Signing and approving contracts one-by-one is a tedious process. This slows down the entire finance team, especially leaders like CFOs, who could be focusing on bigger picture strategies.
Manually entering contract data can at times lead to mistakes like typos and inconsistencies which can lead to a domino effect of problems, including missed payments, incorrect financial reporting, and wasted resources spent fixing errors.
Keeping track of upcoming renewals, reviews, and other contract milestones can be a constant juggling act for the finance teams. Missing deadlines can result in financial penalties, missed opportunities and even legal non-compliance issues.