How Contract Management Software Will Help Your CFO Sleep Better at Night

CFOs have a lot on their plate. And, contrary to the second word in their official title, they do not just oversee a company's finances. The dynamic nature of business requires leaders in any capacity to understand and make decisions regarding various matters. Fortunately, there are business solutions available that can make the life of a CFO a lot less stressful. Here is why contract management software (CMS) will help CFOs sleep a bit better at night:

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5 Spreadsheet Blunders That Will Make you Think Twice

Spreadsheets: we love to hate them. They are used for many business functions and are deemed necessary by companies. They track financials, deliverables, basically anything that has a quantity assigned to it and can be managed with a formula. Unfortunately, spreadsheet data is far from accurate. An article by Forbes estimated that a whopping 90% of spreadsheets have errors in them. Here is a collection of the most serious spreadsheet blunders from articles around the web. Our bet is after reading these; you'll think twice about how you're tracking your data. 

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Reasons to Reconsider Relying on Spreadsheets for Contract Management

For businesses juggling a lot of relationships, whether client or vendor, relying on spreadsheets may be necessary to keep track of all the moving pieces. Spreadsheets can be used to capture and condense bits of information, such as important dates and contact details. However, when it comes to managing critical company matters, such as those that affect expense budgets, supply lists, key milestones, and so forth, utilizing spreadsheets to monitor this information may not be wise for a number of reasons. In particular, companies that rely on spreadsheets for contract management may want to reconsider this approach for the following reasons.

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Five Signs Your Business Needs a Contract Management System

As companies grow, they accumulate more and more contracts. Eventually, contract owners start tracking important dates in a spreadsheet or Outlook so they don’t forget them. But this ad hoc way of managing contracts gradually becomes unwieldy, risky and costly. The question is, what is that point, and how do you know it’s time to consider a more purpose built solution?

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