For professional services organizations, managing projects from inception to completion is only one part of the quote-to-cash journey. The other part? Ensuring that your billing and revenue recognition can catch the baton.
This is why Planview and SOFTRAX joined together. Now you can bridge the gap between complex service delivery and financial operations – no matter how you deliver, and no matter how you bill.
Accelerating the Last Leg of the Quote-to-Cash Journey
A critical juncture exists between project delivery and financial processes in professional services. This is true whether your company is dedicated to service delivery or if services are embedded in the organization. At the end of any engagement, it’s time to bill clients and recognize revenue.
The gap between project execution and billing and revenue recognition is an opportunity for many organizations to modernize and automate.
At your company, you may have a robust ERP system but lack the flexibility to review and adjust billing before it’s finalized. Or you may not have an ERP system at all, relying on lighter-weight solutions that don’t fully meet your needs.
In both scenarios, it’s possible to have:
- delayed revenue recognition because of manual efforts to verify, input, and collaborate with finance,
- and/or complex billing scenarios that are challenging and require multiple tools to configure.
This is where automation shines: It accelerates the last leg of the quote-to-cash journey, helping you realize revenue faster and manage complex scenarios with remarkable efficiency.
Read Next: Quote-to-Cash Process: 6 Steps to Successful Engagement and Outcomes
Why SOFTRAX? 25 Years of Revenue Management Expertise
SOFTRAX is a revenue lifecycle management company with 25 years of industry experience. They bring a deep understanding of the complexities involved in professional services billing and revenue recognition.
SOFTRAX Revenue Management System (RMS) is designed to handle the intricacies that generic financial software often struggles with – from time-based billing and fixed-fee projects to milestone-based invoicing and complex revenue recognition scenarios.
The partnership with SOFTRAX integrates a proven, specialized solution with the industry-leading project management capabilities in Planview AdaptiveWork.
This enables clean automation and flow of data from project inception, through services planning and execution to downstream billing and revenue recognition.
By leveraging both solutions, you have access to best-in-class revenue management capabilities that complement and enhance your existing project management capabilities.
Flexibility: No Matter How You Deliver, No Matter How You Bill
Professional services organizations operate in diverse ways, and billing methods can be just as varied. You might bill by the hour, or by milestones. You may have subscription-based models, or you might use a hybrid approach.
The capabilities available to you through Planview and SOFTRAX support all these models and more. Rather than trying to fit your organization into a one-size-fits-all solution, you’ll be able to work within a flexible system that adapts to how you work and bill. This flexibility extends to the integration itself.
If you have an existing ERP system, leveraging SOFTRAX capabilities with AdaptiveWork can provide a crucial “pro forma” step. This allows project managers and finance teams to review and adjust billing and revenue recognition before it’s finalized in the ERP system.
If you don’t have an ERP, it offers a comprehensive solution that fills the gap between project management and financial operations.
Ultimately, here’s why that matters:
- Time to revenue becomes faster because systems are connected, and accurate data regularly flows between systems.
- More deals are won, maximizing the revenue potential of the opportunities and enabling the services organization to meet revenue targets.
The convenience of flexibility, combined with the highest level of automation, creates a more seamless experience.
Read Next: Guide to Professional Services Revenue Recognition
Moving Forward
The partnership between Planview and SOFTRAX represents a significant step forward for professional services organizations looking to optimize their entire project lifecycle, from inception to cash collection.
Whether you’re struggling with the limitations of your current ERP system or looking for a solution to fill the gap between project management and financial operations, Planview and SOFTRAX offer a path forward.
Ready to learn more? If you’re already a Planview customer, contact your Planview representative today to discuss how you can accelerate your quote-to-cash journey.
Not a Planview customer yet? Get in touch with us to learn how you can maximize efficiency, sell more services, and drive customer retention with Planview.
