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- View Company Profile miniExtensions Technical Support (Full-time contract, 40+hr/wk) Jun 21 Contract
- View Company Profile miniExtensions Sales & Marketing Operations Manager (Full-time contract, 40+hr/wk) Jun 20 Contract
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How to Find the Best Contract Management Software for Your Legal Department in 10 Steps
June 17, 2024
If you’re reading this, you’re likely already considering purchasing contract management software (CMS) to help overcome your most pressing contract management process challenges. You’re likely seeking a solution that not only simplifies and streamlines the contract life cycle but also aligns seamlessly with your organization’s existing workflows and enhances efficiency without imposing undue financial burdens.
Contract management software is designed to automate and streamline the legal contract management process. These powerful contract automation tools offer a unified platform for legal departments and business teams to create, negotiate, sign, renew, and report on business contracts by automating the manual work traditionally involved in a contract workflow.
The right choice can make a big impact on your legal team. An automated contract management system can speed up negotiations by 50%, reduce payment errors by 75-90%, and lower the cost of managing contracts by 10-30%, according to a Goldman Sachs report.
Making the wrong choice has the potential of wasting your organization’s time and money, with little to no improvements to your department’s contract management efficacy.
[Download our Buyer’s Guide to Contract Management Software for a structured approach to finding the right contract management tool for your legal department.]
Benefits of a focused contract management solution
To ensure the successful selection, implementation, and adoption of CMS solutions, follow the golden rule: start small and stay focused!
Don’t attempt to tackle all your contracting problems at once. Start by identifying the top problems you are trying to solve and then seek out solutions that are designed to solve those problems without getting distracted by all the other bells and whistles. This is especially important for legal teams who are transitioning from manual approaches, such as using spreadsheets and shared drives to track and store their contracts.
The allure of enterprise CMS vendors , with their attractive “one-stop shop” guarantee to address every legal and business challenge, might initially captivate buyers. However, it’s crucial to tread this path with a discerning eye and a healthy dose of skepticism. End-to-end contract management solutions that try to be everything to everyone often fail to deliver key features for the legal team.
That’s why 75% of in-house counsel are dissatisfied with their existing contract workflow technology and 53% of organizations with an enterprise CMS are considering switching providers ( InnoLaw Group CLM Market Study ). It’s impossible for one technology solution to be good at every phase of the contract lifecycle.
A focused CMS solution allows your legal team to take an iterative “crawl-walk-run” approach to solving their most pressing contract management workflow challenges without the resource-intensive implementation and high risk of failure that come with end-to-end solutions.
The benefits of a focused CMS solution include:
- Specialized for legal – One of the primary reasons for choosing a focused CMS solution is they are purpose-built to address the unique needs of legal teams. These specialized tools are designed to solve the most pressing contract management challenges.
- Shorter implementation time – Unlike enterprise CMS solutions that include modules for CRM, ERP, procurement, and more, focused CMS solutions concentrate on contract-related functionalities. This specialization means they need minimal input from IT and require only basic training, allowing them to be rolled out in a matter of weeks to months.
- Easier change management – These solutions are often more straightforward and user-friendly because they are built for the day-to-day operations and needs of legal teams, with interfaces, workflows, and features tailored to contract management.
- Faster time to value – Faster implementation and adoption means quicker return on investment, which can be a critical factor for legal departments looking to demonstrate value and gain organizational support for further technological advancements.
- Scalability and flexibility – These solutions are designed to grow with your organization. Companies can start with the basic functionalities they need and add more features as their contract management and business needs evolve. This scalability ensures that the value of the system continues to grow over time without significant additional investment or disruption.
- Better price to value – With enterprise CMS solutions, you are likely going to pay for a lot of functionality that you don’t need. This is not the case with focused CMS solutions as you will only purchase features that are essential to the legal team’s operations.
10 steps to evaluating and selecting a CMS solution
With hundreds of options to consider and various features and pricing models, identifying the right solution requires careful consideration and planning.
[For more details and tips for finding the right CMS for your legal department, download our complete Buyer’s Guide to Contract Management Software .]
1. Map your current and future contracting processes
Before you dive into the process of evaluating and implementing a CMS at your organization, you should first assess your existing contract management process and clarify your vision for the future state.
If you need help establishing and maintaining a contract management framework, download our Contract Management Playbook for a step-by-step process checklist to help create a more efficient and consistent approach to contract management.
