This means that teams with lots of contracts have to practically live in the spreadsheet to track upcoming contract deadlines like auto-renewals, commencement dates, and termination dates. No automated contract remindersĮxcel doesn’t offer contract reminders either. This is distinct from Juro where the data is captured automatically in contract smartfields and pulled into a contract database in the platform by default. Legal teams have to read through individual contracts, copy and paste the key data points into the spreadsheet, and later update these if the terms change. The biggest limitation is the amount of time and administrative work required to create and update the spreadsheet. Requires a lot of time-consuming admin work As a result, there are a few, significant limitations of using an Excel contract management template to track your legal agreements. Limitations of Excel contract managementĮxcel wasn’t designed for contract management, though. In fact, it’s a great first step for legal teams that need to become more data-driven. Excel spreadsheets are also easy to access, update and share, enabling teams to improve contract visibility across the organization.Įxcel contract management doesn’t offer the fastest or most reliable way to track contract data, but it’s certainly better than not tracking this data at all. However, the main reason why businesses use Excel for contract management is that it offers the basic functionality needed to store this contract data and make calculations based on it. This means that there’s usually less of a learning curve when it comes to using Excel for contract management. Legal teams are often already familiar with using Excel at a basic level, too. There are a few reasons why businesses default to Excel for contract management.įirstly, many businesses use Microsoft Office applications already, and using the tools you have licenses for can be cost-effective for businesses with lean or non-existent budgets. Why do businesses use Excel for contract management? It gives businesses the opportunity to centralize all of their key contract data in one file, rather than having it scattered across the original copies of contracts. What is Excel contract management?Įxcel contract management describes the process of recording, tracking, and organizing a portfolio of contracts in an Excel spreadsheet. We’ll also explore a better, more efficient way for businesses like yours to capture and track their contracts, and how this can reduce the amount of time and resource you spend doing this work manually. With more than a billion Microsoft Office users worldwide, Excel is the professional standard for accountants, financial analysts, bankers, and anyone else tasked with managing large amounts of data.īut did you know that lawyers can use Excel to manage their contracts, too? In this post, we’ll explore how legal teams to track their contract data in Excel, with a free Excel contract management template to download. Discover how to manage contracts in Excel in this guide and download our free Excel contract management template.
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