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How to Manage an Audit Project and Save Your Contracts Team Time

How to Manage an Audit Project and Save Your Contracts Team Time

by admin
March 5, 2020

If you’re a team lead, you may feel confused about where to get started with how to manage an audit project for contract compliance. Organizing your team and getting started is easier using contract software management like ContraxAware, and we created a comprehensive guide to internal contract audit projects to get you started. By following the audit trail, you can streamline the process for all team members in a collaborative way. 

Starting the Audit Trail Process

Deciding where to start involves choosing the contract that requires an audit and assembling team members to start the audit trail. The right team members can make the process easier by focusing on their area of expertise. Take a good look at your team and decide who to include. Chances are it includes members of the contract team, accounting team, and possibly the legal team. At any point during the project, team members may come and go, depending upon your need of their talents. 

Define Your Objective

What are the goals of the audit project? If it is ensuring compliance, what must you include as part of the review process? Defining your objectives and setting goals for reaching them can lead to the next step of establishing a helpful checklist. The right way to manage an audit project is to make sure there’s a clear goal your team can achieve.

Also Read  Why Top Companies Prefer ContraxAware in 2020

Set Realistic Goals

A checklist can help you to identify the right information you need for a successful audit. With helpful contract management software from ContraxAware, it is easier than ever to find the information you need in the database. Once you find it, you can sort it, filter it, and even share it. 

When your team members can all access the information in a more timely manner, it can help you reach your goals faster.  While each team member accessing different parts of a contract file may alarm you, the ability to track changes by person and date helps. The technology is sophisticated, and the ease of using it is rewarding. 

Do you want to Win at Contract Management? Schedule Live 1 on 1 Demo.

If you have to adjust your goals for any reason, ContraxAware provides the flexibility to do so. Managing ContraxAware to work for you is simple and something our online training can teach you. Whatever your objectives and goals for your contract audit, ContraxAware can help you reach them. 

Implement ContraxAware

ContraxAware has all the tools you need to complete and manage an audit project. The ability to view the project from a 360-degree angle and then drill down to specific parts of the contract audit is a feature your team will find useful. 

Reviewing documents to see which team member updated what and when they did it is another useful feature. There’s no longer a need to call meetings or to hold conference calls. ContraxAware eliminates the need for this and takes your business workflow to the next level. 

Also Read  The Ultimate Guide to Preparing for Internal Contract Audits

Time is a precious commodity for any business. By implementing ContraxAware for your contract audit process, you can save time by utilizing the key features of the software. If your project requires restricted access for some team members but not others, the security features make that possible. Need your legal team to review certain parts of the contract? Done. 

With ContraxAware, your team goes from juggling multiple balls to just one. This not only frees up their time for other tasks, but it can also help alleviate their stress. Providing the tools your staff needs demonstrates your confidence in not only the project but in their talents. It can also convey support, knowing most employees have busy lives outside of work. 

Balancing their workload is essential to maintaining morale. ContraxAware makes collaboration so easy, you may find staff teaming to work on additional contract projects without you having to ask. 

Learn More About How ContraxAware Can Help Your Team

Starting the contract management process is often an overwhelming experience. By using the right contract software management system, you can feel more confident about your team’s ability to complete an audit on time. Tracking team use and managing assignments have never been easier. At ContraxAware, we provide support no matter which subscription you purchase. From online training that walks you through the process, step-by-step to more complex training with other plans, we have the right subscription plan for your needs.

We take great pride in working with companies of all sizes and types. From small business to large, ContraxAware helps owners, managers, and their teams manage contracts in the best way possible. 

Also Read  Importance of Contract Management Software for Small Businesses

Our friendly and professional staff loves to show how ContraxAware can work for businesses. So call today to ask about a free demo at (800) 460-9052. ContraxAware is cloud-based contract management software, and it’s ready to start whenever you are.

The next time you have to manage an audit project, step away from outdated contract management software and into the world of ContraxAware. Your business contracts are too important to risk to chance. One ball dropped can result in one very important contract lost. 

ContraxAware is a software that your business can’t afford to do without. Once you start using it, you and your team won’t understand how you managed contracts without it. So contact us today.

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