If you already have well-defined and documented processes, run a quick audit with our Sample Contract Management Review Questionnaire to identify any potential gaps or areas for improvement.
2. Identify the contracting problem you want to address first
Don’t tackle all your contracting problems at once. Identify quick wins for fast time to value. For example, consider addressing one or a few of the following areas:
- Requests: intake and workflow management
- Contract generation: template creation and clause library
- Storage: repository, search, and metadata
- Management: post-signature obligations tracking
3. Determine who will be impacted by the solution and who will be involved in the purchasing process
Are you looking to implement a solution that solves the needs of the legal team? Multiple departments? The entire company?
Identify the key stakeholders to consider in your contract management process:
- Who makes decisions?
- Who provides input?
- Who needs to be informed?
- Who will be power users?
4. Form a buying committee
Assign an individual or group of key stakeholders to lead the selection process from beginning to end and ensure your evaluation process works as seamlessly as possible.
5. Determine your annual budget for contract management software
As detailed above, there are two primary categories of CMS – focused and enterprise – and these different types of contract management tools can vary widely in cost. There is the baseline annual cost of the software, often priced by the seat, and additional implementation or support costs might also factor in.
Focused solutions are often a minor investment typically starting around $20,000 per year. Enterprise solutions can be a significant investment of $100,000 or more per year.
6. Research solutions that can address your identified needs
There are many ways to dig deeper into vendors and their contract management offerings, including:
- Check out third-party software review sites, such as G2, Capterra, and Gartner Peer Insights.
- Read vendor websites to learn more about their features, pricing models, and customer success stories.
- Ask your fellow in-house counsel peers for insights, advice, and references.
Tip: Proceed with caution when exploring startups in the CMS space. Due to the rapid pace of innovation, the CMS marketplace is constantly shifting, with startups frequently consolidating, exiting, and entering the market. There’s an inherent risk in the potential for startups to fail or change direction quickly, which can impact the continuity and reliability of their service. By 2026, 25% of existing legal tech providers will no longer exist, according to Gartner’s 2023 Legal Technology Trends and Predications report.
This constant state of flux underscores the importance of careful consideration and due diligence to safeguard your investment. It’s important to evaluate not just the products and services offered, but also the long-term viability of the technology vendors you’re considering.
7. Develop a decision-making framework
Rank your priorities and avoid valuing any two as equal. This will help you make decisions and identify the solution that excels in the areas that matter most to you.
Take your list of criteria and divide it into two clear categories: “must-haves” and “nice-to-haves.” This approach will refine your evaluation of options. Specifically, if a product is missing a must-have feature, it can be ruled out without further consideration, regardless of the number of nice-to-have features it might include.
8. Evaluate your finalists (take your time here)
Host discovery calls with each vendor to discuss your goals and determine whether their product can help.
Tip: Don’t forget to carefully vet each vendor’s privacy and security measures and protocols . It’s essential to assess their ability to protect sensitive contract information from unauthorized access, breaches, and leaks. This includes encryption of data in transit and at rest, regular security audits, and compliance with data protection regulations (such as GDPR or CCPA ).
Schedule initial demos with each vendor to see the product in action and gain an understanding of whether their features address your must-haves.
Tips for successful CMS demos:
- Schedule a prep call with the vendor to set priorities and expectations.
- Include all relevant stakeholders to avoid buy-in and change management issues down the road.
- Record the demos so you can revisit them later and share with stakeholders who were unable to attend.
- Gather stakeholder feedback and follow-up questions to ensure you have all the information you need to make a final decision.
9. Turn your decision-making criteria into a scoring system
Evaluate each demo and rank them against each other, including an assessment of each organization’s track record and implementation support staff. When you invest in any software, you’re also investing in the people who build, refine, and support that technology. Their expertise, commitment, and service quality significantly impact the software’s value and effectiveness within your organization.
10. Craft a persuasive business case and present it
Building a convincing business case involves addressing the specific concerns of key stakeholders and demonstrating how your solution aligns with the organization’s broader goals. Illustrate the pain points you’re addressing with the selected technology and the potential consequences of inactions, backed up by data.
Choose the right contract management solution with confidence
While there are many contract management solutions on the market, it’s important to consider all of the relevant factors to understand which contract management tool is the best solution for your legal department.
