Contract Compliance
Manage and control all contract spend
Manage and control all contract spend
SoftCo’s Contract Compliance software is tightly integrated with all SoftCo Procure-to-Pay modules. It 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. SoftCo Contract Compliance presents comprehensive reports on exceptions, status, renewals, and any overcharges.
SoftCo Contract Compliance software provides a SÄHKE2 certified central contract 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 access or printing of your contracts.
SoftCo Contract Compliance provides full contract lifecycle management and proactively sets reminders for your expiring contracts or those due for renewal. The solution works seamlessly with SoftCo Procure-to-Pay modules to configure installment plans, ensuring you only receive accurate invoices from your vendors, as per your agreed contracts.
Manage approval and control of contract-based spend within eProcurement.
Manage vendor contracts in a centralized, secure and compliant contract repository.
Proactively match invoices to agreed installment plans without a supporting PO or GRN.
Full lifecycle management from initial contract storage, to search, auditing and contract renewal.
Generate invoices matched against existing supplier contracts with agreed payments.
Comprehensive dashboard reporting and proactive alerts on expiring or renewing contracts.
“Since the implementation of SoftCo, our customer service level has improved dramatically, and our internal administration procedures have improved significantly.”
Patricia Fletcher, AIB Finance and Leasing
Contracted Spend
SoftCo Contract Compliance tracking and reporting manages the request 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.
Installment Plans
SoftCo Contract Compliance 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 agreed effective contracts. The solution creates forecasted amounts per month for each contract and as an invoice is processed against the contract, it is allocated to its correct month.
Automatic Matching and Alerts
SoftCo Contract Compliance automatically matches 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.
Non-Invoice Contracts
SoftCo Contract Compliance allows you to generate invoices to be matched against vendor contracts, before sending payment to vendors. Where there is an existing agreement in place with an agreed payment cycle, such as a monthly rental payment, SoftCo Contract Compliance removes the need for vendors to send 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.
Tolerance Settings
SoftCo Contract Compliance provides tolerance settings, allowing invoices received 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.
Storage and Security
SoftCo Contract Compliance provides a secure and centralized repository for storing all agreed vendor contracts. Contracts are accessible instantaneously at any time subject to user permissions.
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.
Contract Lifecycle Management
SoftCo Contract Compliance management software 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 regulatory compliance obligations.
Track and Record
SoftCo Contract Compliance 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.
Contract Visibility
SoftCo’s advanced contract management dashboards provide a range of intuitive reports including active contracts by age, active contracts by approver and active contracts by vendor.
Notifications
SoftCo Contract Compliance sets alerts for contracts expiring and contracts due for renewal, ensuring you never lose track of your contracts or suffer unexpected auto-renewals.
Date: Tuesday, November 12th, 2024
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