Best Revenue Management Software
Companies use revenue management software to match their sales with customer payments and reduce revenue leakage. Accountants leverage these tools to recognize and allocate revenue to multiple business entities. Managers from departments such as sales, marketing, and operations use revenue management software to monitor the performance of products and services sold by the company and to optimize their offerings. Through the use of these tools, revenue data can be evaluated to identify which customers or contracts are the most profitable for the company.
Revenue management software integrates with both accounting software and ERP systems. This type of software can be delivered standalone or as part of a quote-to-cash suite which includes pricing software, CPQ software, and quote management software. When used by sales and marketing managers, revenue management also needs to integrate with CRM software.
To qualify for inclusion in the Revenue Management category, a product must:
Featured Revenue Management Software At A Glance
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As the world's #1 AI Cloud ERP solution for more than 25 years, NetSuite has helped businesses gain the visibility, control, and agility to build and grow a successful business. First focused on fin
NetSuite is an ERP solution that provides inventory management, financial statement reporting, and customizable transaction flows. Users like NetSuite's robust integration capabilities, its customizable financial reporting, and the ease of planning inventory and orders based on demand and sales history. Users experienced issues with NetSuite's support, found the manufacturing modules needing improvement, and reported difficulties in navigating the system and understanding its settings.
825,317 Twitter followers
Sage Intacct is the flexible and scalable financial platform that delivers deep accounting capabilities to thousands of businesses across the world. Sage Intacct delivers an array of core accountin
Sage Intacct is a software used for accounting, offering features such as automated workflows, approvals, consolidations, and report building. Reviewers frequently mention the software's user-friendly interface, its ability to improve efficiency and reduce manual errors, and its integration with other platforms. Users mentioned that customization and report building can be complex for new users, certain advanced features can increase costs, and some processes are overly complicated.
Salesforce CPQ is designed to help sales teams configure products, set accurate pricing, and generate quotes quickly and efficiently. Salesforce CPQ automates complex sales processes by guiding reps t
Salesforce Revenue Cloud is a tool that manages revenue, from Parts & Quote Management to Billing & Invoicing, and integrates with other Salesforce products. Reviewers appreciate the platform's automation, ease of creating and updating quotes, and its ability to handle complex business models and provide clear revenue visibility. Users reported that the setup and customization can be complex and time-consuming, the user interface could be improved, and the product can be expensive to implement.
580,855 Twitter followers
Commerce Hub is a Configure Price Quote (CPQ) solution that helps sales teams and revenue operations professionals create, manage, and deliver quotes, proposals, and related revenue processes within a
HubSpot Commerce Hub is a platform that integrates quoting, billing, and payments to streamline the entire revenue process. Users like the platform's ability to centralize invoicing, quotes, and payment tracking, and its seamless integration with CRM, which simplifies billing and payments, and provides clear visibility into revenue and deal status. Reviewers noted limitations in customization and flexibility for complex pricing, billing workflows, and advanced commerce use cases, and some advanced features and customizations are limited unless on higher-tier plans.
786,179 Twitter followers
Tabs is the AI-native revenue automation platform built for modern finance teams.Tabs pulls data directly from the signed PDF to automate workflows including billing, collections, payments, revenue r
Tabs is a contract-to-cash solution that automates billing processes, manages invoicing, and handles revenue recognition. Users frequently mention the platform's intuitive nature, its ability to automate complex contract terms, and the significant time savings it offers in managing billing, collections, and revenue recognition. Reviewers mentioned occasional issues with contract processing times, minor bugs, and a desire for more integrated features and detailed reporting capabilities.
17 Twitter followers
DualEntry is the AI-native ERP that helps finance teams achieve more in less time. With powerful automations, it takes manual work out of everything from everyday accounting, AR/AP, and revenue manage
DualEntry is an accounting software that aims to streamline financial workflows and improve data accuracy through its dual-entry system. Reviewers like the user-friendly interface, the automation of repetitive tasks, the real-time data syncing, and the software's ability to handle high-volume transactions smoothly. Reviewers experienced issues with the initial setup being time-consuming, lack of detailed documentation for advanced features, limited customization options, and occasional integration problems with other tools.
