Read more about this on our IFRS 16 pages
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This is Why contract management matters
Control costs, time, risk - and CFO stress
- Your organization has far more contracts than you realize
- Contracts are unintentionally renewed without negotiations
- Unnecessary costs accumulate quickly and drain profit
- Lost or forgotten contracts make budgeting burdensome and inaccurate
- Contract control is dependent on key personnel which represents a considerable business risk
- Board members, owners and investors expect control, transparency and high performance
OUR CONTRACT MANAGEMENT SOFTWARE
Complete Control is a cloud based contract management software which gives CFOs control of the entire contract lifecycle.
Key features of Complete Control
- Gather and store company-wide agreements in one place
- Quickly search and find contract terms and details
- Maintain complete contract history
- Notify key people of important dates, terminations and renewals
- Detailed reports on actual and booked values
- Better visibility into payment schedules
- Simple Excel import and export
- Works with all ERP systems
- Easy export data for budgeting and forecasting
- Powerful add-ons and extra modules
What's in it for your business
Smarter contract management improves CFO performance
- Cut unnecessary costs – positive impact on the bottom line
- Be prepared before contracts expire – no unnecessary breaks in service or unwanted renewals
- Less dependency on key personnel
- More certainty, more profit, less risk
- Rapid and accurate budgeting
- Enhance compliance and accounting
- Well-structured due-diligence processes
Popular modules and Add-ons for COMPLETE CONTROL
As the CFO’s best friend, House of Control has developed a powerful and user-friendly solution to this problem as part of the Complete Control product range.
By digitalizing the company’s authority matrix, we help you establish the respective authority levels of every employee – through a user-friendly cloud application that is available to everyone. The application shows who has the authority to do what and provides a log and searchable history of all authority level changes.
This easy ability to manage and document the Authority Matrix makes it an essential tool for the effective governance and compliance within the business. For example, an accounts receivable associate reports to an accounting manager, who reports to the CFO. If the accounts receivable system is consistently reporting erroneous information, you can then follow the hierarchy of authority to determine who is responsible for the errors.
House of Control supports the digital signature of contracts and other documents, in collaboration with Signicat, Europe’s leading provider of verified digital identity solutions. Our digital signature is based on PAdES technology, which also meets the EU’s eIDAS requirements.
The solution utilizes the leading methods that the financial sector and public authorities already use to identify customers and residents in each individual country. The person who is about to sign chooses whether they want to use a PC, tablet or smartphone, and when it is done, there is no longer any doubt about who has signed an agreement.
New EU rules are strengthening the governance requirements for how banks and other financial institutions handle outsourcing of financial technology (fintech). This includes requirements for a central register of all contracts with sub-service providers.
The starting point is “Guidelines on outsourcing arrangements” (EBA/GL/2019/02) issued by the European Banking Authority (EBA), which forms the basis for national regulations. The rules will apply throughout the EU and EEA, including in Denmark, Sweden and Norway.
Our EBA module is customized to meet the challenges financial institutions face with regard to documentation, administration, follow-up and maintaining an overview – including timely notifications of relevant deadlines.
Several banks are already using Complete Control to meet these requirements.
The Integration module deals with contract price adjustments, and is fully integrated with Statistics Norway. It means that you can plan expenses and revenues much more accurately.
Tables are extracted from Statistics Norway, including Norwegian, Danish, Finnish and Swedish indices going back as far as 1900. This function saves you time and provides excellent data for invoicing. The module automatically adjusts prices in accordance with specified indices, and you can even be notified of price index changes if you wish. The module includes reports in Excel of all planned and historic changes.
The module structures employee competences, including mandatory training and certifications. It provides notifications when new training is due or certifications about to expire. It also includes an archive for any kind of contracts related to individual employees.
The Competence module provides a clear and easy overview of any certificates that are due to expire, qualifications that are required for a job title, photos of employees, unique search tools for qualifications within the company, CV exports with an option of what information to include, file attachments for employees, etc.
The Advanced Notification Centre allows you to customise automatic notifications. Proactive notification is a cornerstone of Complete Control’s standard system, but this module gives you an even more advanced options for notification configuration.
It can provide you with notifications of every type of contract and liability, and keep track of employees, assets, indices, etc. For example, whether when prices are due to be adjusted, or whether employees' qualifications (licences, courses, certificates) are about to expire. In other words, every possible deadline about which it might be useful and important for a company to receive automatic notifications.
House of Control has developed a module for full control of the company's financial leasing contracts. Here, the CFO gets full control of all key data in the leasing contract, including price, term and notice period. It is a module that provides very fast and precise data to the accounts, and which also provides very good reporting opportunities.
A lost computer can be disastrous – insurance only covers the machine itself, but any lost work or data cannot be replaced.
Staff are much less likely to "forget" to return equipment that they have borrowed if it is labelled. Your administrator also has an up-to-date overview of which machines are being used by individual employees.
How a contract is registered in complete control
Type of contract: Is signed with a supplier, a customer or another partner?
Contract partner: Information about the company, important contacts and documentation (ISO, certificates and confirmations).
Status contract: Is it active, inactive, under renegotiation or terminated?
Department: Where in the business does the contract belong - level, location, cost center?
Related contracts: For example, facility services and electricity connected to a particular office rent?
Related assets: For example, what is the registration number of a leased car?
Start date, expiration and notice period
Payment plan: Cash flow out during the contract period.
Category: Information for linking the contract to finance and accounting
Responsible person: Who is the contract owner?
Signature: Who signed the contract?
Comments and attachments
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