Top 5 Contract Management Systems For Small Businesses In 2024
Managing contracts efficiently is essential for any business, especially small businesses where resources are limited and every dollar counts. A well-organized contract management system helps small businesses streamline their operations, avoid legal risks, and ensure compliance. As small businesses continue to evolve in 2024, choosing the right contract management system (CMS) is vital for staying competitive, enhancing productivity, and maintaining strong relationships with clients, vendors, and partners.
In this article, we’ll explore the top 5 contract management systems for small businesses in 2024, breaking down their features, benefits, pricing, and why they stand out from the crowd. Whether you’re a startup looking for cost-effective solutions or a growing small business in need of automation, there’s something on this list for you.
1. DocuSign CLM
Overview
DocuSign is a well-known leader in the digital document and e-signature industry, and its Contract Lifecycle Management (CLM) solution is a comprehensive platform for managing contracts from creation to renewal. For small businesses, DocuSign CLM provides robust capabilities, including document generation, approval workflows, contract tracking, and e-signatures.
DocuSign CLM is perfect for small businesses that need a seamless and user-friendly platform to manage contracts. Its robust features and straightforward interface make it easy fo
Key Features
- End-to-end contract management: Automates the entire contract lifecycle, from drafting and negotiation to signing and storing.
- Customizable workflows: Small businesses can set up personalized workflows to ensure that contracts go through the necessary approval processes.
- Seamless e-signature integration: Built-in DocuSign e-signature functionality speeds up the signing process, eliminating the need for manual handling.
- Template management: Reusable contract templates save time by reducing the need to create documents from scratch.
- Compliance and reporting: Ensures contracts are compliant with legal standards, with customizable reports and dashboards for real-time monitoring.
Why It’s Ideal for Small Businesses
DocuSign CLM is perfect for small businesses that need a seamless and user-friendly platform to manage contracts. Its robust features and straightforward interface make it easy for small teams to handle contracts efficiently without the complexity of larger enterprise-level tools.
Pricing
DocuSign CLM offers different pricing plans based on the size of the business and the number of users. Plans start at approximately $40 per user per month, but custom pricing is available for more advanced features.
2. PandaDoc
Overview
PandaDoc is an all-in-one document automation platform with strong contract management capabilities tailored for small businesses. PandaDoc excels in simplifying the process of creating, approving, and managing contracts, quotes, and proposals. The platform is known for its ease of use and integration with popular tools like CRM software.
Key Features
- Contract automation: Streamlines the creation, approval, and storage of contracts with customizable templates and real-time collaboration features.
- E-signatures: Integrated e-signature functionality ensures contracts can be signed digitally and securely.
- CRM integration: PandaDoc integrates with popular CRM platforms such as Salesforce, HubSpot, and Pipedrive, making it easy to manage client and vendor contracts directly from your CRM.
- Analytics and reporting: Provides real-time tracking of contract statuses and comprehensive analytics to improve your contract process.
- Payment processing: Allows businesses to collect payments directly through contracts, which is a unique feature compared to other CMS tools.
Why It’s Ideal for Small Businesses
PandaDoc is particularly beneficial for small businesses looking for an easy-to-use, cost-effective solution with a focus on sales and client contracts. Its integration with CRMs helps streamline the sales process while ensuring contracts are managed efficiently. Plus, the built-in payment processing can help small businesses close deals faster.
Pricing
PandaDoc offers a free version with limited features and paid plans that start at $19 per month per user, making it one of the most affordable contract management options for small businesses.
3. ContractWorks
Overview
ContractWorks is a user-friendly contract management solution that focuses on simplicity, security, and affordability. It’s designed for small to mid-sized businesses that need a straightforward way to store, track, and manage contracts without the complexity of more feature-heavy platforms.
Key Features
- Simple contract storage and organization: ContractWorks allows businesses to upload, store, and categorize contracts in a centralized location for easy access and retrieval.
- Custom alerts and notifications: Users can set up reminders for important contract dates, such as renewals or expiration, ensuring that nothing is missed.
