Recognizing revenue for a subscription business can get quite complex. You need to accommodate for mid-cycle upgrades and downgrades, plan cycle changes, partial refunds and discounts.
But not recognizing revenue numbers correctly has far greater consequences than just a messy dashboard in your headquarters. With ASC-606 and IFRS-15, the Revenue Recognition standards currently mandated in the US and Europe, inaccurate financial reporting could have serious implications on valuations.
With the combined value of Chargebee’s subscription engine with Softrax‘s diverse revenue templates your Finance team gets to work on ASC 606/IFRS 15-compliant revenue reports.
The integration between Chargebee and Softrax will sync subscriptions and related data such as invoices and credit notes, products, and transaction prices from Chargebee to Softrax. This lets your revenue operations teams track and group performance obligations within Softrax. You can also define your revenue recognition rules, and choose from a range of revenue templates in Softrax to dictate how you need your revenue to be reported.
The Chargebee - Softrax integration also lets you configure rules for how you want to monetize and recognize revenue - for example collecting it upfront, or on a ratable basis.
The Chargebee - Softrax integration lets you calculate and estimate standalone selling price (SSP) for each performance obligation. You can estimate the transaction price — what you’d expect to receive in exchange for transferring your promised product or service, as well as the SSP — the price at which you would sell a promised product or service separately to a customer.
You may also choose to unbundle your products/services under a single entity and define revenue allocation for all the different products/services.
Watch as the subscription data flows from Chargebee into Softrax seamlessly. As your performance obligations are met, revenue is recognized automatically. Sync all subscriptions from Chargebee from a specific date or for a specific time range. Configure multiple accounting books which are compliant with ASC 605 or ASC 606 or even based on regions.
You can also get different dimensions of the Revenue Recognition report - by product, customer, account, region etc, depending on how your General Ledger accounts are configured.
Chargebee’s integration with Softrax is available on all paying plans
Yes. Softrax offers two tiers - a basic package and an advanced solution. Their pricing is based on the Total Processing Volume.
Yes, the one-way sync is automated and happens every 24 hours.
Yes, we allow contract modifications based on subscription changes in Chargebee
Not at the moment. Please feel free to write to [email protected] if you’d like this supported.