706 Twitter followers
SAP Cloud ERP (formerly SAP S/4HANA Cloud) is a modular ERP designed for every business need, powered by AI and analytics. SAP Cloud ERP enables users to run mission-critical operations in real time f
SAP S/4HANA Cloud is a cloud-based ERP system that supports real-time financial reporting and transaction monitoring, and assists with internal control work and compliance-related processes. Users frequently mention the seamless integration of various business processes, real-time access to comprehensive data, and the system's ability to improve the accuracy of financial records and support better audit follow-up. Users mentioned the system's high level of integration can make it less intuitive, requiring extensive training to understand how each module functions and how their specific inputs feed into the overall financial information.
297,265 Twitter followers
Workday Financial Management is native cloud and AI powered solution that unifies core finance functions that super charges processes while delivering real-time insight, control, and adaptability. Fro
Workday Financial Management is a cloud-based financial solution that integrates payroll, accounts payable, and core finance. Users frequently mention the user-friendly interface, real-time analytics, strong governance model, and the ability to design scalable, end-to-end financial processes across the organization. Users experienced issues with the bulk upload process for large datasets, delays in logging in, and challenges with account and bank statement reconciliation capabilities, as well as difficulties in creating certain reports and finding specific information.
52,259 Twitter followers
Chargebee is the billing and monetization platform built for the AI economy. From fast-scaling startups to global enterprises, we help companies capture, optimize, and scale revenue — no matter their
7,339 Twitter followers
DealHub is the Agentic Quote-to-Revenue (Q2R) platform designed for the AI era. We empower high-growth SaaS and forward-thinking enterprises to fully consolidate, automate, and accelerate their entire
DealHub.io is a platform that offers features such as form field creation, auto-generation of order forms, and integration with CRM systems to streamline the quoting process and standardize quotes. Users frequently mention the efficiency and accuracy of the quoting process, the ability to keep all information in one place, and the seamless integration with CRM systems as major benefits of using DealHub.io. Reviewers mentioned challenges in finding documentation, setting up complex workflows and advanced functions, and navigating large proposals or managing multiple integrations as some of the difficulties encountered while using DealHub.io.
3,906 Twitter followers
Rillet is a modern, AI-native ERP for companies with pains around revenue recognition, multi-entity consolidation and report automation. Rillet automates 93% of all manual journal entries and invoicin
762 Twitter followers
Campfire is the AI-native ERP for high-growth companies. We give modern, mid-market and enterprise accounting teams superpowers by automating the work that nobody wants to do: manual transaction categ
571 Twitter followers
Accounting Seed is a cloud-based accounting software built 100% natively on the Salesforce platform that helps businesses manage financial operations without the integration challenges of standalone s
Accounting Seed is a platform that integrates with Salesforce to provide customizable accounting processes, reporting, and automation. Users frequently mention the seamless integration with Salesforce, the flexibility and customization options, and the strong automation and reporting tools that support better visibility and decision-making. Reviewers mentioned that billing adjustments can be limiting, updates can be difficult, reporting is limited, and certain features may require customization or a deeper technical understanding of Salesforce.
3,139 Twitter followers
Zenskar is an AI-Native Order-to-Cash platform that automates billing, revenue recognition, collections, and SaaS metrics for modern finance teams. Talk to Zenskar like a colleague. Ask questions,
Zenskar is a platform that automates invoicing and revenue recognition, handling complex billing structures and financial reporting. Reviewers frequently mention the user-friendly interface, the ability to handle complex contracts, seamless integration through an API-first approach, and excellent customer support via Slack and Zoom. Reviewers noted that the initial setup with Zenskar requires some adjustment and the reporting dashboard has a learning curve.
