Ariett’s Contract Tracking allows your organization to track, approve and store capital projects or vendor contracts. You can use Ariett to submit the project/contract into an approval workflow and store all electronic documents. By providing you with role-based visibility to and reports on contract budgets and spending, Ariett Software helps you to control procurement costs.
Contract Tracking Features:
- Unlimited Electronic Document Attachments and Document Automation
- Approval Workflow with Internal Communication for Collaboration
- User Defined Fields or Pick Lists to Track Vendor Performance, Metrics & Milestones
- Change Order Tracking with Audit Trail
- Contract/Project Budget Checking
- Requisitions/Purchase Orders and/or Vendor Invoices Tracked against Contract to Calculate Remaining Contract Budget
- Advanced Contract/Project Reporting
For IT & Finance:
If IT or finance needs to track capital projects, for example a new department, location or store build-out, they will also need a way to track multiple purchases for different vendors to one internal project to manage the budget.
For the Procurement & Contract Team:
Your procurement or contract team may need to negotiate a price with a vendor for a specific purchase or contract amount with many release dates or individual purchase orders and invoices. Then, they will need to track the spend for that vendor contract.
Track Any Corporate Contract Type:
Not only can you use Ariett Software to manage vendor contracts and capital expenditure projects, but you can also use the software for centralized, electronic document storage for all other types of contracts/agreements, such as intellectual property contracts.
Capture Contract Details:
To initiate a vendor contract or capital expenditure project in Ariett, employees simply select a vendor or project; enter the contract number, description, time frame and dollar amount; and attach any electronic documents. Other user-defined fields and pick lists may be added to include additional information for reporting purposes. For instance, contract stakeholders may set up user-defined fields that contain warranty expiration dates and vendor insurance obligations.
Vendor Contract, Capital Project & Change Order Approval:
Vendor contracts and capital projects can be submitted to multiple contract stakeholders (e.g. your legal and procurement teams and CFO) for approval. Throughout the approval workflow process, Ariett captures all comments, edits and approval dates and times. In real-time, your executive team and auditors can view a complete record of approval dates and times to ensure that contracts have received the appropriate level(s) of approval.
If a particular project is approaching the budget limit, your contract team can update the budget using Ariett’s Change Order feature. Employees can submit the change order with the revised project details and budget through an approval workflow. Once the change order has been reviewed and approved, the document and revised project budget are visible from the contract window.
Track Your Project Costs & Budgets:
When the contract or project has been approved, requisitions and invoices can be tagged to the contract/project. If your organization follows a requisition to purchase order to invoice process, your buyers can select the appropriate project or contract when submitting a requisition for approval. Once the requisition has been approved, the requisition amount is applied against the contract budget. Your organization also has the option to bypass requisitioning and simply tag invoices to your contract or project; this allows for a quicker yet still controlled purchasing process that tracks all your contract spending.
At any time and from any device, contract stakeholders can perform a global keyword search or can sort data in columns to locate important contract information, such as imminent expiration dates. To keep your executive team up-to-date, you can simply generate reports on contract details and budget status that can be exported to an Excel, CSV or PDF file for analysis.