SAN JOSE, CA – August 19, 2014 – Tensoft a leading end-to-end Cloud ERP provider for software and technology companies, announced today that Tensoft Contract Billing Management (CBM) will now be available on its own, unbundled from the Tensoft revenue recognition suite, Tensoft Revenue Cycle Management (RCM). Tensoft CBM was previously only available bundled with Tensoft RCM, which has been in use at customer sites since its release in 2009.
“We’ve found that while some companies’ revenue recognition needs are either a lower priority or relatively simple, one of their biggest needs is for contract billing management,” said Bob Scarborough, Tensoft President and CEO. “These companies have contractual relationships with their customers that require multiple invoices based on the contract terms, including things like multiple milestones or recurring or usage-based invoicing. They may also have additional contract events – like go-live or customer acceptance – or may need to manage ongoing change in the customer agreement. All of this is critical to running their business efficiently, and is often their first priority need to address. By separating Tensoft RCM into Tensoft Contract Billing Management and Tensoft Revenue Recognition Management, we allow customers to select only the functionality that they currently need.”
“Two years ago we were looking for a solution to streamline our customer contracts and billing processes,” said Karen Carroll, Sr. Treasury & Accounts Receivable Manager of Quantros, Inc. “We selected the Tensoft RCM Suite’s Contract Billing Management functionality to complement our existing Tensoft Revenue Recognition Management tool. Tensoft’s Contract Billing Management has allowed us to: (1) streamline the input of multi-year contract billings upon contract execution and generate future annual billings with minimal data updates; (2) provide visibility on future billings; and (3) maintain a single repository for contracts.”
About Tensoft Contract Billing Management
Tensoft Contract Billing Management enables companies to bill and track all required contract events, preventing revenue leakage. Tensoft CBM’s unique design handles billing and agreement management tasks efficiently, eliminating billing errors and supporting revenue recognition processes. This web-based application is now available alone, or bundled with Tensoft Revenue Recognition Management (formerly “Tensoft Revenue Deferral Management.”) To view a video, click here.
Please visit Tensoft for more information or call (888) 450-4030 x406.