The right software handles time-consuming tasks in a way you can trust. But some tasks are more daunting than others, making it feel challenging to turn them over to a platform.
For a function as crucial as contract management, you need a software tool that transcends mere data storage and gives you confidence that you’re sending clients airtight legal documents and making it easy for them to sign on for recurring work.
From document creation to renewals and data collection, the ideal contract management system is a resource you’ll quickly wonder how you ever lived without.
But with all the “must-have” trending applications that hit the scene and disappear, how do you know which ones are worth the investment?
In this list, you’ll find a mix of platforms only made for contract or proposal management, plus a few offering more comprehensive work management functionality.
We’re sharing key features, pros and cons based on genuine user reviews and what you want to know about pricing.
Accelo is a cloud-based client work management platform. Unlike limited contract management tools, it offers full functionality to support the entire contract and client work lifecycles.
Known for its unique and automated retainer management, Accelo drives recurring revenue and improved efficiency for thousands of SMBs.
See details about Accelo’s flexible pricing plans here.
➡️ Read how one HR consultancy used Accelo for automated retainer management to save its consultants time and start sending out more accurate invoices.
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Agiloft is contract lifecycle management software that supports digital contract drafting and storage, contract review and reporting on in-progress and expiring contracts. It uses data to help users quickly reach agreement with clients and transparently manage relationships.
Agiloft has three pricing tiers for which you must request a custom quote.
CobbleStone offers three editions of contract management software: Contract Insight Express, Contract Insight WorkGroup and Contract Insight Enterprise.
The platform serves a variety of industries that require contracts, including government, legal and construction. CobbleStone is ideal for organizations that serve many clients who need complex clauses.
CobbleStone requires that you submit a quote request for pricing.
ContractWorks gives teams complete visibility over the contract drafting, approval and renewal processes. Its automation and AI features can drastically cut the time it takes to prepare, edit, send and renew client agreements.
ContractWorks offers three pricing tiers, all with unlimited users.
DocuSign CLM is a contract lifecycle management platform that expands upon DocuSign’s e-signature software capabilities. It has time-saving features and integrates with hundreds of popular tools to simplify every stage of agreement creation, negotiation and renewal.
DocuSign provides custom quotes for its CLM software.
Juro is an AI-powered contract platform that promises to help businesses and legal teams execute contracts faster and scale. Its AI assistant makes it easy to write, review and summarize documents. Its workflows also help multiple departments get visibility of client agreements.
Juro has three pricing plans, all of which require a custom quote.
PandaDoc is a document management platform that enables busy teams to save time on paperwork. Known for its extensive editing capabilities and templates, it is helpful for many different industries and use cases.
PandaDoc has three options for pricing tiers.
Qwilr is a sales-focused platform with tools for perfecting quotes, pitches, proposals and client onboarding. It generates interactive and personalized collateral with non-standard features such as embedded content and an ROI calculator for landing pages.
Qwilr prices its plans in two tiers.
Scoro is a work management platform with the capability to create and manage ongoing retainer contracts. Client-based teams use Scoro to develop and automate business processes from sales to projects to billing.
Scoro’s pricing tiers are for multiple products. Note that retainers are only available at the Pro level or above.
➡️ Why choose Accelo over Scoro? Read our comparison.
Teamwork’s work management platform includes retainer management features, which are built mainly to support agencies with recurring clients. Most organizations use Teamwork for project management and other end-to-end features rather than just retainers.
Two retainers per month are available on the Grow plan, but most teams that frequently use retainers will need a custom quote (the Scale plan).
➡️ Learn why Accelo outperforms Teamwork.
Zoho Contracts is part of Zoho’s suite of business software solutions. This contract management platform integrates with Zoho CRM and offers total contract lifecycle management, including contract templates, e-signatures and change management.
Zoho Contracts pricing is broken down into two tiers.
Contract management software is an essential tool for any business team looking to optimize how they handle their contracts.
Far from being just a contract repository, these systems are equipped with features that support the entire contract lifecycle from initial request, drafting, negotiation and approval through to amendment, billing and renewal.
A comprehensive contract management platform not only secures your documents in an organized manner but saves your team time by automating repetitive tasks and sending reminders to ensure you never overlook a renewal date.
Any team that uses contracts can transform the process from a potential bottleneck into a strategic asset.
Below are just some ways different departments might use this type of software.
Real-time visibility into contract obligations and financial commitments is essential for those in finance and operations. These teams rely on software to enable better budgeting and accurate financial planning.
Automated alerts from a contract management system can give a finance manager a heads-up about upcoming renewals so they can prepare for the next billing cycle.
Someone in operations would be concerned with monitoring and reducing the amount of non-billable time their team spends managing contracts.
An HR team may use contract management software to keep track of internal and external agreements.
Some contract management systems can create and store employee onboarding documents like confidentiality agreements. HR could also utilize this software to monitor vendor agreements or consultant contracts.
Here, contract management software is essential. It makes drafting, reviewing and amending contracts much faster than doing so manually.
Lawyers often need to track multiple versions of a contract and make quick edits. They’ll also likely require access permissions so that only authorized people can review contracts.
Dedicated contract management software can accelerate the sales cycle, so it’s a must for many sales teams. It makes it simple and quick to create, send and track proposals and agreements.
Some platforms also offer the ability to communicate with prospects and customers via a client portal. This minimizes email follow-up and notifies sales reps when a client has viewed or commented on a document.
