ARTICLE
Business Analytics

Increase Efficiency with Contract Management Systems

Written by Analytix Editorial Team | March 25, 2013

As part of our commitment to provide complimentary services which assist our clients in improving efficiency, Analytix Solutions recently developed and launched our new Contract Management System. Contract management systems can be an invaluable addition to any business. This is particularly true for businesses that lack dedicated resources and manpower for management of contracts, such as small and mid-size businesses and enterprises.

Contract management often involves understanding the terms and conditions of various contracts, undertaking negotiations, documenting the process, and tracking amendments and changes.

Contract management requires tracking correspondence such as purchase orders or sale invoices. Depending on the type of the contract, it may also include documentation of details such as technical instructions, legal specifics, and other miscellaneous terms and conditions. Implementing accurate contract management processes reduces the risk of errors caused by misunderstandings of the technical, legal, financial, and other similar details associated with the parties involved.

Proper contract management entails tracking vast amounts of data and details, resulting in an intensive and time-consuming process. By contrast, a contract management system facilitates organization of these details which is immensely beneficial for businesses where manpower resources, budgets and infrastructure are constrained. Implementation of a contract management system ensures accurate information is recorded for key contract elements such as the unique contract ID, the entity entering into the contract, type of contract, etc. Elements including date of the contract, renewal date, and even date of price increase, if applicable, may be included in a comprehensive system, thus helping businesses maintain an accurate report for each contract.

Benefits of Analytix’s new Contract Management System include:

  • Automatic reminders- Our new system emails reminders and alerts to multiple parties involved in the contract execution. The system also offers easy-to-navigate dashboard, making critical information more readily accessible.
  • Detailed tracking- To facilitate managing multiple contracts, our system collects detailed information on each contract, such as the type of company or entity involved. Furthermore, the contracts can be tracked by various categories such as company location, department responsible for contract, etc.
  • Central depository for all contracts- Storing contracts in a centralized location makes them easier to access. Moreover, our system offers significant storage space so that clients can store an unlimited number of contracts, while simultaneously being able to easily search them for key data.

For more information on our new Contract Management System, please email us at sales@analytix.com.

Written by

Analytix Editorial Team

Recent News

News & Events

QuickBooks Online: Optimize Financial Reviews with Insight R...

July 19, 2023  

News & Events

Analytix Accounting Solutions to Participate in MICPA Small ...

July 18, 2023  

News & Events

Analytix Solutions to Present at The Virtual Learning Showca...

May 25, 2023  

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