SoftCo Contract Management is tightly integrated with all SoftCo Procure-to-Pay modules and manages the request, purchase and control of contract-based spend within the eProcurement module and facilitates contract and invoice matching within the Accounts Payable module. The solution presents comprehensive reports on exceptions, status, renewals and any overcharges.
SoftCo Contract Management also provides a SÄHKE2 certified central repository where all agreed contracts with your vendors are compliantly stored and managed and are instantaneously available for retrieval based on user permissions. All contracts are stored as password-protected PDFs, preventing unauthorized printing and saving of your contracts.
SoftCo Contract Management provides full contract lifecycle management and proactively sets reminders for your expiring contracts or those due for renewal. The solution works seamlessly with the SoftCo Procure-to-Pay modules to configure installment plans, ensuring you only receive accurate invoices from your vendors, as per your agreed contracts.
With SoftCo Contract Management you:
- Manage contract requests, PO generation and invoice matching.
- Enable contract and invoice matching within Accounts Payable.
- Report on contracts generated, status, value, overcharges and renewals.
- Compliantly store all vendor contracts in a central archive.
- Control access and viewing permissions of all contracts.
- Configure notifications for contract expirations and renewals.
- Configure installment plans against vendor contracts.
- Track and record invoices not received against agreed contracts.
“Our response times are immediate, and retrieval of documents from our archive is instant.“
Patricia Fletcher, AIB Finance & Leasing
How does SoftCo Contract Management work?
Contract Spend
Manage request, purchase and control of contract-based spend within eProcurement.
Matching and Alerts
Proactively match invoices to agreed installment plans without a supporting PO or GRN.
Non-Invoice Contracts
Generate invoices matched against existing vendor contracts with agreed payments.
Contract Storage and Security
Manage vendor contracts in a centralized and secure environment.
Contract Lifecycle Management
Full lifecycle management from initial contract storage, to search, auditing and contract renewal.
Visibility and Reporting
Comprehensive dashboard reporting and notifications on active and expiring contracts.
Gain control and visibility over all of your contract-based invoices
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Contracted Spend
SoftCo Contract Management manages the request, purchase and control of contract-based spend within the SoftCo eProcurement module and facilitates contract and invoice matching within the SoftCo Accounts Payable module. The solution presents comprehensive reports on exceptions, status, renewals and any overcharges that occur.
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Installment Plans
SoftCo Contract Management works seamlessly with the SoftCo Accounts Payable and SoftCo eProcurement solutions to configure installment plans and ensure you only receive accurate invoices from your vendors, as per your agreed contracts. The solution creates forecasted amounts per month for each of your contracts and as an invoice is processed against the contract, it is allocated to its correct month.
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Automatic Matching and Alerts
SoftCo Contract Management automatically matches your invoices to agreed installment plans, without the need of a supporting purchase order or a goods receipt note. AP staff are no longer required to carry out manual accrual tasks for forecasted invoices.
Reduce complexity and cost managing agreed contracts
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Non-Invoice Contracts
SoftCo Contract Management allows you to generate your own invoices to be matched against your vendor contracts, before sending payment to your vendor. Where there is an existing agreement in place with an agreed payment cycle, such as a monthly rental payment, the system removes the need for your vendor to send you an invoice in order to be paid. Invoice lifecycles are significantly reduced, payments are made on time and all relevant data is included on invoices.
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Tolerance Settings
The solution provides tolerance settings, allowing invoices you receive to be higher or lower than the agreed contract by a certain predetermined amount, and still automatically match. Automatic alerts notify charges that are outside of set tolerances, which can then be queried with vendors.
Manage your vendor contracts in a centralized and secure environment
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Storage and Security
SoftCo Contract Management provides a secure and centralized repository for storing all agreed vendor contracts. Contracts are accessible instantaneously at any time subject to user permissions.
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Permissions Protection
The solution facilitates the setting of permissions for the information your business users can view on your stored contracts. All contracts are stored as password-protected PDFs, preventing unauthorized access, printing and saving of contracts.
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Contract Lifecycle Management
SoftCo Contract Management offers full lifecycle management for all of your contracts, from initial storage to search and retrieval, auditing and reporting, right through to contract renewal. The platform also provides a full audit trail of any changes made to your contracts during their entire lifecycle in accordance with compliance obligations.
Stay on top of your contract-based invoices
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Track and Record
SoftCo Contract Management tracks and records any invoices not received, relating to agreed contracts, ensuring your accounts payable team are aware of any impending invoices that can be factored into accruals reporting.
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Contract Visibility
SoftCo’s advanced contract management dashboards provide a range of intuitive reports. The dashboard comes equipped with reports including active contracts by age, active contracts by approver and active contracts by vendor.
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Notifications
SoftCo Contract Management sets alerts for contracts expiring and contracts due for renewal, ensuring you never lose track of your contracts or suffer unexpected auto-renewals.
