ContractURL

Contract lifecycle management vs. contract billing management:

What's the difference and which one do you need?

An easy way to interpret is legal vs. financial. Both are important and interplay with each other.

Contract Lifecycle Management (CLM) is - software that is used to manage the entire contract process, from creation to expiration and renewal. CLMs can reduce the reliance on legal teams to formulate a contract.

Contract Billing Management (CBM) is - software that tracks, connects, and reports on invoices created towards a contract. All relevant financial details on contractual obligations are what CBM looks to conquer.

Which one you need is ultimately based on your needs. CLMs are all about a single contract itself, while CBMs are focused on the past, present, and future financials of a contract.

If you have a large provider network and are struggling to track what was paid, deadlines, integration with the financial team, or what invoice payment belongs to what contract - a CBM might be exactly what you're looking for.

If you enjoy this content, don't be afraid to give us a follow or check us out at:
https://buff.ly/3E0aubJ

"A man is only good as his tools." - Emmert Wolf

Despite this being said over a century ago - this quote still holds true.

Contract management can be tedious in nature, but it doesn't have to be if you surround yourself with the proper tools.

Get well-equipped and add ContractURL to your tool belt.

Try ContractURL for free here: https://buff.ly/3X4Aw6r