- Permission-based access: Role-based access ensures that only authorized personnel can view or edit contracts, enhancing security.
- Advanced search capabilities: Enables businesses to quickly find contracts by key terms, dates, or other custom fields.
- Audit trail: Keeps a comprehensive record of all actions taken on a contract for compliance and transparency.
Why It’s Ideal for Small Businesses
ContractWorks stands out for its simplicity and affordability, making it a great choice for small businesses that don’t need a complex solution. The system’s ease of use ensures that even non-technical teams can manage contracts effectively, while robust security features protect sensitive data.
Pricing
ContractWorks offers a straightforward pricing structure starting at $600 per month, which includes unlimited users and 10 GB of storage. This flat-rate pricing is attractive to small businesses that want predictable costs without per-user fees.
4. Concord
Overview
Concord is a cloud-based contract lifecycle management solution designed to help businesses streamline contract creation, negotiation, approval, and renewal processes. It’s particularly useful for small businesses that need a collaborative platform for managing contracts with multiple stakeholders.
Key Features
- Collaborative contract drafting: Concord allows multiple parties to collaborate on contracts in real time, making it easy to negotiate terms and get approvals quickly.
- Automated workflows: Businesses can set up automated approval workflows, reducing bottlenecks and ensuring contracts move through the necessary steps efficiently.
- E-signatures: Concord’s built-in e-signature functionality ensures a smooth and secure signing process.
- Version control: Tracks changes and maintains a version history, ensuring that everyone is working with the most up-to-date contract.
- Compliance and auditing: Provides tools to ensure that all contracts meet legal and regulatory requirements, with an audit trail for added transparency.
Why It’s Ideal for Small Businesses
Concord is an excellent option for small businesses that need a collaborative tool to manage contracts with vendors, clients, or internal teams. Its user-friendly interface and real-time collaboration features make it easier for businesses to handle contract negotiations and approvals without long delays.
Pricing
Concord offers a free plan with limited features for small businesses, while paid plans with additional functionality start at $17 per month per user. This flexibility makes Concord accessible to businesses of all sizes.
5. Agiloft
Overview
Agiloft is a powerful contract lifecycle management solution that’s customizable to fit the needs of small businesses and larger enterprises alike. Its no-code platform allows businesses to tailor workflows, templates, and reporting features to meet their specific contract management needs.
Key Features
- Highly customizable: Agiloft’s no-code platform allows businesses to create customized workflows, approval processes, and reports without requiring technical expertise.
- Automated contract management: The system automates contract creation, approvals, and renewals, reducing manual tasks and improving efficiency.
- Integration with existing systems: Agiloft integrates with popular business tools such as Salesforce, Oracle, and Microsoft Office, helping businesses streamline their contract management processes across platforms.
- Advanced reporting and analytics: Provides detailed reports and dashboards to track contract performance, compliance, and risks.
- AI-powered features: Agiloft uses AI to extract key data from contracts, automate tasks, and suggest improvements to the contract lifecycle.
Why It’s Ideal for Small Businesses
Agiloft is perfect for small businesses that need a highly customizable solution without the need for a large IT team. Its ability to integrate with other systems and automate complex workflows can save time and reduce errors. Additionally, its AI features help small businesses make data-driven decisions to optimize their contract processes.
Pricing
Agiloft offers a free trial and custom pricing based on the number of users and the level of customization required. Pricing typically starts around $65 per user per month, but larger teams and more advanced features will increase the cost.
Conclusion
In 2024, small businesses have a wealth of options when it comes to choosing a contract management system. Each of the tools listed above offers a unique blend of features, pricing, and usability tailored to different business needs. Whether you’re a startup looking for a budget-friendly solution like PandaDoc, or a growing business in need of more robust features like those offered by DocuSign CLM or Agiloft, there’s a contract management system that can help streamline your operations.
The key is to evaluate your business’s specific requirements—such as the complexity of contracts, team size, and budget—and choose the system that best meets those needs. Investing in the right contract management system will save time, reduce risks, and ultimately help your business grow.