Have you ever hovered humbly over your filing cabinet or pored over an unwieldy spreadsheet and wondered if there is a better way to manage your contracts? Managing contracts is an important part of your business and you have to be sure that you are fulfilling your obligations to your suppliers and employees. Of course, you can set up calendar reminders, leave yourself a slew of Post-it notes, or rely on spreadsheets or memory, but there is better way: A contract management system designed exactly for your needs.
A good contract management system, like Tractfile, is flexible and can reflect the simplicity or complexity of your particular business. Do you have different department or entities that make up your business? You can manage them all at the same time in the same system and build each department or entity with its own set of rules. Does your business have different levels of responsibility that need to be reflected in contract approval? You can set the system up with eyes-only viewing that shows a contract only to the people necessary for that particular process.
The other side of that coin is to making sure that all the people who should see a contract are automatically built into the workflow. Rather than composing a ton of emails, the system can automatically send each approver or reviewer the proper notifications. Imagine the amount of time you can save by clicking a simple button instead of having to write numerous reminders. A good system can help your office work more collaboratively and transparently on your contracts.
Collaboration also means keeping your contracts up-to-date and in compliance. However, that is a function that can be burdensome and is rife with the potential for human error. Moreover, an out-of-date contract can spell disaster for certain compliance issues. Instead of worrying about being out of compliance with your supplier or employee contracts, set up your system to send you reminders. You can even set up review dates on ongoing contracts so that nothing falls through the cracks. Be sure that you and anyone you do business with are keeping up their side of the bargain.
A contract management system can also help you improve other processes. Tractfile can be integrated easily into other systems like Quickbooks or other accounting programs. You can set up a recurring schedules that produces automatic voucher payments and that are already coded to your cost centers. Payments can even be generated in Tractfile and exported out. Simplify your processes and guarantee accuracy in your payments.
You can also create powerful reports that are both accurate and easy to produce by exporting to Excel. Using versatile parameters, you can create reports that reflect as much or as little information as you choose to produce. Be sleek, thorough or both by choosing only the information you need.
A management system like Tractfile can help you to manage your supplier contracts in an easy and efficient manner. Using the different options available to you, you can make sure that you are fulfilling all your responsibilities. Never worry again about being out of compliance.