SOFTRAX, a leading provider of cloud-based revenue management solutions, announced that Telestream, the global leader in workflow automation, media processing, and video quality, has selected the SOFTRAX Revenue Management System (RMS). Telestream is using SOFTRAX RMS to automate complex revenue recognition processes, meet ASC 606 and IFRS 15 mandates, and eventually streamline billing for services offerings. SOFTRAX RMS will also serve as an extension of the company’s Microsoft Dynamics 365 ERP.
Telestream sought a solution to automate complex revenue recognition that included managing proportional allocations against Stand-Alone Selling Price (SSP). Through the deployment of SOFTRAX RMS, Telestream’s accounting team has removed three to four days from their close process by fully automating what was formerly a manual revenue approval. SOFTRAX has also allowed the Telestream team to ease the audit cycle by eliminating manual activities, which improves controls and reduces audit scrutiny and audit costs.
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“SOFTRAX transformed how our team works,” said Jennifer Fehrmann, Controller at Telestream. “We appreciated that SOFTRAX could easily work with Microsoft Dynamics so that we could still leverage our ERP. We also liked the level of control in reporting as well as the high standard of security that SOFTRAX offered. Finally, SOFTRAX is a solution that will grow with us as we offer new billing models.”
“Telestream has changed the way that companies use digital media and video resources, and we are proud to be a partner in their journey,” said Tom Zauli, SVP and General Manager at SOFTRAX. “The company wanted a revenue management system that would give it the automation it needed and allow it to grow for new business models, and they found both with SOFTRAX.”
The SOFTRAX Revenue Management System offers a single platform to manage all forms of billing, contract renewal, and revenue recognition. SOFTRAX RMS provides best-in-class automation to streamline the revenue management process. With this revolutionary multi-tenant, cloud-based platform, teams can focus on strategic analytical tasks while the day-to-day tactical functions and compliance with standards such as ASC 606 and IFRS 15 are executed efficiently and accurately.
SOURCE: Businesswire
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