1. What are accrued expenses? 2. Accrued expenses vs. prepaid expenses 3. Accounting for accrued expenses Accrual basis vs. cash basis Accrued expenses vs. accounts payable 4. Financial statement presentation Balance sheet recognition Income statement recognition 5....
Contract Management Articles
Integrating Contract Management with Other Business Systems: Streamlining Workflows and Data
Integrating contract management with other business systems means connecting your contract repository with other tools your company uses, such as ERP, CRM, and procurement systems. This allows data to flow seamlessly between systems, eliminating data silos and manual...
Don’t Let Your Contracts Sabotage Your Budget: The Power of Contract Data for Accurate Forecasting
It's budget season at a mid-sized manufacturing company. The finance team, armed with their trusty spreadsheet, diligently forecasts IT expenses for the coming year. But hidden within one of many vendor contracts spread across the organization, a critical software...
Cash vs. Accrual Accounting: What’s the Difference?
1. Cash basis accounting Advantages of the cash basis May be best for 2. Accrual basis accounting Advantages of the accrual basis May be best for 3. Cash vs. accrual accounting example 4. Summary 5. Related articlesChoosing and correctly applying the right accounting...
Unlock Financial Peace of Mind with Contract Management Software
Imagine this: it's the end of the quarter, and your team is scrambling to close the books. But wait, there's a problem. A critical software license just auto-renewed for a hefty sum, and nobody caught it in time. Sound familiar? You're not alone. The culprit?...
Contract Management, Tracking, and CLM Explained
1. What is contract management? 2. Why is contract management important? 3. What is contract management software? What is contract tracking software? What is contract lifecycle management software? 4. Which contract management software is best for Finance and...
Transform Your Budget with Contract Intelligence: A CFO’s Guide
Introduction CFOs have evolved beyond their traditional role as financial gatekeepers. They are now strategic architects, driving pivotal business decisions and shaping the future of their organizations. With the rise of contract intelligence, CFOs now have a...
How To Leverage Contracts for Prepaid and Accrual Accounting
Accounting teams frequently struggle with the efficient management of prepaids and accruals due to the complexities involved in tracking expenses across multiple accounting periods and ensuring precise financial reporting. Traditional methods for managing prepaids...
Financial Contract Management: Leveraging Contract Data For Key Financial Reports
Financial contract management is more than just keeping tabs on agreements. Contracts are the blueprints of your financial commitments, revealing who owes what and when it's due. With effective financial contract management, you turn those contracts into a powerful...
10 Essential Tips for Effective Contract Negotiation
Contract negotiation is a critical process for any organization, as it directly impacts both operational efficiency and financial performance. Contracts form the foundation of business relationships, outlining the terms and conditions that govern transactions and...
Making the Business Case for Financial Contract Management Software
Finance and accounting professionals are tasked with managing the financial health of their organization, including identifying cost savings opportunities, improving operational efficiency, and accurately budgeting and forecasting. To do this, they need visibility...
CLM + FCM: A Comprehensive Approach to Contract Management Explained
In today’s competitive and dynamic business environment, managing contracts efficiently is key. Effective contract management helps organizations mitigate risks, ensure compliance, increase efficiency, control costs, and reduce errors. To help companies better manage...
Software Contract Management: Driving Efficiency for Businesses
Software has become the backbone of modern business, but along with its many benefits comes licenses, subscriptions, and service agreements to manage. The proactive management of software contracts is a pivotal task for IT and finance professionals at forward-thinking...
Financial Contract Types and More Explained for CFOs and Finance Pros
Navigating corporate finance requires a solid understanding of financial agreements essential for CFOs and finance professionals. These contracts play a vital role in corporate finance, helping businesses manage risks, secure funding, and facilitate mergers and...
Tool | Contract Tracker
Revolutionize Financial Management with Contract & Spend Intelligence
Today's CFOs face a rapidly changing landscape, with their roles evolving beyond traditional financial responsibilities. They are no longer just gatekeepers of financial accuracy or bean counters diligently tracking expenses, but rather key architects of business...
Contract Management in Excel: Advantages, Disadvantages, and More Explained
In the fast-paced world of business, efficient contract management is essential for organizations to stay organized, compliant, and ahead of the competition. From tracking critical dates to analyzing contract costs, having a centralized system for managing contracts...
Financial Contract Management: A Guide for Finance Teams
1. What is financial contract management? 2. Benefits of financial contract management Central repository Visibility Ease of use 3. How these features facilitate budgeting Single source of truth Critical date knowledge Research effectively Visible obligations Quicker...
Financial Contract Tracking: What You Need to Know
It's that time of year for accountants and finance professionals - the calm before the storm. The auditors left their PBC list when they were doing some interim work in November. If you can just pull together all the various contracts and supporting documentation they...
Prepaid Expenses Guide: Accounting, Examples, Journal Entries, and More Explained
1. What are prepaid expenses? Prepaid expenses vs. accrued expenses 2. Accounting for prepaid expenses Accrual basis vs. cash basis Presentation on the balance sheet When do prepaid expenses hit the income statement? 3. Common examples of prepaid expenses Lease...