Visibility, Accuracy, and Control over Customer Contracts

Today's customer contracts are becoming more advanced and complex, requiring contract management solutions that can accurately record, approve, and account for them. Workday Contracts enables your organization to effectively collaborate, create, approve, and track customer contracts to help maximize visibility and minimize risk to your organization.

With Workday Contracts you can:

• Support your desired business process flows to ensure appropriate personnel are involved in managing contract lifecycle events
• Capture all contract changes and additions via strong amendment controls
• Decouple revenue recognition from billing and eliminate the need for spreadsheets and error-prone manual processes
• Integrate easily with third-party contract management systems
• Support various types of renewable and non-renewable contracts such as subscription and project time and expense billing

Contract Management

• Gain deep visibility into the full life cycle of contracts from initial sales agreement through customer payment schedules
• Capture the financial terms of the contract and route contracts for approval before billing and revenue recognition start
• Use a contract work area as a central place to manage all customer contracts
• Enter contracts with different sold-to and bill-to customers
• Support contract co-termination
• Automatically create customers through integration with any third-party opportunity management system using the Workday Integration Cloud

Amendment Control and Audit

• Capture notes and/or attach documents throughout the contract life cycle for unified contract information
• Use amendments to track every contract change throughout the life of the contract and view the entire history of contract amendments
• Leverage separate approvals and controls for any amendments to existing contracts

Contract Renewals

• Track start dates and end dates on each contract element
• Use end dates to trigger notifications for upcoming renewal opportunities
• Reduce revenue leakage by enabling the sales team to proactively identify contracts coming up for renewal