, increasing its market size from USD$5.6 billion to USD$22.3 billion. With industries like software, e-commerce, and media increasing adoption of subscription-based billing, SOFTRAX understands the need for advanced subscription billing functionality to boost the process of revenue management and recognition for modern businesses.
Many businesses understand and expect the complexities of adopting a subscription-based model, but there are other complex accounting processes that they may find difficulty adapting to. Revenue management software provider SOFTRAX offers order management, billing, renewal management, and revenue recognition in accordance with ASC 606 and IFRS 15 standards. It aims to equip businesses with the highest level of system-wide automation, optimize subscription, consumption, milestone, and renewal billing, and provide advanced revenue recognition. The release of its new and advanced subscription billing features and an expansion of its policy-based approach further boost its software’s ability to automate back-office functionality for continuous accounting.
SOFTRAX’s advanced features
Version 13.5 of SOFTRAX brings a new feature that allows orders to be considered complete when they meet specific criteria as they arrive from source systems. The billing and revenue recognition is then triggered and processed simultaneously. The policy engine then constructs the invoice schedule automatically.
The new scheduler in 13.5 allows businesses to specify the batch creation and transmission of invoices to their clients. This procedure comes with the option of no human intervention and a much lower risk of error or revenue leakage. The policy engine also takes care of unbundling, allocation against SSP, and assignment of schedules of recognition. Having sophisticated billing and revenue recognition in a single application makes monetization easier and provides more transparency across billing and revenue management.
These new and advanced features in version 13.5 aim to help B2B businesses adapt to and streamline the use of a subscription-based model. The revenue recognition process under the ASC 606 and IFRS 15 standards can be complex and challenging for companies to reconcile with back-office procedures. Securities and Exchange Commission (SEC) is pushing for greater compliance with ASC 606 and IFRS 15 guidelines, particularly in light of the increasing amount of audits with deficiencies. The Public Company Accounting Oversight Board (PCAOB) saw a greater percentage of deficiencies found in 2022 inspection audits; deficiencies reached 40% in 2022, up from 34% in 2021. As such, revenue management software like SOFTRAX can help companies mirror revenue recognition practices to these standards.
Why these features are important
Accounting processes across industries are becoming more complex, increasing the demand for automation and management with the help of software like SOFTRAX. These new features offered by the system highlight a growing need for optimization as the landscape for subscription-based billing changes and grows. With new developments, compliance with necessary standards is also paramount to efficient accounting and revenue recognition. Blockchain platforms like DeCryptoFi provide an example of how emphasizing the SEC and Federal Government laws and regulations has become a crucial part of finance, especially for newer advancements in the industry like digital assets. The increased intensity of regulatory measures taken by government entities necessitates and validates the commitment of platforms like SOFTRAX AND DeCryptoFi to achieve greater compliance.
The advanced subscription billing features of version 13.5 of SOFTRAX present a major step into complete billing and revenue recognition automation. For B2B businesses adopting a subscription-based billing model, these advancements provide opportunities for growth and improved functionality, so they won’t have to worry about revenue management. Instead, they can focus on core business activities and profitable tasks that can increase revenue and not just manage it.
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