Simplify and streamline complex revenue recognition processes by extending and improving your existing ERP system with Oracle Revenue Management Cloud
825,317 Twitter followers
Learn More About Revenue Management Software
What is Revenue Management Software?
Companies use revenue management software (RMS) to match their sales with customer payments and reduce revenue leakage. Accountants leverage these tools to recognize and allocate revenue to multiple business entities. Managers from departments such as sales, marketing, and operations use revenue management software to monitor the performance of products and services sold by the company and to optimize their offerings. Using these tools, revenue data can be evaluated to identify which customers or contracts are most profitable for the company.
What are the Common Features of Revenue Management Software?
The following are some core features within revenue management software that can help users manage revenue and stay compliant:
Revenue recognition: Revenue recognition is a GAAP (generally accepted accounting principle) that determines how and when revenue is to be recognized. This revenue management software feature helps save time by automatically logging customer or sales info into the system and providing accurate calculations quickly, eliminating human error. Usually, revenue can’t be recognized and accounted for until specific criteria, such as a price being determined, collection of payment, and delivery of goods or services, have been met. Once these criteria have been fulfilled, the dollar amount is measurable to a company. The revenue recognition standard, ASC 606, helps maintain a uniform framework for recognizing revenue from customers.
Reporting: Reporting features in revenue management software include revenue from sales, product/customer profitability, pricing details for individual or groups of products and services, as well as analyzing the performance of special offers, packages, and incentives.
Customer management: This feature allows users to create, approve, and track customers across the lifecycle of every contract. Capturing every contractual change creates greater visibility into a customer's behavior, which can help lower future risks of doing business with those customers.
ASC 606/IFRS 15 compliance: ASC 606/IFRS 15 provides a framework for businesses to recognize revenue more consistently. It affects all businesses that enter into contracts with customers to transfer goods or services—public, private and non-profit organizations. Revenue management software can help with these compliances by determining the transaction price, allocating the transaction price, and recognizing revenue when the company performs their contractual obligations, among others.
Forecasting capabilities: When using revenue data from multiple sources, this feature allows companies to forecast future revenue, allowing teams to make more informed decisions for the future. Forecasting also gives insight into the financial impact of changing business models, pricing strategies, and customer contracts.
Integrations: Revenue management software is sometimes delivered as a standalone product, but others can be integrated into accounting software and ERP systems. When used by sales and marketing managers, revenue management must also integrate with CRM software.
What are the Benefits of Revenue Management Software?
Revenue management software has several benefits that help organizations reduce lost revenue and stay compliant.
Minimize revenue leakage: Revenue leakage is a preventable loss of revenue from a company, which can be minimized by eliminating manual data entry, accurately tracking invoices, and attributing the correct costs to the jobs performed, to name a few. Revenue management software can help an organization better manage these tasks, minimizing revenue leakage.
Eliminate manual processes: As mentioned above, manual processes can lead to revenue leakage, human error, and wasted time. Several actions in the revenue management process can be partially or fully automated to save time, reduce human interaction, and minimize the possibility of avoidable errors. Some of these processes are approving invoices or timesheets in real time, flagging invalid data, and tracking invoices.
Stay compliant: The two most prominent frameworks for businesses to manage revenue more consistently are ASC 606 and IFRS 15, which affect all businesses that enter into contracts with customers to transfer goods or services. The higher the volume of contracts and transactions, the more challenging it is for companies to comply with these revenue recognition guidelines. Revenue management software contains tools to help determine the correct contract price, while allocating the price to the correct service/good delivered at the time of completion.
Who Uses Revenue Management Software?
The following roles will often use revenue management software:
Accountants: Accountants use revenue management tools to recognize and allocate revenue to multiple business entities, track all revenue streams, remain compliant, and verify that payments are received as expected.
Managers: Managers from departments such as sales, marketing, and operations use revenue management software to monitor the performance of products and services sold by the company and to optimize their offerings for the greatest customer value and profitability. This software can provide important insights into which products and services are performing well.
