VendorPanel Grant Management: Part of Contract Management Solution

Written by VendorPanel

Grant management is the process of managing funds that an organisation has been awarded from a funding body for a particular project. It includes the administrative work and process that goes into accessing and fulfilling the pre-determined requirements of a grant.

Peak Services recently published an article about preparing for Grants season and bringing funding documentation in line with Strategic and Operational Plans. Read the article here.

The benefits of using technology to manage grant funding

When you are tasked with managing a grant, your responsibility doesn’t end once an application for funds has been successful – this is only the beginning of the process and there are a lot of moving parts when it comes to managing public funding. Here we’ve outlined a few good reasons why you should consider using management software such as VendorPanel’s Contract Management Module.

Compliance

Digital solutions can ensure that organisations that have received funding comply with grant regulations. This could be anything from meeting pre-set milestone deadlines, generating reports in line with grant lifecycle, or showing that the contractors you are working with are compliant suppliers.

Transparency

Technology allows key stakeholders to monitor and manage the funding lifecycle in one platform, enabling the right people to get access to the information they need at any time.

Efficiency

The use of software improves the efficiency of managing funding for projects by enabling automation across related administrative tasks. Auto-reminders on KPIs and deadlines, plus recurrent meeting features within the software can remove much of the time-consuming daily administration tasks related to managing funding projects.

Collaboration

Using digital solutions ensures key information related to grants is stored in a central, secure location allowing access to those who require it, whether that’s across numerous departments or within teams. This avoids information being siloed and emails and documents being misplaced or misused.

Why use VendorPanel’s Contract Management Module?

VendorPanel’s Contract Management module enables users to effectively manage key objectives and actions across both contracts and your specific grant funding lifecycle.

This core functionality of the Contract Management solution gives you end-to-end visibility to proactively manage projects and performance related to your grants. With the tools to manage workflows and timelines including milestones, KPI payments and more Contract Management gives you access to the tools you need to effectively manage both grants and contracts within the one solution.

Grant Management functionality enables organisations to:

• Review, manage and report on all grant (and contract) activity across one secure platform
• Clearly demonstrate that the money received was spent on the allocated projects
• Meet all reporting deadlines and compliance and financial feedback requirements to the funding body (most notably for State Government, Local Government and Not-for-Profits).

Core features and benefits: (Contract Management module for Grant Management projects)

• Clearly defined lifecycle milestones and reminders for key dates
• Centralised KPI management
• Upload attachments or integrate with external electronic records system
• Custom user roles, permissions, and approval structures
• Track all meetings and action items related to your funding lifecycle
• Monitor reoccurring actions required on grant objectives
• Associate multiple grants with one project, task or contract
• Gain a unified view of the funding program with customisable reporting

If you would like to learn more about this solution, get in touch with Glen Duff, Director - Strategy & Partnerships via email gduff@localbuy.net.au or phone 0406 320 422.