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September 21, 2022
Streamlining Contract Review Through A Risk Based Approach
Case Study
How Klarity Works:
Enable Reporting
One of the aspects of Klarity’s platform most valued by customers is its robust reporting capabilities. For any company, but especially for high-growth, fast-moving organizations, accurate reporting is a critical part of mitigating risk around compliance and audit processes. Businesses are required to have specific controls in place, and good reporting structure that provides evidence of those controls. It also provides a unique and invaluable perspective into the financial health of an organization.
How Klarity Works:
Enable Reporting
One of the aspects of Klarity’s platform most valued by customers is its robust reporting capabilities. For any company, but especially for high-growth, fast-moving organizations, accurate reporting is a critical part of mitigating risk around compliance and audit processes. Businesses are required to have specific controls in place, and good reporting structure that provides evidence of those controls. It also provides a unique and invaluable perspective into the financial health of an organization.
How Klarity Works:
Enable Reporting
One of the aspects of Klarity’s platform most valued by customers is its robust reporting capabilities. For any company, but especially for high-growth, fast-moving organizations, accurate reporting is a critical part of mitigating risk around compliance and audit processes. Businesses are required to have specific controls in place, and good reporting structure that provides evidence of those controls. It also provides a unique and invaluable perspective into the financial health of an organization.
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Why customers choose Klarity
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The only solution of its kind
Klarity offers an exponentially better alternative to an outdated status quo that leaves most organizations making their best guesses with inaccurate information rather than informed, strategic decisions based on verifiable data.
Most organizations today keep their customer contracts in a static repository or shared drive. It’s very difficult — oftentimes simply impossible — for revenue accounting teams to run reports or analytics that generate actionable information from the critical data within.
Even repositories or CRMs with basic search and report functions are limited in value for revenue accounting teams. These are inconsistent environments with numerous manual contributors and no single source of oversight. Duplicate or partially executed contracts muddy the waters, while late changes or revisions may not be reflected within the system. For an organization that uses its CRM to spin up a report on Net 30 payment terms, for example, there is a high probability that the report has been generated from inaccurate or incomplete data.
Conversely, Klarity serves as a single source of truth by pulling the data directly from the signed contracts themselves, automatically, so that reports are generated with the click-of-a-button and accurate every time.
How we deliver
Klarity was also purpose-built for revenue accountants, so our search and reporting functions were architected with their specific needs in mind. For the majority of revenue accounting teams and executive leadership, that most often means reporting on non-standard terms. Finance teams and company leaders need to understand anything and everything about their business that might impact revenue. Quick insight into which and how many contracts have a termination for convenience clause, or a refund right, can be invaluable.
We enable this experience for customers in two ways — first through our search capability, which allows for customized reporting through an easy-to-configure interface; and second, through a configurable analytics dashboard.
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Klarity offers an exponentially better alternative to an outdated status quo that leaves most organizations making their best guesses with inaccurate information rather than informed, strategic decisions based on verifiable data.
Cory Pillow
Regional Sales Manager at Klarity
The advanced search function is set-up, configured and managed by our customers. They can configure and tweak from within the dashboard view and search any item from their revenue accounting checklist. Results are packaged and delivered as Excel files.
On the analytics side, Klarity takes customers through an active onboarding process to determine critical checklist terms, correlations and any related reports they’d like to be able to generate regularly — such as the correlation between contracts containing non-standard terms and dollar value, which helps organizations assess their risk at varying dollar thresholds. Customers can then run configurable graphics and charts based on those checklist terms, correlations or averages.
Life at Klarity
Klarity serves as a single source of truth by pulling the data directly from the signed contracts themselves, automatically, so that reports are click-of-a-button and accurate every time.
Cory Pillow
Regional Sales Manager at Klarity
Integrating with other systems
Klarity is the only solution on the market today that focuses solely on contract review for finance and accounting teams, and much of our search and analytics capabilities are specific to revenue accounting. But we also understand that the data Klarity generates has critical value beyond accounting, and that many modern businesses have sophisticated data analytics strategies in place that extend across their entire organization. Klarity is built to integrate with best-in-class business analytics tools to ensure that your organization’s downstream data is the most accurate available.
With Klarity, you’ll bring drastically improved levels of accuracy and insight to your entire organization, all within an intuitive, user-friendly interface that’s easy to customize. We arm customers with the data they care about, delivered in a simple, consumable format designed to make their lives easier and the information more actionable.