Challenges with Revenue Management Software
Revenue management solutions can come with their own set of challenges.
Complex sales transactions: The complexity and volume of sales transactions can add their own set of challenges. The most basic of contracts can become challenging if there are hundreds of contracts to manage, while e-commerce transactions can easily be in the thousands every day. A revenue management system must be capable of keeping up with large volumes of contracts and transactions.
Inconsistent data: Tracking and managing revenue requires a variety of inputs. Examples of these inputs include billing overages, pricing, customer support fees, discounts, incentives, and usage charges. To provide the system with accurate data, there needs to be a lot of inter-departmental coordination and communication to accurately support the revenue management process.
How to Buy Revenue Management Software
Requirements Gathering (RFI/RFP) for Revenue Management Software
When selecting revenue management software, it is essential to first look at how the business operates and then familiarize oneself with the different types of software available. There are a variety of options when it comes to revenue management software products, including those designed for the business needs of small and medium-sized companies. Some things to consider include the ability to automate complicated revenue calculations, handle different types of product contracts, and monitor revenue per customer, contract, or project.
Compare Revenue Management Software Products
Create a long list
Depending on the industry, the buyer might want to first create a long list of software products designed to help businesses in the particular industry. For example, there are platforms specifically built for businesses in retail, manufacturers, restaurants, hotels, etc.
Create a short list
After reviewing and researching the software on the long list, the buyer can widdle down this list based on the budget. Revenue management software is available to suit all budgets, and some general applications may be downloaded free or bought off the shelf at a lower price.
Buyers must keep in mind, however, that the more specialized a software is, the more expensive it gets. This is the case because the user base for specialized software is usually relatively small. If the company wants something specific to their industry or customized for the business, they should be prepared to pay a premium.
Conduct demos
As a rule of thumb, companies should make sure to demo all of the products that end up on their short list. During demos, buyers should ask specific questions related to the functionalities they care most about. For example, one might ask to be walked through any features for revenue recognition and allocation, forecasting project cost and revenue, and analyzing the performance of special offers, packages, and incentives.
Selection of Revenue Management Software
Choose a selection team
The accountants or managers from departments such as sales, marketing, and operations who will be using this software must be involved in the selection process. Every business is different, and the accountants, or other frequent users, are most likely in the best position to offer an educated opinion about the best choice for the business's particular needs. The accountant may even be able to help the company install and set up the software of choice.
After choosing a software, buyers must remember that they don’t have to be stuck with this selection forever; most platforms allow for add-ons or modifications. However, this decision shouldn’t be made lightly because no matter what software is chosen, it will be a big time and money commitment. To see ROI, buyers can’t change their minds a few months later and switch software again.
Negotiation
Negotiating a software contract is vital to minimize risk, whether in terms of performance protection, security protection, or simply making sure that both parties are in complete agreement with what to expect from the other. If the business has the cash flow, they could ask for a discount in return for an annual upfront payment, and many software providers are happy to make that deal. Other times, a software provider may offer unlimited usage if the buyer pays upfront instead of paying a monthly or quarterly package price.
Buyers should also determine if they need help implementing the software or integrating it with another system. Usually, a software provider's first offer will include some implementation services in a given timeframe. Buyers can ask for these services to be removed if they can manage it themselves or if a third party can do it for cheaper.
They also need to decide for how long they will need this software. If the company will use the software for years, the buyer can negotiate longer terms which sometimes results in more favorable pricing.
Final decision
The final decision should be based on all the information gathered previously. Businesses should try to prioritize needs and select the solution that meets most, if not all, of their requirements. Companies must remember that there isn't a perfect software, but there is one that is best for their business. If possible, buyers should try to conduct a pilot program with a smaller sample size of users to gauge how well the software is received. If the platform gets high marks, they can buy with more confidence. If the tool is found to be inefficient or not performing as expected, it might be time to test another software.