Managing contracts in a centralized space benefits consultants, IT service providers, agencies and others in professional services — especially if they rely on a retainer payment structure.
When clients pay in advance for a predetermined amount of work, you must meticulously track delivery to ensure it aligns with your promised scope. A contract management software that includes retainer management is essential for adhering to ongoing agreements while expending as little administrative time as possible.
Even in firms that don’t utilize retainers, a secure and efficient way to share, edit and store contracts is essential. Contract renewals can be particularly tough to stay on top of in a busy firm, and the right software can support strong revenue streams.
Contract management software systems are an investment that, used to their full advantage, will more than pay for themselves. Fully leveraging these tools can significantly enhance operational efficiency and profitability.
This type of software simplifies creating new contracts and streamlines the approval process. Automated workflows can ensure that relevant stakeholders are reviewing and approving in a timely manner.
Along with the positive impact on revenue, contract software supports a smooth customer experience from the start.
When you have immediate access to current contract data, you can provide fast and accurate responses to client requests and ensure you’re within the scope of what the client is paying for.
Ideally, contracts should be housed in the same platform where your team manages ad-hoc requests and views recent account activity.
True comprehensive contract lifecycle management (CLM) means the work doesn’t end when a contract is signed and saved.
Whereas it would be easy to lose track of a contract or forget about a renewal if you save a Microsoft Word document or a spreadsheet to a desktop folder, you can proceed through all the stages (even termination) with a CLM solution.
Contract renewals should be a priority, but they can easily slip down your list when managing daily client work. If you receive notifications about an upcoming renewal, there’s a far slimmer chance that it’ll get lost in the fray.
Some platforms can even attach billable work to retainers and bill clients automatically!
What does it look like to use software for contract management day to day?
Here are three examples of how service firms take advantage of this type of technology:
A marketing agency’s sales team used to be bogged down in contract creation for new campaigns.
Now, they use contract templates for their most common types of projects and clients. Customizing each contract to specific client needs now takes minutes instead of hours.
A civil engineering firm previously faced enormous challenges with managing multiple iterations of contracts when negotiating with clients and subcontractors.
With seamless version control and a client portal for centralizing document sharing and communication, they no longer experience internal confusion. Clients get smooth project kickoffs without delay.
A management consulting firm has an 80% contract renewal rate after adopting a contract management solution. This was achievable thanks to alerts that gave them ample notice of contract expiration dates.
They continue to proactively discuss new terms and give clients plenty of time to review results before signing on for another period.
To achieve results like the businesses above, you must carefully consider what you’d like to get from your contract management software.
These are five of the most helpful features you might want to look for:
Templates are time savers but are also good tools for developing consistency when communicating with clients.
While you can still tailor them to the terms of the agreement, templates ensure that every proposal or contract correctly reflects your terms and conditions and any legal notices you’re required to include.
They should also be branded and well-designed to make them clear and easy to read.
Reminders of an upcoming expiration aren’t just for your clients; they’re for deciding if and how you’d like to continue the relationship. They empower your team to:
A cornerstone feature of today’s business software, automated workflows are quite impactful for changing up your contract lifecycle.
Depending on how customizable they are, you could use them to route documents or tasks to the right people at any stage. Approval workflows can be especially important if you sometimes experience delays due to missed communication.
A software’s complexity can be a barrier to its usability. No matter which platform you select, you should ensure it’s user-friendly.
However, remember there is still likely to be a learning curve. The best software providers offer plenty of resources for team training, no matter how intuitive their platform’s user interface is.
Effective document management must include a form of version control when dealing with contracts.
Using one platform for all contract-related tasks gives you an audit trail of edits, comments, approvals and renewals to refer to.
This not only simplifies your team’s work but protects your business with proof in the event a client questions a change or term.
Selecting the right contract management software is pivotal for operational efficiency and visibility. Follow these steps to move through the vetting process effectively:
After having read the above benefits and ideal features, you should know which are relevant to your business. Make a list of must-haves based on your contract volume, the complexity of your workflows, your need for specific integrations and more. Then cut the above list down to three to five platforms you’ll investigate further.
Prioritize platforms that offer the most features you need, but stay open to the idea that they could enable your team to do much more than you initially expected. Some tools with built-in contract management can also transform how you manage other parts of your client work.
Go into a sales conversation or platform trial with some background knowledge and questions prepared. This hands-on experience should help you clarify any remaining questions and further narrow down your list.
As with any software decision, it’s best to think about your overall tech stack and business goals. Do you need to consolidate platforms to grow more efficiently? How quickly can new hires onboard with a given tool?
These are questions only you can answer, but it helps to read user stories and reviews to get a sense of how the platform functions in real-world scenarios you can relate to.
Software is most effective when it covers multiple stages of work. The risk with many contract management platforms is that their functionality is only helpful in your sales or renewal stages.
Accelo takes an end-to-end approach.
Its unmatched retainer management features are built into the complete client journey, so your ongoing contracts are connected to your projects, tasks, time tracking and billing. Not only is this seamless integration cost-effective, but it’s also a major efficiency booster for your team.
Susie Schade, Founder of Vector Business Solutions, chose Accelo because no other solution could help her and her team manage one-time and recurring work in a centralized place.
See what Susie and tens of thousands of other users love about the platform — for ongoing contract management and then some. Book a demo to explore Accelo.
