Does your finance team need contract management software?

Topics: Contract Management

Consider your finance team's role in your organization. They are the math-heads, the accounting gurus, the goal-makers and your go-to department for all things numerical. Now, consider the same numerical side of contract management. It's more than saved time and increased sales productivity. If you show your finance team the data yielded by a air-tight contract management process, they'll show you exactly where you can stand to improve on revenue growth. 

Turn contract chaos into control of your revenue growth

Take a look at your contract process as it operates today and ask yourself these questions:2750890246_c4eb32e3e7_z

  • How many steps does your average contract take; from creation to close? 
  • How long does a contract stay in negotiations? 
  • Are you missing renewal deadlines? 
  • Are you at risk of an audit? 
  • How often do you make a mistake on an invoice? 
  • Are you giving away unearned discounts? 
  • How many deals closed on time? 
  • How many deals slipped into the next quarter? 

Are errors dictating your sales process? 

Given the time and resources, your finance team should be able to spotlight countless instances where you might be letting revenue slip through your fingers. This lost revenue comes in the form of lapsed contracts, excessive contract negotiations, errors in special clauses and missed deadlines. Not only does this put your company at financial risk, but also creates an unpleasant contract process for your soon-to-be customers. An honest mistake at the contract level might end up losing you customer before they even get to use your services or product. 

So you're having an audit...

All of those new contracts you're bringing in means more revenue for your business. But the quantity counts as much as the quality of those contracts. Your finance team is exposed to a lot of headaches and potential heartaches during an audit, but a transparent and well documented contract process can enable them to spot risky clauses and conditions before it's too late.

Tip: Consult with your finance team before including any automatic price increase clauses and conditions of renewal - this will help increase customer longevity and prevent otherwise happy customers from slipping through the cracks. 

Contract management software uses metrics to track even the smallest successes and failures of your business. These metrics give your sales, ops and finance teams direct visibility into opportunities for improvement and prevention. 

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