SOFTRAX and Chargebee Join Forces to Provide Out-of-the-Box Subscription Billing and Revenue Recognition
Combined solution empowers subscription-based companies to comply with new revenue recognition rules including ASC 606
SAN FRANCISCO, CHENNAI, India and CANTON, Mass., Feb. 19, 2019 (GLOBE NEWSWIRE) — Chargebee, an emerging leader in SaaS subscription management and recurring billing solutions, today announced a partnership with Softrax, an industry leader in revenue management software. Through the partnership, clients now have access to Chargebee’s market-leading subscription billing solution as well as Softrax’s Revenue Manager solution for revenue recognition under ASC 605, 606 and IFRS 15.
Revenue recognition is a complex process for any business but for subscription companies, where usage, billing and revenue by default occur on different schedules, improperly managed accounting rules can become a risk to the business. The new revenue recognition rule ASC 606 was jointly issued by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) in an effort to create cross-industry standardization. All businesses, including private, public and non-profits, that enter into contracts with customers to transfer goods or services are impacted and must adhere to it.
Softrax’s solutions seamlessly augment ERP and financial systems to support existing and coming revenue guidance, reduce operating expenses, and gain unprecedented visibility into business performance. More than 8,500 companies use Chargebee’s solution to efficiently manage their billing, payments, subscriptions and invoicing services. By integrating Chargebee and Softrax’s solutions, customers can now access the power of Softrax’s revenue automation software as applied to subscription sales.
“We are extremely excited about the partnership with Chargebee,” said Tom Zauli, Senior Vice President and General Manager, Softrax. “No platform vendor has been able to keep up with the complexity created by subscription-based businesses and the new revenue recognition accounting guidance. Partnerships such as the one we have formed with Chargebee are critical for empowering our customers with out-of-the-box support for the complex back-office requirements inherent to their subscription powered-business.”
By nature of the business, subscription companies go through consistent changes in customers’ subscription lifecycle. Compliance with ASC 606 therefore requires capturing and reporting on information often not previously considered, such as changes in customers’ specific level of subscription, mid-cycle cancellations, discounts, and refunds and custom pricing. Acquiring new customers, scaling the business or retaining revenue all require modifications to customer contracts as well as flexibility in revenue recognition.
“While a subscription-based approach is a boon for companies and customers alike, the ongoing revenue recognition introduces a unique level of complexity,” said Krish Subramanian, CEO and Co-Founder of Chargebee. “This complexity, combined with the global regulatory environment, is putting pressure on businesses of all sizes to proactively comply with a myriad of regulations to mitigate the risk. Softrax and Chargebee’s combined solution simplifies the complexity that exists between the company’s revenue data and accounting.”
For more information about Chargebee and the power of automated subscription billing and revenue recognition, please visit Chargebee.com.
Softrax is a leading provider of revenue recognition software, helping enterprise level companies comply with the new standards, ASC 606 and IFRS 15. With Softrax solutions, companies can regain control and implement the new revenue recognition standard with confidence. Softrax solutions seamlessly augment ERP and financial systems to support existing and coming revenue guidance, reduce operating expenses, and gain unprecedented visibility into business performance. To learn more, please contact Softrax at 972-715-4028 or visit www.softrax.com.
Chargebee is a subscription and recurring billing management solutions company that helps businesses manage their billing, payments, subscriptions and invoicing services efficiently. Founded in 2011, Chargebee offers a SaaS solution that simplifies billing complexities and operations for subscription businesses, while delivering a seamless customer experience. Chargebee is backed by Insight Venture Partners, Accel Partners, and Tiger Global Management. For more information on Chargebee, visit www.chargebee.com or follow us on Twitter @chargebee.
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