Streamlining supplier contracts for schools with Bromcom Finance

Managing supplier contracts can often be a significant challenge for school leaders. Keeping track of all the contracts, along with their renewal and cancellation dates, is no easy task. Unfortunately, schools sometimes underestimate the importance of maintaining a meticulous record of these contracts, which frequently leads to complications and additional stress.

By failing to monitor contract details carefully, schools can encounter a variety of issues, such as unexpected service interruptions, financial discrepancies, and missed opportunities for renegotiating terms. Not to mention the possible failure to comply with contract regulations.

Proper management of supplier contracts is crucial not only for ensuring smooth operations but also for optimising financial efficiency and resource allocation. Therefore, it is important for school leaders to implement effective systems for contract oversight to prevent avoidable problems and ensure seamless functioning.

Effective finance product provider can help with everything. Let's discuss some common issues that school leaders encounter and a possible solution that Bromcom Finance can offer you.

Issue 1: When does my contract renew?

Do you know when do all your contracts start, end and renew? If the answer is no, do not feel bad. Many school leaders do not know and no wonder. It is just complicated and often overwhelming. The problem is that this can often result in missed renewal deadlines and last-minute scrambling to renew or renegotiate contracts.

Solution

Bromcom's supplier elements allow users to add and store contract start and end dates. Schools can attach copies of the contracts directly into the system. Bromcom can then run scheduled reports, sending emails to the relevant person with an ordered list of contracts by end dates. This proactive approach helps schools stay ahead of renewal notices, allowing ample time for research and decision-making.

Issue 2: These spreadsheets are getting confusing!

Having spreadsheets is an effective way of keeping track of your supplier contracts, however, sometimes having them across multiple software's can cause confusion and lead to problems.

Solution

Bromcom Finance simplifies the process of managing contracts by providing a single, organised platform, reducing the reliance on disparate tools. With our solution, you can eliminate most of your third-party tools as Bromcom Finance has many functionalities integrated within its product.

Issue 3: Am I losing money?

Often, school leaders do not know how much money they are spending on various suppliers. They often lack the necessary data to review contract regulations and negotiate better deals with suppliers, leading to potentially higher costs and less favourable terms.

Solution

Bromcom's system can identify spending with a supplier over a given period, such as a couple of years. This data helps schools review contract terms and negotiate better deals based on projected spend. Additionally, Bromcom allows schools to store approved supplier items, facilitating more informed purchasing decisions.

Bromcom Finance in practice

Check out a short demonstration of how you can manage your supplier contracts with Bromcom Finance.

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