That is exactly what we were doing at a previous technology company we owned. It did work for a while, but things started to happen that made the process very difficult, such as, the number of contracts added up, customers purchased add-on solutions at different times, vendors changed partner programs, updating the spreadsheet was cumbersome and one person figured out a way to do it (we were in trouble if she left), and we couldn’t find a good way to quickly see revenue and profit numbers from our contracts. Don’t even get us started on the co-termination of contracts.

Another issue we ran into was what happens when there is a merger, or acquisition? Many companies we’ve talked to ran into those same challenges. They started devising custom spreadsheet formulas, or even custom databases, to help them with the process. Those same people tell us that the process is still a nightmare, but managing that revenue is very critical to their business, so they deal with it.

That’s exactly why we designed RenewIT360, so companies have an easy-to-use Cloud-based solution that manages all aspects of the renewal contract process, while providing instant feedback on all revenue and profit parameters. Also, having it directly integrated with their accounting system saves them a ton of time and money.

There are many benefits, but here are a few that customers brought to our attention:

• Instantly knowing what renewals are coming due and having the ability to filter renewal time periods aby 30, 60 or 90 days out. No more missed renewals, or late fees.
• Instantly search for what a given customer has under contract and how much revenue (and profit) they’re making from that customer.
• Knowing what you have under contract with each customer and vendor and the related costs and margins.
• Easily co-terminate contracts for customers to help make their invoicing process easier, while improving your cashflow.
• Using RenewIT360 is easy to use, so transitioning a new person into the contract management role is easy to do, which lowers your risk of missed contracts during the transition.

Plus, you don’t need a spreadsheet expert, or a developer to spend valuabletime coding special enhancements into your home-grown solution that no one else knows anything about.

RenewIT360 has easy-to-use import modules for Customer data, Vendor data and Product data. Contracts do have to be created manually. We provide a service to help with this process if required.

Once the data is in RenewIT360, we can sync the data with your existing accounting system. We already have a built-in connection with QuickBooks. If you require additional connectivity to QuickBooks, or a custom integration with your specific accounting system, or CRM, we can provide that service at a reasonable fee.

This is a very common issue with most customers of RenewtIT360. This is one of the primary reasons why we made RenewIT360 so easy to implement and operate.

RenewIT360 is 100% cloud-based, so there are no servers to set up, and there are no databases to buy, or create. In addition, every customer of RenewIT360 has a current process for managing renewable contracts. Unfortunately, those customers are currently using spreadsheets, or home-grown databases to do so.

Spreadsheets lack flexibility, and customers have experienced, fraught with data and formula errors. Home-grown databases are better, however, they also lack flexibility and require constant upgrades and updates by your developers, or IT staff, who are likely already overburdened. All customers agree that renewable revenue is the lifeblood of their organizations, so making the renewal process easier and more accurate saves them from missed, or even lost, revenue opportunities.

Lastly, using a solution than anyone can use eliminates the chance that only one person in the organization knows how to manage the renewal system.