In business, contracts are essential for almost every kind of working arrangement. From independent contractors that work for your company to vendors that sell you raw materials and everything in between, the right contracts can help your business run smoothly and protect your company from risk.
If you’re thinking about starting a new business or growing an existing one, you need to start with the right foundation. This means having the right tools in place from the very beginning.
That way, you can set up systems that will help you avoid administrative headaches later on. Contract management software is a great tool for small businesses of all kinds. These programs make it easier to keep track of important legal details like contracts and NDAs (non-disclosure agreements).
They also make it easier to manage staff members who may be required to sign documentation before they start working for you. In short, contract management software can save you time and money in the long run by streamlining some of your operations so that contract compliance becomes second nature instead of something that requires constant upkeep.
Here, we discuss some of the top 5 contract management software programs every small business owner can use to stay organized.
What Does Contract Management Software Do?
Contracts can be a bit of a pain to manage manually, especially if you have a lot of contracts that need to be tracked.
That’s where contract management software comes in. This unique solution can help you keep track of all of your contracts and make sure you stay compliant with them. You can enter information about your contracts directly into the software, which will then help you keep track of things like due dates, signatures, and other important details.
You can also use contract management software to track the progress of contract negotiation. This will allow you to stay on top of who has what contract and what stage the contract is at in the process.
Plus, a good contract management system can come in handy if you have a lot of contractors, vendors, or other people who work for you. That way, you can stay organized, even if you have a lot of contracts to manage.
Why is Good Contract Management Important?
The best contracts are the ones you don’t have to enforce. The people you work with will likely want to do the right thing and be on the same page as you, so if everyone has a clear understanding of the terms of their contracts, there’s no need to go to court over contract disputes.
Contract lifecycle management is about setting clear expectations for everyone involved. It’s also about making sure expectations are followed.
If you find yourself constantly having to enforce your contracts, you might want to take a look at your management process. Poorly managed contracts can lead to employee turnover and bad PR. They can also put you at risk for costly lawsuits.
With the right contract management software, you can reduce your risk of these things and make sure everyone is on the same page.
5 of the Best Small Business Contract Management Software Options
Panda Doc is a cloud-based document management software that helps small businesses manage their contracts and compliance activities.
Some of the key features include:
- A contract builder that lets you create custom templates and save them once they’ve been filled out
- An NDA option that lets you save and sign documents on the go
- A review system that lets you track the progress of your contracts
Panda Doc also offers a free option for its basic document management software. This means you can create and sign basic contracts with a free user account.
The premium option for PandaDoc has additional features like an NDA and contract review system. Panda Doc also has native apps for both Android and iOS devices that make managing your contracts on the go even easier.
ContractWorks is a cloud-based software solution that can help you manage your contracts and compliance. It boasts a wide range of features that are specific to certain types of agreements and contracts.
For example, ContractWorks has options for everything from NDAs to service level agreements (SLAs) and employee terminations. ContractWorks also lets you assign different user roles and access levels for your team members.
This means you can limit who has access to certain contracts so only the right people can sign off on them. ContractWorks also integrates with other popular business software solutions. This makes it easy to manage your contracts and compliance across a variety of different areas of your business.
Nintex’s software is designed to help businesses automate and streamline their operations. Contract management is an important part of this process.
With Nintex’s BPM software, you can automate your contract processes so that they run smoothly and don’t require a lot of upkeep.
It also helps you manage your contract compliance so that you never find yourself in hot water with your partners or clients. Plus, Nintex’s software is designed to be easy to use.
You can create new processes and workflows with ease, and the software can help you integrate your contract management system with other systems, like your payroll and HR systems. Nintex also offers a free trial to let you test out its software and see if it’s right for your business.
DocuSign is another option that lets you manage your contracts and compliance activities from a desktop or mobile app. DocuSign lets you sign and send documents with an electronic signature as well as track their progress. This is done through an online platform where you can access your documents from any device.
One of the key features of DocuSign is that you can track the progress of your contracts from start to finish. This helps you know where each contract is in the process, giving you much-needed visibility.
Additionally, DocuSign has an integrated NDA feature that lets you keep important information private until the time is right.
jSign is an electronic signature platform that allows you to easily sign, send, track, and collect eSignatures. While it’s not contract lifecycle management software in the traditional sense, it’s part of the service, and you can manage your contracts with it.
Similar to the other options on our list, jSign also integrates with other popular business software solutions. This makes it easy to manage contract compliance and progress across a variety of departments and business processes.
So, while jSign isn’t strictly just a contract management system, it has the features of one, plus more. You can think of it as an all-in-one solution, allowing business owners valuable features that streamline the document creation process, from easily managing contract revisions to finalizing contracts and collecting electronic signatures.
Contract management is a critical part of running any business. Even if you don’t have a lot of contracts to track, it’s important to set up a system now so that you can be prepared for when you do need to sign contracts.
With the right contract management software, you can make sure your business is prepared for whatever comes your way. Looking for the best contract management solution? jSign is a great choice. Our software allows you to sign, send, track, and manage documents, including important contracts. Contact us today to learn more or sign up for a 14-day free trial.