Revenue Management Software SOFTRAX Emerging as an Essential Tool for Small Businesses

After a few turbulent years of global health and economic crises, the small businesses that have made it out of the eye of the storm are facing a new adversary – inflation. CNBC reported that 4 out of 5 small businesses noted that despite their revenues doubling between July 2021 and July 2022, inflation is cutting into profits.

According to a survey by Kabbage, a small business lender for American Express, the higher cost of goods and a worker-biased labor market are to blame for small businesses’ increased spending in order to remain competitive. To counter rising expenditures, 37% of the business owners surveyed have been raising their prices, while 22% had plans of negotiate better deals with suppliers to lower costs. Others highlighted plans to axe goods and services with lower margins to focus on areas of their business that generate better returns. For this reason, small businesses are turning to tools and services that promise to help owners automate and fine-tune their operations.

Emergence of tools and services for small businesses

Small businesses often face many hurdles before becoming profitable. One common obstacle is cash flow management. More specifically, research from QuickBooks revealed that past-due invoices are a significant problem for businesses, ultimately hampering their long-term growth. Researchers found that, on average, small and midsize businesses (SMBs) were owed $304,066 in late customer payments. That’s money earned but not available to spend. Pain points like this are what tools by SOFTRAX seek to remedy.

SOFTRAX is a provider of enterprise revenue management and billing software services. The goal of their tools and services is to automate, codify, and simplify the revenue accounting process. From revenue recognition to reporting and forecasting to complex billing and contract renewals, the company’s service automates the entire revenue cycle. This enables businesses to reduce operating costs, comply with revenue recognition regulations, and gain unprecedented visibility into their business performance.

A recent addition to their line of tools is SOFTRAX’s consumption billing software, which calculates and manages charges based on the actual usage or consumption of a product or service. It’s commonly used in subscription-based models, cloud services, and utility billing. This software tracks usage data, applies pricing tiers, and generates accurate invoices, allowing businesses to charge customers according to what they’ve consumed. With SOFTRAX, companies have a single-system approach to offer a variety of billing models and manage revenue recognition to allow transparency and ease compliance with industry standards.

In March 2023, SOFTRAX partnered with Ascend Learning, LLC to support the latter’s efforts in automating their internal controls related to revenue recognition, remove manual processes, and establish additional audit capabilities in a secure, controlled, multi-tenant cloud offering to allow faster access to key data.

While SOFTRAX is quickly establishing itself as a leader in revenue management services, similar tools for small businesses are emerging everywhere in the industry. Apple has also launched its own service, Apple Business Essentials, that brings device management, support, and storage into one convenient subscription. Apple Business Essentials is designed to help streamline every step of employee device management within a small business – from setup, onboarding, and upgrading, to accessing fast service and prioritized support, all while keeping data backed up and secure.

Once employees sign in to their work account on their Apple device using a Manages Apple ID, they will also have access to a suite of productivity tools, including the new Apple Business Essentials app. A set of three simple plans enables businesses to cover every employee and device in their organization. Plans can be customized to support each user with up to three devices and up to 2TB of secure storage in iCloud, starting at $2.99 per month, with optional AppleCare+ for Apple Business Essentials.

These tools and services are just a few examples of what small businesses can leverage in order to succeed in a cutthroat industry. By streamlining and automating intricate processes, small businesses are empowered to manage their revenue more effectively, improve financial stability, and grow with confidence.