Our Buyer’s Guide to Contract Management Software offers insights into evaluating your current contract management processes and identifying key areas for improvement. It provides a structured approach to understanding contract management software options so you can better align your organizational needs with the capabilities of various solutions.
Choosing the right contract management software is crucial. Bloomberg Law’s innovative Contract Solutions platform is built by lawyers for lawyers and tailored to meet the needs of corporate legal departments, specifically when it comes to addressing the most time-consuming and labor-intensive parts of the contract management workflow.
Request a demo to see how Contract Solutions can help you take back your time.
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Best Construction Accounting Software of 2024
![contract jobs software Karrin Sehmbi](https://www.nerdwallet.com/assets/blog/wp-content/uploads/2023/01/Karrin-Varucene_Headshot-copy-small-1-e1673645403997-160x160.jpeg)
Hillary Crawford is a small-business writer at NerdWallet, with a special focus on business software products. Her previous roles include news writer and associate West Coast editor at Bustle Digital Group, where she helped shape news and tech coverage. Her work has appeared in The Associated Press, The Washington Post, Yahoo Finance and Entrepreneur, in addition to other publications. She is based in Traverse City, Michigan.
Karrin Sehmbi is a lead content management specialist on the small-business team. She has more than a decade of editorial experience in the fields of educational publishing, content marketing and medical news. She has also held roles as a teacher and tutor. Karrin is based in the San Francisco Bay Area.
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Sally Lauckner is an editor on NerdWallet's small-business team. She has over 15 years of experience in print and online journalism. Before joining NerdWallet in 2020, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content and specializing in business financing. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She is based in New York City.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .
Managing construction projects requires the ability to quickly respond to changes in material costs and accurately scope projects and labor. It also involves accounting for multiple types of expenses and assigning them to jobs accordingly. Throw in equipment cost allocation and things get even more complicated. The best accounting software will make it easy to record the cost of goods sold, get the most out of your equipment and monitor project costs so you don’t go over budget.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined experience covering small business and personal finance.
75+ categories of best business software selections.
Objective and comprehensive ratings rubric for accounting software. ( Learn more about our star ratings .)
NerdWallet's small-business software content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business software, including accounting, payment processing and payroll. Their work has appeared in The Associated Press, The Washington Post, Nasdaq, Entrepreneur, ABC News, Yahoo Finance and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
The Best Construction Accounting Software
Product | Starting at | Promotion | Learn more |
---|---|---|---|
QuickBooks Online 5.0 on QuickBooks' website | $30/month | 50% off | on QuickBooks' website |
Sage 100 Contractor 3.0 on Sage's website | N/A | N/A | on Sage's website |
Striven 3.5 on Striven's website | $35/month | 7-day free trial | on Striven's website |
QuickBooks Enterprise 4.0 | $1,481/year | 30-day free trial | |
4.5 | $499/month | Discount for first month |
QuickBooks Online
![contract jobs software QuickBooks](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/software/logos/QBLogo.png)
Additional pricing tiers (per month): $60, $90, $200.
$30 per month for the Simple Start plan.
$60 per month for the Essentials plan.
$90 per month for the Plus plan.
$200 per month for the Advanced plan.
» MORE: Explore all QuickBooks plans and pricing
Why we like it: QuickBooks already holds a strong name in accounting software. The capabilities built into its Plus and Advanced plans, specifically, are well-suited to construction accounting and project management. Particularly relevant features include invoicing, customizable reporting and job costing as well as direct integrations with industry-specific software such as Buildertrend and Housecall Pro. If you’re looking for a no-frills, dependable construction accounting software solution at a comparatively reasonable price point, QuickBooks Online may be a great fit for your business. Read our full QuickBooks Online review .
» MORE: See the top alternatives to QuickBooks
Sage 100 Contractor
![contract jobs software Sage](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/software/logos/SAGELOGO.png)
Quote-based.
Quote-based.
Why we like it: Sage 100 Contractor is the construction accounting and project management product that falls within the large ecosystem of Sage Business Cloud software. It can help you manage all aspects of your construction business — from monitoring job progress completion and profitability to creating accurate estimates and managing change orders. Because Sage has an intricate network of software products, it’s not always clear which features are part of which product and therefore when add-ons and integrations are required. Be sure to get clarity on this when you contact Sage for a quote and more detailed product information.
