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Advent upgrades billing and revenue management system

01 October 2009  |  1833 views  |  0 Source: Advent Software

Advent Software (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today unveiled significant new features to Advent Revenue Center, its comprehensive billing and revenue management solution.

Advent Revenue Center 3.0 includes revenue forecasting and revenue sharing to help firms maximize revenues, increase efficiency and mitigate operational risk.

The revenue forecasting feature enables firms to perform revenue forecasting under a variety of "what-if" scenarios, analyze run-rates and view summary forecasts or details by client. The revenue sharing feature allows firms to define and manage complex payout rules and split and share fees with internal and external parties.

Jamison, Eaton & Wood, an asset management firm, produces a run-rate report each month to monitor revenue and project annual fees. Commented Lisa Bellando, Vice President, Administration, "It used to take us about a day to produce our monthly run-rate report because we'd have to plug in all the different fee structures and relationships. With forecasting in Advent Revenue Center 3.0, we can show the relationship, the current fee structure, current market value, and annual fee, which is exactly what we need. It is going to free up a significant amount of time."

The revenue sharing feature in Advent Revenue Center has helped Steinberg Global Asset Management automate cumbersome manual calculations, improve accuracy and streamline the revenue sharing process. Explained Lisa Marsden, Chief Compliance Officer and Operations Manager, "We have about six sources with which we share revenue. We used to have to separate them out in spreadsheets, figure out their shares based on an estimated percentage of revenue and deduct that from our income. Now we'll be able to run reports in Advent Revenue Center that show exactly how the fee is broken out per account or relationship. We can see in one program what we're paying out in revenues. We won't have to use spreadsheets anymore and the information is exact."

"We are very excited about the new functionality in Advent Revenue Center. The full scope of revenue management extends beyond billing and this game-changame-changing release expands the capabilities of the product's powerful foundation by supporting more workflows, including revenue sharing and forecasting," said Michele Holton, Director of Product Marketing at Advent. "With the new features in Advent Revenue Center 3.0, clients can more effectively analyze run-rates, forecast what-if scenarios and manage fee sharing arrangements. These new features give firms insight into current and future revenue streams with ease and efficiency."

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