How Centralizing Contract Data Reduces Auditing Pains

Top contract management system for higher education

Most staff members know that the financial auditing period for auxiliary services in colleges and universities usually takes a significant amount of time–and that auditors will need to ask a ton of questions.

And, during this process, staff often will need to drop everything to research and answer these questions.

Typically, all of that important data is scattered–sometimes in a filing cabinet nearby, sometimes all the way across campus in a completely different office. Because of this, staff on a variety of levels, from interns to vice presidents, can spend hundreds of hours answering an auditor’s questions.

There has to be a better way… right?

Benefits of a Centralized System

When considering a centralized contract management system, remember these benefits:

  • Time saving. On average, dozens of hours of staffing time can be saved per month.
  • Transparency. Know who is logging into your system, uploading information, and making changes through our auditing feature.
  • Accountability. Make sure every contract’s information is up to date to ensure nothing falls through the cracks.

Reduce Errors

Chances are that, right now, you are managing your auxiliary services financial data in multiple spreadsheets. But, according to recent research, 88 percent of spreadsheets contain at least one error. That’s one in every 100 cells!

That’s also millions of dollars in mistakes being made by human error. Mistakes that might have been avoided by using a contract management system. Although managing information via spreadsheets may be a method you’re used to (so it feels like it’s the only option), it’s certainly not the most efficient or accurate one.

Success Stories

Our solution, RevenueVision, has helped the University of Illinois save 2,400 person-hours of senior staff time during an audit period, and George Mason University reduced their staff hours from 350 person hours to just one.