» MORE: Best business software solutions
![contract jobs software Striven](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/software/logos/Striven.png)
Per user. Additional pricing tiers per user (per month): $70.
$35 per month per user for the Standard plan.
$70 per month per user for the Enterprise plan.
Why we like it: Striven software includes not only a built-in accounting tool that has all the standard accounting functions such as reporting (including customizable reports), invoicing, audit trails and accountant access, but also offers features for project and inventory management, job costing, scheduling and more. Striven also has both customer and vendor portals for quicker and easier collaboration with clients and vendors. Each portal is included in your software package free of charge for up to 100 customers and 100 vendors; for more than 100, there is an additional monthly fee. Note that Striven currently lacks a mobile app, which may be a make-or-break deciding factor for some construction businesses. The software is, however, responsive on mobile and other devices, so you can access your information on the go.
QuickBooks Enterprise
Additional pricing tiers (per year): $1,922; $2,363; $4,668. Adding users or cloud access costs extra.
$1,481 per year for the Silver plan.
$1,922 per year for the Gold plan.
$2,363 per year for the Platinum plan.
$4,668 per year for the Diamond plan.
Why we like it: If you’re outgrowing the small business category and find yourself in need of more powerful software with robust reporting tools and can handle the price tag to go along with that, then QuickBooks Enterprise could be a solution worth exploring. Similar to QuickBooks Online for Contractors, QuickBooks markets an industry-specific edition of its Enterprise product, which contains many features relevant to construction and field service management. Read our full QuickBooks Enterprise review .
» MORE: Best accounting software for medium-size businesses
Buildertrend
![contract jobs software Buildertrend](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/software/logos/buildtrendlogo.jpeg)
Additional pricing tiers (per month): $799, $1,099.
$499 per month for the Essential plan.
$799 per month for the Advanced Plan.
$1,099 per month for the Complete plan.
Why we like it: The monthly price is certainly steeper than some of the other products on this list. But if you’re in the market for more than just a construction accounting product, Buildertrend will likely fill all your business needs within a single software solution — no need to purchase separate software products and try to integrate them. It can help you manage finances, projects, sales, materials and customers. Particularly noteworthy is Buildertrend’s highly rated mobile app, available on both iOS and Android devices, which keeps your entire team connected and working efficiently at all times of day and from all locations — even when internet connection and cell service are spotty.
» MORE: NerdWallet's best small-business apps
How to choose construction accounting software
In addition to your standard profit and loss statement and balance sheet, here are some other reports and features to look for when shopping for construction accounting software:
Job costing: Job costing lets you assign expenses to each individual job. Without job costing, you have no way of knowing which jobs — or which types of jobs — are most profitable for your construction company.
Project management: Project management is more than just knowing what phase each job is in, even though that in itself is extremely important. Proper project management helps you appropriately allocate resources to the various jobs your construction company has going on at any given time. It also allows you to forecast your needs for projects in bid.
Budget and completion analysis: Budget and completion analysis lets you see how your construction projects are proceeding from a budget standpoint. In order to maximize your profitability on a job, you want to deliver it under budget and on time. Without this analysis in your construction accounting software program, you can be left guessing on whether or not this will happen.
Change order tracking: A construction project without change orders is rare. If you can’t track your change orders, you could easily leave money on the table or have to make costly changes to work that is improperly done.
Also consider whether you prefer an all-in-one construction management product, like Buildertrend, or a more focused accounting product, like QuickBooks Online, that can integrate with hundreds of other business apps to build the precise solution you need.
Methodology
NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy.
NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. Learn more about how we rate small-business accounting software .
These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines .
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Best workforce management software in 2024
Dennis O'Reilly
![contract jobs software Sierra Campbell](https://www.usatoday.com/money/blueprint/images/uploads/2024/01/04103401/Professional-photo-website.png?width=200&fit=cover&format=webp)
Sierra Campbell
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
Published 7:53 a.m. UTC June 28, 2024
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Successful businesses of all sizes know the importance of investing in their workers. The best workforce management software provides SMBs with the same technologies and techniques that empower the workforce of large enterprises. They automate common HR workflows, inform managers’ decision making and deliver self-service tools that boost the productivity of workers and HR teams alike.
