MountainSeed Gains Control of Renewals & Achieves Immediate Savings with FinQuery Contract Management

MountainSeed

A financial services firm dedicated to providing tech-enabled solutions and support for community banks and credit unions across the United States.

The Challenge: Poor Visibility into Upcoming Renewals

MountainSeed’s contract management process was decentralized and manual. Relying on Excel spreadsheets and discussions during budget meetings, the finance team lacked a single source of truth for their contracts.

The company frequently found itself in a reactive position, only becoming aware of a contract renewal after an invoice had been issued. By then, the window to opt-out had closed, locking them into another term for services they may no longer have needed.

“We had multiple experiences of becoming aware of a renewal after the invoice was received and the non-renewal window had passed.”

The Solution: FinQuery Contract Management (FCM)

MountainSeed sought a solution and chose FCM for its:

- Robust internal controls for renewals.
- Centralized, accessible repository for all financial contracts.
- Automated alerts to get ahead of their contract obligations.
- Contract abstracts and reporting to empower their teams with the information they needed to make proactive, cost-effective decisions.

How MountainSeed Achieved Success with FinQuery

The MountainSeed team found FinQuery’s solution intuitive, making implementation and onboarding simple and efficient. After a brief introduction, they were able to enter their contracts independently.

With all their contracts housed in one location, MountainSeed integrated a new step into its operational processes to help anticipate renewals. This review is now a standard part of monthly budget meetings, fostering better collaboration between finance and other departments.

“We are using FCM to flag upcoming renewals in the next 6 months. This foresight allows us to dig into our need for each service we are subscribed to well before those contracts would automatically renew or expire.”

The Results

No More Missed Renewals

With automated alerts and a clear view of the contract pipeline, surprise renewals are a thing of the past.

Immediate Financial Savings

In the first quarter alone, MountainSeed identified and canceled two unneeded services, avoiding unnecessary costs.

Time Savings

The centralized repository eliminated time-consuming searches for contract details, providing quick and easy access when needed.

Improved Collaboration

By integrating FCM into their budget meetings, communication and strategic planning around contracts have drastically improved across departments.