Cloud software plays an essential role for small businesses as it cost effectively streamlines tasks which would otherwise require specialist expertise or expensive resources. Cloud software effectively allows small businesses to augment their existing resources and do more with less. Whilst small business cloud software is better known for custom relationship management or recruitment operations, there remains a gap for contract management. Contract management software has until now only been available at law firms or large organisations but is now helping small businesses augment their contracting capabilities on no legal budget. This article shares 5 reasons every small business should use contract management software.
- It provides a complete overview of the contracts your business holds
Running a small business isn’t easy, and keeping track of contracts and employee information can seem like an overwhelming task. Whilst storing contracts in a physical or digital folder might seem like an acceptable solution, it often requires sifting through every single contract to retrieve simple yet key information such as renewal dates. A contract management platform like Legislate makes it easy to understand and keep track of all your important contracts by providing a real-time dashboard with key contract and negotiation statistics. The patented technology behind the dashboard will update values as soon as contract conditions are met such as expiries, opt-outs or renewals.
- It keeps everyone on the same page
Using contract management software helps small businesses streamline communication with contract parties and make contract administration fast and easy. Contract management platforms help improve internal communication by making contracts available to every team that is connected with the contract’s lifecycle such as account management and finance. This frees up time to focus on core business activities, which would otherwise be spent asking the contract manager for updates on the contracts which concern them.
- It centralises all contract details and allows you to make better decisions
Contract management software can help you make better business decisions by making key business information readily available. Contract data is conditional which means that monetary values can be less than they seem if the contract has a trial period or an early termination clause. Without a contract management platform it is difficult to keep track of these decisions and know what your actual revenue and outgoings are.
- It saves time and energy by streamlining tasks
Contract management software helps create paperless processes, automates communication between parties and creates a better user experience for everyone. Using contract management software reduces these workloads and helps you remain compliant with reporting requirements. Legislate members save on average 3 hours of admin per contract and offer a more inclusive contracting experience to parties who don’t have access to a printer or scanner.
- It automates compliance for you
Small business owners have a lot on their plates. Without the right contract management software, it can be difficult to prove that you met legal requirements such as providing statutory documents to employees. Contract management software allows you to effortlessly demonstrate compliance with reporting requirements thanks to a digital audit trail from the creation to signature of your contracts.
In this article we have explained how contract management software can help small businesses understand what contracts they have and what they contain at any time, whilst unlocking cost-saving benefits such as cutting the time it takes to create contracts and remain compliant. Legislate is an easy-to-use contract management platform for small businesses, landlords and letting agents which has all of these benefits and provides patented insights into the state of your contracts and business. To get started, simply sign up, select the contract you’d like to create, read a tutorial and book a demo.
Legislate is an early stage legal technology startup which allows large landlords, letting agents and small businesses to easily create, sign and manage contracts that are prudent and fair. Legislate’s platform is built on its patented knowledge graph which streamlines the contracting process and aggregates contract statistics to quickly unlock valuable insights. Legislate’s team marries technical and legal expertise to create a painless, smart contracting experience for its users. Legislate is backed by Parkwalk Advisors, Perivoli Innovations and angel investors.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.