![]() ![]() There are a few primary keywords that describe the most important parameters of the agreement, and you should be sure to include them in your contract management dashboard. You'll probably want to set specific columns for important information such as the date of the contract, its expiration date, any renewal options, and perhaps even details about the parties involved. For this purpose, you can set up a special tab or sheet dedicated exclusively to contract tracking. Tracking contracts in an Excel spreadsheet can be an effective way to keep track of them and keep important documents up to date. How do you keep track of contracts yours in Excel? One of these is security and permissions gaps: you should carefully choose who gets access to the spreadsheet for your contract tracker, and be aware that unintended overwrites, edits, or duplicates could be made. However, one should not forget that everything that is too good to be true also has a downside, because the use of Excel has many hidden risks that should not be underestimated. Due to the intuitive application, every employee can use the programme without considerable difficulty. Excel is a better solution for contract tracking than no contract tracking system at allĮxcel can help your company get back on track.Excel spreadsheets can be very efficient when used without errors.It is quite easy to use and quite inexpensive.Excel is already established, tested and recognised by millions of people worldwide.There are some clear reasons why companies prefer Excel: Nevertheless, any company that wants to tackle its contract tracking and eliminate sheer document chaos can take the first crucial step by creating a simple Excel spreadsheet. Not every company needs contract lifecycle management software, as this depends on what kind of contracts the company is dealing with and how big it is and what stage it is in. Since hardly any serious company still manages its contracts manually, there is no other way than using a contract tracker to have a chance of competing profitably with other companies.Ī simple and inexpensive way to start tracking contracts is to use Microsoft Excel. This automation process helps companies to reduce their risk of error, create a clear overview and ultimately save time and work more efficiently to generate more sales. ![]() Proper contract tracking also provides an overview of risks, renewal deadlines and other valuable insights. Why is contract tracking so important?Ĭontract tracking plays a critical role in monitoring the duration, cost, processing and completion status of contract documents. The most important functions are the contract and analytics dashboards: there, all agreements can be easily monitored and nothing is lost that could potentially lead to lost profits or customer dissatisfaction. Excel-based contract trackers can vary significantly in terms of features, as they are created according to the user's requirements and preferences.Īll these factors essentially add up to a complete contract management dashboard in Excel. In its simplest form, the user creates a custom workbook in Microsoft Excel with various columns, tables, charts, contract and analytics dashboards to keep track of important information about all contracts. It is a tool that allows you to track all your contracts in different ways. The definition of a contract tracker is actually quite self-explanatory. Thus, this article is relevant to those who want to design and organise their contract management more efficiently. ![]() In addition, we provide you with a free contract template created by our legal engineering team and you will learn how you can also track your contracts in the long term. ![]()
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