Introduction

The Purchase Contracts module enables you to manage and keep track of your organization's purchase contracts, subscriptions, and other recurring costs. It allows administrators to have all such contracts and costs gathered in one convenient place, thereby providing them with an excellent overview that makes it easy for them to compare with alternative providers and to determine if, for example, multiple separate contracts may be consolidated into one to reduce the overall cost. Overall, the module facilitates correct invoicing across the board, which typically saves you both time and money.

Using the Purchase Contracts module, you can manage virtually any type of contract or subscription that creates recurring invoices. This includes:

• Office leases
• Software licenses
• Insurance policies
• Phone and internet services
• Subscriptions to online content
• Network server services
• Facility management services
• Car leasing
• Newspapers and magazines

You can use the Purchase Contracts module with or without approval of purchase contracts:

• Without approval: Helps you organize your purchase contracts by giving you a comprehensive overview of all recurring invoices and subscriptions in one place. Incoming purchase documents and expenses are automatically matched and linked with the relevant purchase contract, but they still need to be processed manually.

• With approval: You gain additional benefits, such as, the ability to set up periodic approvals of your purchase contracts, helping you stay on top of whether they need to be renewed, modified, or canceled. It also lets you take advantage of one of the most time-saving features of the Purchase Contracts module: automatic approval, and posting of purchase documents that match and comply with the details of a purchase contract.

Moreover, the Purchase Contracts module uses AI to detect patterns in your incoming documents and identifies any that are recurring and suitable for automatic processing through a purchase contract. If a document is identified as suitable, a notification appears in the document journal in Document Capture, suggesting you to allow the Purchase Contracts module to handle this and future identical documents automatically.

Watch this 3-minute video for a quick overview of the Purchase Contracts module.