MSA of Master Service Agreement is a contract between two parties that regulates terms and conditions. It helps parties to regulate present and future transactions relating to tobacco supply and order delivery. However, the contract of business needs to be updated timely to make sure that both parties have healthy business relations. However, organizations need to devote considerable time to revising those agreements. A contractual reporting software can address inefficient contract management processes for tobacco companies. It can automate the procedure for managing contracts between parties and eliminates manual and paper-based methods to save time.
Why choose contract management software?
For reliable and efficient business management, a contract between two parties needs to be revised before the deadline. The process of renewal should be started before the expiration of the previous MSA. It is needless to state that approval for new contracts may take some time. Thus, it can lead to loss of key business opportunities and missing deadlines. Also, delays in managing contracts can lead to heavier penalties imposed by concerned authorities. Therefore, you need to implement a centralized system like ERP to store and access contract documents faster. Stakeholders of your business might find it challenging to obtain the necessary information. Thus, ERP can automate the process to save time by saving the required documentation at a centralized system location for quick access. It facilitates your business for contract management with MSA reporting to prevent loss of revenue due to unwanted delays in business operations.
Key features of ERP contract reporting software
Centralized and organized contract source
For the tobacco business, you need to keep records of all MSA reporting and contracts. However, opting for manual recording of contracts can lead to time consumption and the risk of loss of data. ERP contractual reporting software is an organized system that allows you to keep a record of all business contracts in a central database. Thus, having quick and easy access to contracts would make their renewal process faster and ensure that you are able to show the contracts to concerned authorities.
Dashboard and reporting
By using ERP, you can create a contract repository that contains a lot of information and data. Thus, you can gain valuable insights from such data for fulfilling the contract processes. ERP provides you with a user dashboard that can generate reports that you need to view offline. Using the dashboard, you can view the current status of accounts and reports. Hence, by staying updated about the current business contract, you can keep your tobacco business operative and aligned with terms and conditions.
Provide precise reporting to manufacturers
As a wholesaler of tobacco products, you need to get into a contract with the manufacturers. Therefore, if you delay the submission of MSA reports to manufacturers on a weekly basis, they can terminate the contract for supplying tobacco products. So, an ERP system can provide you with automated processes to retain contract management with MSA reporting with punctuality, reliability, and accuracy for risk-free business.
