Recurring Invoices & Contracts

Match recurring invoices automatically to contracts and receive reminders when contracts are to be terminated or renewed.

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What is a recurring invoice?

A recurring invoice is a type of invoicing where a vendor automatically charges a customer for their goods or services at regular intervals. Recurring invoices are most commonly associated with cell phone bills, utilities, cleaning services and maintenance charges, but are utilized for any situation where a company needs to order something at regular intervals.

A recurring invoice provides convenience where the supplier does not have to wait for the customer to pay, or repeatedly request payment information. Similarly, the customer won’t have to repeat the same process of ordering or sending manual payments every month, or however often they need the goods or services.

“The contract solution helps us to have control over periodic invoices through automatic matching to agreements. Palette’s solutions make it easier to manage these invoices from one and the same source, which has streamlined our workflow.”

Rene Faurskov • Finance Manager at Sportmaster

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What is automated contract management?

Automated contract management refers to different tools, software and technologies that streamlines the contract management process. This includes digitized and automated features for:

  • Contract initiation
  • Drafting & negotiating
  • Review & approval
  • Digital signing
  • Lifecycle management with assignments
  • Notifications
  • Contract renewal & archiving

Benefits of recurring invoice and contract management

  • On average, companies have 15–25% recurring invoices that benefit from automated agreement and contract matching.
  • Avoid spending time on approving the same invoice month after month. Our recurring invoices software matches, checks, and manages all periodic invoices related to a specific contract. Generate invoices reflecting contract terms with the self-billing function.
  • Palette works as an electronic agreement database that is constantly accessible and searchable. With its flexible authorization structure, through our recurring invoice software, you decide who can see what and how you manage reminders ahead of important dates in the agreements.
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Contracts are the lifeblood of your business. Using manual, paper-based methods for their contract management, there’s a great risk that the contract processing will be confusing, inefficient and riddled with errors. It slows down the pace of doing business, increases risk, and can cause frustration among customers and your employees. 

Contract automation software has changed many things regarding contract management, considerably improving business processes, reducing risk and increasing revenue. Palette’s contract automation software gives you a unified and reliable process for contract management that makes agreements and related business documents available for purchasers.

Key Features of Palette’s contract and invoice management solution

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Recurring invoices

Recurring invoices can be matched to contracts or tracking numbers

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Reminder & Activation

Reminders are sent when a contract is about to expire or has to be renewed

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Archive

Complete archive of all types of contracts

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Self-Billing

A supplier invoice is automatically created by Palette, reflecting the contract terms

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Transparency

Make agreements visible to the whole organization

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How does Palette’s contract and invoice management work?

Agreements are stored in Palette’s electronic agreement database, which has a flexible authorization structure, increasing both visibility and transparency of your contract and invoice management:

  • Existing suppliers and users are listed in addition to approval regulations, workflows, roles, coding suggestions, and other structures.
  • Agreements are supplemented with information about such things as agreement type, important dates, and validity periods.
  • Make supplier agreements and contracts searchable and visible to authorized individuals, such as employees in the purchasing department. Palette makes it easier to control orders for favorable contract-based purchases.

Recurring Invoices is a module in our AP Automation and Purchase to Pay software suites.

Palette is trusted by banks and financial institutions in the US and Europe. Accreditations in the US include SOC1, SOC2, HIPAA, ISO 27001, GDPR, and PEPPOL.

You also might be interested in

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Landstar benefits from automated invoice processing with Palette
Landstar System, Inc. is a transportation services company specializing in logistics and more specifically third-party logistics.
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4Service chooses to grow with Palette
4Service was founded in 2010 and is one of the Nordic region’s leading providers of facility management services in building, cleaning, property management, personnel restaurants and offshore.
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Clas Ohlson Automates AP with Palette
One of Sweden’s best-known retailers, Clas Ohlson, operates around 200 physical stores in Sweden, Finland, Norway, Germany, and England.

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