Several new accounting packages developed by Softrax are designed to automate the contract function by tracking each step involved in the process.
Analysts say that Softrax, based in Canton, MA, has hit upon a real niche: the packages are ideal for reporting income to the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB), especially considering the new revenue recognition rules required for software company reports.
The programs, which include Softrax Operation, WebOps, Financials, and Professional Services and Automation, will take a contract from its inception and amendments to the signing process, and finally, to completion with the actual income reflected in a company's financial statement.
No stone is left unturned. Areas like the revenue cycle, and service and maintenance sections of a contract, are managed by the software. Already, one of the company's customers is the popular accounting vendor Computer Associates.