ARTICLE
Business Strategies

Contract Management Systems: Enhancing Operations

Written by Analytix Editorial Team | September 2, 2014

Contract management systems are a vital component of startups and small businesses.  A contract management system reduces the dependence on manpower and is an ideal set-up where staff is limited and dedicating a resource to manage contracts alone is near impossible.

Why have contract management at all?

Contract management is all about defining the terms and conditions of contracts clearly, documenting them, carrying out negotiations and keeping track of any changes to existing contracts. If not managed well, contracts can quickly escalate into a chaotic situation involving missed deadlines and ultimately both business and money loss. Breaches in contracts are also a breach in the trust invested into the project execution by both parties.

For a startup, or even a small business, it is common to carry out contract management as part of other duties being multi-tasked. However, this can lead to a lack of clarity on the project objectives and obligations.

Instead, a robust contract management system offers more advantages for less cost than a dedicated human resource assigned to the task would.

What does contract management involve?

Typically, contract management systems involve keeping track of elements related to the contract at hand. Apart from tracking and documenting invoices, orders, etc., all specifications of the contract, including project execution details and even technical details and terms and conditions, are noted by the contract management system.  Other details can include assessment of risks, possible hindrances to the project, details of financing, etc.

Usually, contract management deals with a huge quantum of data, leading to a process that is time consuming and detail-oriented. But when taken over by a system designed for it, contract management can take care of the data, including details of the implementation of the contract.

An ideal contract management system includes, among other elements:

  • Automatic reminders – System emails reminders and alerts to multiple parties involved in the contract execution. A dashboard can help make all this critical information more readily accessible for all the parties involved.
  • Detailed tracking – Facilitating multiple contracts and collecting detailed information on each of the contracts, including the type of entity involved and the project. Ability to track contracts by categories such as company location, department responsible for contract, etc.
  • Central storage for all contracts – Allowing storage of contracts in a centralized location, resulting in easier access. Significant storage space to help store a higher number of contracts, while enabling easy navigation for searching key data.

At Analytix, the commitment to aiding startups extends to enhancing existing efficiencies in everyday operations as well. Our new Contract Management System helps businesses manage not only their contracts and projects better, but also ensure stronger and better business relationships based on trust and confidence.

For more information on our services, please visit us at https://www.analytixaccounting.com or email us at sales@analytix.com.

Recent News

News & Events

Analytix Solutions Will Exhibit at the Scaling New Heights 2...

January 5, 2023  

News & Events

Analytix Solutions Will Be At the 2022 New England Practice ...

November 7, 2022  

News & Events

Analytix Solutions to Do a Sponsored Webinar at MSCPA 2022

October 20, 2022  

Stay in the Loop

    cpa guide book

    Accounting Department of The Future

    Trends Influencing How Small to Mid-Sized Business
    Accounting Departments Operate.

    Download Now