Among our choices for the top workforce management solutions for SMBs are products that apply AI and other technologies to make HR and payroll administration faster, more accurate and more efficient. We highlight the most outstanding features of each product and point out the industries and types of businesses they serve best.
Featured payroll software offers
![OnPay contract jobs software](https://www.usatoday.com/money/blueprint/images/uploads/2023/07/20065546/onpay.png?fit=cover&format=webp)
Via OnPay’s website
Monthly fee
$40 per month plus $6 per employee
Direct deposit
![Rippling contract jobs software](https://www.usatoday.com/money/blueprint/images/uploads/2023/07/07062705/rippling.png?fit=cover&format=webp)
Via Rippling’s website
$35 per month + $8 per user
![Gusto contract jobs software](https://www.usatoday.com/money/blueprint/images/uploads/2023/07/26070528/Gusto.png?fit=cover&format=webp)
Via Gusto’s website
Starting at $40 plus $6 per month per employee
SurePayroll
![SurePayroll contract jobs software](https://www.usatoday.com/money/blueprint/images/uploads/2024/02/05032454/SurePayroll-1-1.png?fit=cover&format=webp)
Via SurePayroll’s website
$29.99 per month plus $5 per employee
Best workforce management software
- Zoho People : Best for customizable HR workflows.
- TriNet : Best for benefits administration.
- SAP SuccessFactors : Best for AI-assisted workforce management tools.
- Paycor : Outstanding payroll and workforce analytics features.
- GoCo : Best for onboarding and offboarding.
- Workday : Best for workforce optimization.
- UKG Ready : Best for talent management.
- Paycom : Best for employee self-service.
- Namely HR : Best for combined managed payroll and managed benefits.
- Uzio : Best for the staffing industry.
Why trust our small business experts
Our team of experts evaluates hundreds of business products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 25 companies reviewed.
- 1,068 data points analyzed.
- 100+ hours of research.
Best for customizable HR workflows
Zoho people.
![contract jobs software Zoho People](https://www.usatoday.com/money/blueprint/images/uploads/2024/05/21024420/Zoho-People.png?width=300&fit=cover&format=webp)
Starting monthly fee
Performance management, compensation management, pros and cons.
- Rule-based workflow creation automates common HR processes.
- Prices range from $1.50 to $10 per user per month.
- Offers a free plan for up to five users and a 30-day free trial.
- Payroll, benefits management, recruiting and other HR features sold separately.
- Provides only a handful of third-party integrations.
- Entry-level plan lacks time and attendance tracking.
Why Zoho People is the best
Small business owners recognize the need to keep their workers engaged and productive, but they’re usually short on time and often strapped for cash. Zoho People delivers the necessary HR functionality with plans that are quick and easy to set up and use, and that range in price from free to $10 per user per month. That’s an HR deal that many SMBs will find difficult to pass up.
It doesn’t get cheaper than free, but unlike some teaser-free accounts that are little more than extended demos, Zoho People’s no-cost offering comes with document management, e-signature support, time-off management and 250 MB of storage. For small companies with more than five users, the Essential HR plan from Zoho People adds onboarding and other core features for only $1.50 per user per month.
The value delivered by Zoho People extends to larger organizations through the advanced HR tools in the Enterprise package that’s priced at $5 per user per month. Alternatively, you can step up to Zoho’s People Plus which costs $10 per user per month and adds recruiting, payroll, expense tracking and other tools.
Functionality
Many small businesses will be well served by Zoho People’s core functions, including office readiness, onboarding, time-off management and Zoho Analytics integration. The Professional plan adds attendance tracking, while the company’s Premium offering comes with performance management and employee engagement.
Businesses that want a soup-to-nuts workforce management solution that covers everything from recruitment to benefits administration will need to enhance Zoho People’s features with the company’s many add-ons.
For example, only the high-end Enterprise plan ships with learning management tools, which cost $2 per user per month as an add-on. Similarly, recruiting and expense management are offered only in the People Plus package but can be added to other plans.
Zoho People offers customers three levels of support. Businesses using the company’s free version can submit questions by email that Zoho promises to respond to within eight hours. They can also access Zoho’s self-help resources, which include an employee handbook, a guide for administrators and training tools.
Premium support adds 24/5 live chat and telephone access to support staff for $114 per month, while Enterprise support comes with 24/7 live chat and phone support, as well as four hours of training for 25% of your recurring license fee.
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