policyIQ: Support for the Full Contract Lifecycle and Revenue Recognition Standard

Our clients helped us, early on, to recognize that policyIQ is an excellent match for their contract administration needs. Using policyIQ for Risk and Compliance, Audit, or Policies and Procedures, they realized that the features that gave them better control over the integrity of their information, more simplified access to the content, version control, workflow and reporting capabilities, and easy-to-understand-while-powerful security would also be great for management of their agreements and contracts.

Over the years, we have worked with a number of companies to help them bring automation to various areas of their contract lifecycle:

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Tracking critical attributes, in combination with features like policyIQ’s Custom Alerts, makes it possible to address key business decisions and deliverables related to a company’s agreements, for example:

  • Alert Procurement Manager when a Vendor Agreement is approaching the Contract End Date (i.e. within 30 days of )
  • Alert HR Manager when a new Staffing Agreement is published (trigger to send New Hire Packet to Employee)
  • Customer Contracts
    • Alert Sales Manager when
      • Expected revenue exceeds $30,000
      • The agreement is Approaching Expiration
    • Alert Operations Manager when
      • A Milestone has not been met by our team
      • A Reporting Date is approaching

And with more urgency now that we’re already into 2015, the Revenue Recognition Standard issued in May of 2014 is leading companies to put controls and measures in place to ensure compliance with the standard.

With a few quick adjustments, policyIQ can help by providing a place to capture, track, and monitor agreements and the variables that are critical for compliance. In addition to the fields that you might already be tracking (like the start and end dates of contracts, deliverables, report dates, approval requirements and renegotiation concerns), you can ensure that you’re considering the value of services delivered at various points in time, all associate agreements that may be pertinent, whether those agreements start and end in the same year, and so on.

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Have you organized your various agreements in policyIQ? Do you have questions about how to best configure policyIQ so that you can review and monitor your agreements from various perspectives? Have you updated your policyIQ configuration to better monitor critical attributes for compliance with the Revenue Recognition Standard? Reach out to the policyIQ team, support@policyIQ.com, and let us know what your pressing questions are—we’re happy to help!

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