Are you wondering how you can get a ledger view of your contracts?
You can do it with a management information system that tracks financial information along with a host of other features. Be the source for great contract management with our system.
Along with the financial capability, here are four more reasons to track your contract commitments outside of your accounting software.
Reason 1 - Get a ledger view that tracks non-financial commitments
Your contracts will involve commitments that are not strictly financial, generally outlined in the employment and training objectives or the contract terms and conditions, that need to be tracked and monitored.
Collect client information, schedule payment claims, and monitoring records all need to be planned. There are also regulatory forms, such as client consent forms or a copy of the partner’s general ledger. A financial system will not be able to handle any of that without paying a premium price.
Reason 2 - Get a ledger view that tracks the timing of commitments
Accounting software typically records financial transactions when they occur. However, some project commitments may have future due dates, and it is essential to track them separately to ensure they are met on time.
Reason 3 - Get a ledger view that keeps multiple stakeholders informed
A project often involves multiple stakeholders, including clients, partners, a board of directors, and programs and services personnel. It may be necessary to track commitments made to each client or partner separately and outside of the accounting software to ensure that all parties are aware of their obligations. It’s also important for reporting.
Reason 4 - Get a ledger view that provides visibility
Keeping track of your project commitments outside of your accounting software can provide additional visibility.
This visibility can help you identify potential issues and take corrective action before they become major problems.
Get a ledger view of your contracts today
Overall, while accounting software is an essential tool for managing project finances, keeping track of project commitments outside of your accounting software can provide a more complete picture of the project’s status and help ensure its success.
Contact our products team and find out more today.