Contract Compliance

Manage and control your contract spend

SoftCo Contract Compliance works seamlessly with SoftCo Accounts Payable Automation and SoftCo eProcurement to manage the request and control of all contract-based spend. SoftCo Contract Compliance configures installment plans against contracts and ensures only accurate invoices are received from vendors. SoftCo then intelligently automates the matching of corresponding invoices to the contract as they are received. Contract matching enables the planning of expected invoices against contracts such as rental/lease agreements and includes self-billing, where required. The solution also presents comprehensive reports on exceptions, status, renewals, and any overcharges. SoftCo Contract Compliance provides full contract lifecycle management and proactively sets reminders for your expiring contracts or those due for renewal. 

The SÄHKE2 and ISO 27001 certified central repository within SoftCo Contract Compliance archives all agreed contracts which are instantaneously available for retrieval based on strict controls and user permissions.

With SoftCo Contract Compliance you:

  • Manage contract requests, PO generation and invoice matching.
  • Enable contract and invoice matching within Accounts Payable.
  • Report on contracts generated, status, value, overcharges and renewals.
  • Compliantly store all vendor contracts in a central archive.
  • Control access and viewing permissions of all contracts.
  • Configure notifications for contract expirations and renewals.
  • Configure installment plans against vendor contracts.
  • Track and record invoices not received against agreed contracts.

Our response times are immediate, and retrieval of documents from our archive is instant.

Patricia Fletcher, AIB Finance & Leasing

How does SoftCo Contract Compliance work?

Contract Spend

Manage approval and control of contract-based spend within eProcurement.

Matching and Alerts

Proactively match invoices to agreed installment plans without a supporting PO or GRN.

Non-Invoice Contracts

Generate invoices matched against existing vendor contracts with agreed payments.

Contract Storage and Security

Manage vendor contracts in a centralized and secure environment.

Contract Lifecycle Management

Full lifecycle management from initial contract storage, to search, auditing and contract renewal.

Visibility and Reporting

Comprehensive dashboard reporting and notifications on active and expiring contracts.

Gain control and visibility over all of your contract-based invoices

  • Contracted Spend

    SoftCo Contract Compliance manages the request and control of contract-based spend within the SoftCo eProcurement module and facilitates contract and invoice matching within the SoftCo Accounts Payable module. The solution presents comprehensive reports on exceptions, status, renewals and any overcharges that occur.

  • Installment Plans

    SoftCo Contract Compliance works seamlessly with the SoftCo Accounts Payable and SoftCo eProcurement solutions to configure installment plans and ensure you only receive accurate invoices from your vendors, as per your agreed contracts. The solution creates forecasted amounts per month for each of your contracts and as an invoice is processed against the contract, it is allocated to its correct month.

  • Automatic Matching and Alerts

    SoftCo Contract Compliance automatically matches your invoices to agreed installment plans, without the need of a supporting purchase order or a goods receipt note. AP staff are no longer required to carry out manual accrual tasks for forecasted invoices.

Reduce complexity and cost of contract management

  • Non-Invoice Contracts

    SoftCo Contract Compliance allows you to generate your own invoices to be matched against your vendor contracts, before sending payment to your vendor. Where there is an existing agreement in place with an agreed payment cycle, such as a monthly rental payment, the system removes the need for your vendor to send you an invoice in order to be paid. Invoice lifecycles are significantly reduced, payments are made on time and all relevant data is included on invoices.

  • Tolerance Settings

    The solution provides tolerance settings, allowing invoices you receive to be higher or lower than the agreed contract by a certain predetermined amount, and still automatically match. Automatic alerts notify charges that are outside of set tolerances, which can then be queried with vendors.

Manage your vendor contracts in a centralized and secure environment

  • Storage and Security

    SoftCo Contract Compliance provides a secure and centralized repository for storing all agreed vendor contracts. Contracts are accessible instantaneously at any time subject to user permissions.

  • Permissions Protection

    The solution facilitates the setting of permissions for the information your business users can view on your stored contracts. All contracts are stored as password-protected PDFs, preventing unauthorized access, printing and saving of contracts.

  • Contract Lifecycle Management

    SoftCo Contract Compliance offers full lifecycle management for all of your contracts, from initial storage to search and retrieval, auditing and reporting, right through to contract renewal. The platform also provides a full audit trail of any changes made to your contracts during their entire lifecycle in accordance with compliance obligations.

Stay on top of your contract-based invoices

  • Track and Record

    SoftCo Contract Compliance tracks and records any invoices not received, relating to agreed contracts, ensuring your accounts payable team are aware of any impending invoices that can be factored into accruals reporting.

  • Contract Visibility

    SoftCo’s advanced contract management dashboards provide a range of intuitive reports. The dashboard comes equipped with reports including active contracts by age, active contracts by approver and active contracts by vendor.

  • Notifications

    SoftCo Contract Compliance sets alerts for contracts expiring and contracts due for renewal, ensuring you never lose track of your contracts or suffer unexpected auto-renewals.

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