Vindicia teams with Softrax on subscription revenue software
Jun 13, 2018 | By Accounting Today
Vindicia, a provider of subscription management software, has integrated with Softrax, which develops revenue management software, to help subscription businesses comply with the complex new revenue recognition standard.
Vindicia is part of Amdocs, whose Amdocs Digital Monetization Suite handles accounting operations, particularly for large communications and media companies. By combining Softrax’s revenue recognition software and Vindicia’s subscription business technology with Amdocs Digital Monetization Suite, customers can launch bundles of products and services with flexible pricing terms, while taking care of the back-end accounting. The integration further extends an existing partnership between the two companies.
“I’m thrilled that we are strengthening our relationship with Vindicia,” said Tom Zauli, senior vice president and general manager of Softrax, in a statement. “This is a great partnership opportunity for both companies, and more importantly, will bring tremendous value to our mutual clients including those struggling with adoption of ASC 606.”
ASC 606 is another name for the revenue recognition standard, which took effect at the end of last year for publicly traded companies, and will take effect at the end of this year for privately held companies. Companies in a wide variety of industries are affected by the new standard, which the Financial Accounting Standards Board and the International Accounting Standards Board converged in 2014 after years of work on rewriting the rules for recognizing revenue from contracts. The communications and technology industries face particular issues with the new standard, especially when it comes to subscription revenue.
“Our collaboration with Softrax opens doors for Vindicia to work with an incredibly wide array of enterprise-level companies interested in transitioning to the growing subscription space,” said Vindicia head Kris Nagel in a statement. “We’ve added another aspect to our full-stack offering that will enable our clients to easily meet ever-changing accounting parameters, now and in the future, further enhancing Vindicia’s ability to serve as a true strategic partner to clients in all aspects of subscription growth.”