The Challenge.
Spreadsheets Everywhere.

The first spreadsheet in the lineup: the expense report.

Nick received these along with the receipts – sometimes the paper original; sometimes scanned to a PDF; often a combination. His tasks:

• Manually review each expense report
• Validate expense allocations for each client
• Determine expenses split between clients
• Speak with spender to verify these details
• Forward to a partner for a final review and approval

The second spreadsheet was Nick’s invention.

A sophisticated worksheet to track billable expenses back to the client. His tasks here:

• Copy transactions from the original expense reports – often from multiple spenders and reports
• Determine expense allocations for each transaction and assign to the appropriate client
• Copy the total expenses due onto the client’s invoice as a single line item
• Invoice the client

Some clients paid from this initial invoice but the number of folks requesting details and receipt images was growing. No backup documentation; no payment. In this case, Nick invoiced the client a second time attaching the details needed.

Meet spreadsheet number three, created from reverse engineering Nick’s custom worksheet.

His next pass averaged three hours per client where he would:

• Separate the expenses for this one client from the master spreadsheet and enter
  onto the third spreadsheet
• Review project allocations if split between clients
• Create one PDF from the combination of individual paper and digital receipts
• Generate three PDF files for the client: an itemized list of expenses and categories; receipt images;
  and the firm’s Invoice (again).

Nick needed to close the month and going back in at the end of the billing cycle was a pain but had to be done ASAP to make it into that billing cycle. Nights, weekends, lunch at his desk!

Tick, tick, tick.

Remember, the firm paid these expenses weeks if not months ago.

The Plan.
PivotPrime + Concur Expense.

The firm needed an expense management solution to support the end-to-end process to capture, assign, and then bill back for client project expenses.

Concur Expense coupled with PivotPrime delivered.

Concur Expense, with sophisticated cost tracking, supports client and project designations at granular levels, with great flexibility in the reporting process. Expenses may be billed to one project; or across many projects; and billable, non-billable, and personal items may be included in a single expense report.

PivotPrime uses all the Concur data including receipt images and discrete project details creating statements for each client and project. Simply log in, enter the parameters for the billing period, and the statements generate in real time.

PivotPrime and Concur Expense together — this investment bank’s solution of choice to manage billable expense reporting properly as well as all other company spending.

The Results.
No Spreadsheets. Period.

Smart Expense Reports & Smart Approvals

The Concur expense report links to everything needed to track and report spending – billable or not. Spenders use their smart phone or computer and in minutes their expenses are done. Approvals are just as easy. Managers click a hyperlink to review. The Concur process takes much less time and the review process is considerably more thorough and reliable.

One-Click Expense Allocations

Client and project lists are linked together in the expense report; selectable with a single click. Splitting an expense between clients or projects is just as easy. No more phone calls to the spender.

Digital Receipts Replace Paper Originals

Receipts download directly from the merchant or the spender takes a quick photo using their mobile phone. Each is associated properly with the expense report and specific client project. No more sorting and copying.

Backup Documentation in 3 Clicks – Not 3 Hours 

PivotPrime – using Concur Expense data and receipt images – produces the backup documentation in real time against all approved expenses. A PDF statement generates in seconds and can be on its way just as quickly to the client.

Improved Cash Flow

Nick generates backup documentation for all clients. Three significant benefits:

• All clients pay on the first invoice
  Reduces the payment turnaround for clients who require backup documentation
• Fewer questions from clients regarding billable expenses
  All have the detailed backup documentation available
• Scales with the firm’s growth
  The new process takes minutes whether there are 50 clients or 500

“PivotPrime and Concur have drastically improved efficiency” according to Nick. “What took hours and even days is now accomplished in a few minutes.”

Still think spreadsheets are the best idea?

You can always get in touch with Nick. He’s not using his any longer.

Think about it. It’s your money.

There’s Gotta’ Be a Better Way
We believe there is – and we’d like to show you.

Contact Sales

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