New Accounting Packages Track Contracts to Completion

Several new accounting packages developed by Softrax [1] 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 [2] (SEC) and the Financial Accounting Standards Board [3] (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.