You need to be tough as nails to bear the burden of managing an organization’s important money-related documents. That’s exactly how your accounting team is!Â
But what ultimately gets their goat is inefficient, misplaced, and inaccurate paperwork. In fact, you must have noticed how repetitive and manual contract signing ultimately leads to mental burnout, fueling increased attrition within the teams.
You wouldn’t want that!
Hence, your business needs to consider digitizing the accounting department’s contract signing workflow seriously.
This would free up your team’s time to perform more strategic (and interesting) work.
How does contract management software help your accounting team? Having your account’s team adopt contract management software, such as Signeasy, can offer a much-needed respite in the following ways:
1. Timely processing of accounting paperwork Processing of financial documents, such as invoices, purchase orders, and expense reports, requires approvals from multiple stakeholders. You are bound to face delays as physical document move from signer to signer.Â
eSignature and contract management software speed up these paperwork workflows. Documentation that used to take days, nay weeks, to complete is now signed in minutes!Â
Features such as ready-to-use financial document templates, pre-filled forms, automated reminders, mobile apps, and seamless integration with productivity tools (e.g., Microsoft Office, and Google Workspace) play a huge role in cutting down processing time.
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Some platforms like Signeasy allow you to request supporting documents along with the signature request, saving you from endless email back-and-forth.
Using an eSign API with accounting software speeds up the signature process and helps automate the workflow. This integration simplifies the process, improves the experience, and enhances overall efficiency.
2. Fewer errors in accounting document management Financial documents tend to be quite complex, with detailed instructions that need to be meticulously followed.Â
You must sign here, here, and here. Please fill in all these boxes (but not those ones!).Â
Such detailed instructions are difficult to include in the physical document, often leading to incomplete or erroneously filled forms. And mistakes in financial documents are an absolute no-no for two main reasons. It:
results in serious financial repercussions. leads to costly delays in processing, causing dissatisfied stakeholders, delayed projects, etc. Fortunately, contract management software like Signeasy highlights specific signing locations and guides signers through each part of the contract. What’s more, you can ensure that the online form or contract is not submitted until all the required fields are filled in. Â
Making mistakes is common — you might misspell a client’s name, mistype a stakeholder’s email, or overlook adding the CFO for final sign-off. Starting over is time-consuming and frustrating, especially when you’re closing the books or prepping for an audit. Thankfully, with Signeasy, you can easily edit signer details, ensuring your documents reach the right people without the hassle of redoing the entire process.Â
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3. Reduced chances of fraud With financial documents, it's imperative to have a solid approval process in place. No individual should be able to approve documents, such as invoices or purchase orders, in isolation.Â
Signeasy’s multi-person approval process ensures that all the relevant stakeholders sign off on the paperwork before it’s submitted for processing. This level of visibility and oversight helps prevent fraud.
Contract management software steps up to the plate to ensure compliance with all industry regulations. We’re talking about maintaining detailed records and audit trails that make your compliance audits a breeze.Â
Plus, it’s got your back on security, protecting sensitive financial info from unauthorized access and breaches. Some software, like Signeasy, provide secure digital signatures with Trust Seal . It uses advanced PKI technology to protect the integrity of the documents and ensure they are tamper-proof.
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4. Real-time visibility into paperwork status No need to chase after signers anymore! Without having to rely on your memory, eSignature and contract management software empower you to precisely track the status of your documents directly on the app and receive real-time email notifications.Â
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You learn when each financial document was issued, when the signers opened it, who signed it and who is pending on it, when it was signed, etc.
Additionally, with CC capabilities, you can keep relevant stakeholders in the loop, ensuring everyone is informed and up-to-date.
5. No more shredding or misplacing documents Many a time, you would have really old paperwork (with sensitive financial information) just gathering dust and taking up space in your filing cabinet. You could shred it, but that would mean extra time spent on admin work! Plus, what if you need it suddenly — for, say, an audit?Â
By switching from manual to digital documentation systems, you stand to secure a robust audit trail of every completed agreement. With secure and cloud-based solutions like Signeasy, you can easily manage, store, organize, and retrieve every document.
Signeasy’s powerful search feature also makes retrieving specific documents quick and effortless. Simply enter the file name into the search bar, and the document you need will appear instantly. No more sifting through piles of papers or spending time looking for misplaced files.
6. Save money by going paperless It’s what every accountant dreams of — cost-saving . Adopting a contract management software fast-tracks this goal by eliminating various administrative costs such as printing, couriering, paper, and ink.Â
But the savings don’t stop there.
By going paperless, your accounting team can also reduce storage costs associated with physical files and cabinets. Digital documents take up no physical space and are easier to organize and access.Â
Increased efficiency in document management directly translates to cost savings as well. Fewer errors and faster turnaround times mean resources are used more effectively, leading to a more streamlined and cost-effective operation.
7. Scaling contract reviews powered by AI Handling a mountain of documents is part and parcel of accounting, but sifting through all that paperwork is a total time sink. You want to be sure everything’s covered without spending endless hours reviewing each page.Â
That’s where AI in contract management comes in clutch.
With features like summary and keyword extraction, you no longer have to skim through contracts to find key details. AI does the heavy lifting, pulling out the important information so you can focus on the big picture.Â
And with a Q&A feature, you can search for your queries within the document and get instant answers. It’s like having a personal assistant who’s always on point.
These AI-powered features help you save time, reduce errors, and ensure nothing slips through the cracks. It’s all about working smarter, not harder, and keeping your financials in top shape.
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Still wondering if your finance and accounting departments need a contract management platform? Talk to our experts to find more ways Signeasy can speed up your paperwork.
In the next section, we highlight the many ways in which the software improves your team’s contract signing experience.
Top 10 accounting forms you can fast-track with contract management Here are some of the many financial documents that, when electronically approved, can ease the pressure on your staff, expedite processes, reduce errors, etc.
Invoices, purchase orders, and receipts Regulatory compliance and audit sign-offs Expense reports Timesheets Income statements Balance sheets P&L documents Budget reports Inventory sign-offs Tax forms Asset transfer or retirement documents Use Signeasy to digitize accounting paperwork Your finance and accounting teams put in a lot of effort to create and process many department-specific documents. To ensure that these employees are duly supported in their everyday endeavors, choose a reliable contract management software.Â
It allows your team to:
Save and reuse accounting document templates that can be customized to fit specific use cases. Configure signing workflows so that contract signing happens in a specified order or all at once. Integrate with your preferred business and accounting systems, so they may approve documents without opening another app.Sign from anywhere and anytime via its intuitive mobile apps — perfect for out-of-office signature requests. Have easy access to a dedicated, 24/7 customer care team to support with contract signing. Track the exact status of each document and send reminders to signers if they delay the approval. Really, contract signing cannot get any more convenient than this!
If you wish to accelerate invoicing, salary payments, budgets, and cash flow, while gaining real-time visibility into document process status, sign up for a 14-day trial of Signeasy!
