What Is Automated Contract Invoice Management? 

What Is Automated Contract Invoice Management?  150 150 Tim Robertson

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More and more organizations of all sizes are coming to realize the benefits associated with the automation of the processes related to managing their contracts. In other words, automated contract invoice management.

Taking control of your contracts gives your team immediate access to crucial contract information – at anytime and from anywhere, increasing productivity and making contract negotiations easier and more effective.

In particular, with today’s technology, organizations can automate the repeat processing of their recurring contracts and send them automatically to their ERPs. For organizations who deal with multiple recurring contracts – telephone, utilities, rentals – the related cost savings can be substantial as these contracts can be automatically matched to account numbers allowing for the posting to the proper charge codes followed by automatic payment approval.

How does automated contract management work? 

Contracts are scanned or imported and archived securely in an electronic database. The more highly automated solutions work in conjunction with your company’s existing supplier information. Users are already in the system as are the company’s specific authorization rules, work flows, user roles and other regulations.

Things to consider when trying to find an effective contract automation solution:

  • Does the solution archive all types of contracts in such a way that it’s easy for us to find and access them as necessary?
  • Does the solution allow us to automatically process our recurring invoices (leasing contracts, utility bills, rentals, subscriptions, etc.) while, at the same time, alerting us to overspending and other irregularities?
  • Can we set reminders so that the solution lets us know when it’s time to renew a contract?
  • Does the solution enable self-billing for contracts that come without vendor invoices (eg. office leases)?

Do you need to take control of your contracts? Would you like to have immediate access to all of your contract information for review and renegotiation purposes? How would you like to automate the repeat processing of recurring invoices and send them directly to your ERP? PaletteContract can assist you with all of this and more. Repeated invoices such as rentals, telephony and other utilities can be automatically matched to account numbers or contracts, posted to the proper charge codes and approved for payment.

Approximately 15-25% of all expense invoices can be matched this way. With all of your contacts stored centrally – accessible and searchable – you will have full visibility and control. Efficiency will be increased and you will save both time and money.