While you may understand your company’s contract process, internal auditors assembled for your team may not. Breaking down your contract process doesn’t just educate new team members. It can also refresh the memories of current members. If you want to build a better internal audit process, start with our comprehensive guide to internal contract audits here. Then you can build out the documentation and standard workflows so other departments understand your process. Here’s how:
Chances are that at least one of your contract team members has worked with internal auditors before. Even so, the circumstances, and expectations, have most likely changed throughout the years.
Gathering anticipated documents in advance is just one way to break down the contract process. Asking — and not assuming — what the auditors specifically want to be included is a smart idea. The better prepared your team members are, the more time they save for everyone.
Conduct Regular Audits
Conducting regular audits throughout the life of the contract is a micro approach to ensuring they are on course. Keeping a watchful eye on contracts can prevent an emergency situation later. Contract management software like ContraxAware can help keep your contract management team on track. Alerts and collaboration help prevent possible red flags from developing into serious situations for your business.
A long-term contract may lie dormant and neglected. Complacency is dangerous in any business. Some contract team members may feel so overwhelmed by the daily tasks that they can’t fathom checking on something that isn’t currently a known issue.
The right contract management software system can make complacency a thing of the past. The easy-to-use dashboard and navigation features like those of ContraxAware make it a convenient way to conduct regular audits.
Develop Standard Processes
Not all contracts are alike. The larger the business partner or project, the more complex the contract. For internal auditors, a large contract like that of a federal agency may overwhelm them. Due to the strict rules and regulations for such a contract, it is important that no detail goes unchecked.
By developing a standard process for larger contract audits, as well as general contract management, your contract team can better serve internal auditors. A standard process can keep everyone on the same page, as far as procedures go. Also, it can alleviate unnecessary stress. When the internal auditors understand their assignments and have the tools to get their job done, it saves everyone time and frustration.
Internal auditors are an integrated part of your business. They can bring a unique perspective to aspects of a contract your team has reviewed time and again. The same auditors can also contribute to the development of the standard processes. Their insight into what worked in the past and what didn’t can help streamline the standard processes for everyone.
Choosing your team’s collaborators with internal auditors is often easier than you think. Selecting the right members for the contract audit team and using the right tools can greatly benefit your business’s bottom line. Some of the benefits include less stressed employees and possible contract renewals.
How ContraxAware Can Help
ContraxAware is a cloud-based contract management system designed to help businesses of all sizes. From templates to data management, our software makes contract audits easy by streamlining the process. You no longer have to search down team members or fill their inbox with countless emails, all in an effort to obtain a signature.
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Breaking down the contract process for your internal auditors can only lead to a more productive staff. Understanding what to do when it is easier when the processes and expectations are in place. By providing appropriate access to all members of the audit team, ContraxAware can help you breathe easier when it comes to your business relationships.
As a powerful collaborative tool, ContraxAware can allow changes to contracts by different team members. Others on the team can view the changes, see who made them, and when the changes were made. Once you have ContraxAware in place, you’ll wonder how you ever managed without it.
To learn more about ContraxAware and how it can benefit your company, call us at (800) 460-9052. Our friendly and professional staff can walk you through our subscription options and answer any questions you may have about the software. No question is too silly or too complex for our staff to answer.
Training is easy and convenient. Our online walk-through system takes you step-by-step through how to navigate the unique features of the software. Eight-hour one-on-one training is available for some subscription levels. Your contract management is too important to trust to just any software management. At ContraxAware, our founders have both software development experience and legal experience. Both professional backgrounds provide a strong foundation that supports the product we have today. Let us share how ContraxAware can fill a void in your business world by providing better contract management. Contact us today.