3 Common Contract Record Errors That You Can Easily Identify and Solve

3 Common Contract Record Errors That You Can Easily Identify and Solve

by admin
March 3, 2020

Contract records can range from simple to complex, depending upon your type of business. The smallest mistake can result in big trouble, especially when it comes to large government contracts. Protecting your company’s reputation and your relationship with a federal agency is imperative for your success. While human error happens, the right contract software management can help identify and solve even the most basic errors. We also recommend our read our comprehensive guide to creating internal audit projects so you can correct contract record errors faster.

There are three common contract record errors that are often easy for your team to identify and solve:

1. Contract Record Errors Involving Invoicing

As busy people, we all make mistakes occasionally, and that’s true for even your most trusted team member. Contract invoices can include such errors as:

  • Wrong invoice numbers
  • Incorrect date
  • Incorrect or incomplete coding
  • Billing costs in excess of the funded amount of the contract

Relying on the human eye to catch these errors is risky. The fine print and details of contracts can blend together after a full day of staring at a computer screen. Contract management software can alert you to needed changes or required signatures. This type of cloud-based software is the extra set of eyes that keep your contracts accurate and up-to-date. It also serves as a valuable source for financial checks and balances, ensuring key elements of the audit are completed. 

Also Read  How to Standardize HR Department Processes with the Right Human Resources Contract Management Process Software

2. Inadequate Team Training

A contract audit requires a full team approach. When one team member fails at their assigned task, it can affect the entire project. Identifying why that team member dropped the ball can help you to determine how to improve their performance. For example, the team member may not understand where to find their part of the project on a software system that is outdated and complicated to use. By providing your team with the right tools, they can better collaborate on important contracts and subsequent audits. 

By not providing the tools your team needs to perform the best job possible, they may interpret that the job simply isn’t that important. The term discretionary effort means doing what you have to in order to get by versus doing your best. Life both inside the office and away from it is often hard enough. Make it easier and instill confidence in your team—and the project—by providing tools like ContraxAware.

3. Contracts That Are Here, There, and Everywhere

The individual roles of team members may have important contracts and related documents scattered throughout the office. A centralized system can better streamline the contracts into one source, making it easier for all team members to access. ContraxAware does this and more when it comes to contract management. 

Not only is ContraxAware easy to use, but we also provide walk-through training that takes uses through the process step-by-step. The learn at your own pace option makes training easy and keeps it in-house. Eight hours of one-on-one training is also available for some higher-level subscription plans.

Also Read  5 Benefits of Contract Management Software for IT Departments

Without a centralized location for your contract files, there is more opportunity for errors. ContraxAware has a built-in feature that allows you to see who updated what and when they did it. This form of management can save your company time and money in addition to protecting your client relationships. The time saved by streamlining your contract management process is better spent building your business. 

About ContraxAware

Our leadership takes great pride in our ability to provide an easy-to-use contract management system that makes it easy to solve and minimize contract record errors. No matter the size or scope of your business, it can benefit from the streamlined process ContraxAware provides.  

Even the smallest mistake can lose you a client. A contract audit is made easier when all team members are working off the same contract management system. Also, the data management features that allow you to search, group, sort, and share make collaboration easy. 

Some components of a particular contract may require restricted access. ContraxAware makes this possible with implemented security measures that are easy to manage. Adding and removing team members from certain access levels is something that you can monitor and adjust as needed.

Entering a wrong date or dollar amount remains a possible mistake by any team member. The true value of ContraxAware is another team member’s ability to catch the contract record errors or for the system itself to catch it. Preventing the mistake from leaving the office and making its way to the other company is your ultimate goal. ContraxAware can help. 

Also Read  Making Renewability a Top Priority in Your Contract Management Processes

If you want to learn more about ContraxAware, its features, and to try it for free, then contact us online or call (800) 460-9052. Our friendly and professional staff can help you to understand why this contract software management tool is a must for your team and business. Never underestimate the importance of proper contract management. Protect your contracts by reaching out to ContraxAware today. Once you have it, you and your team will wonder how you ever lived without it. 

Related Stories

September 30, 2019

What’s Hiding in Your Boilerplate Provisions?

Every commercial contract has boilerplate provisions to make the process more efficient. But, if you're not careful your boilerplate could hurt you in court.

Commercial Contracts
May 20, 2019

6 Key Clauses Found in Commercial Contracts

You need to have these six clauses in every one of your commercial contracts to protect your business and to lower your risk of expensive litigation

August 22, 2019

Why the Future of Commercial Contracts Threatens to Leave Many Companies Behind

Companies that fail to adopt smart contract management software will be left behind as contract lifecycles become faster and automation becomes the default