PivotPrime Success | ROI in One Day
Client discovers enough missing expenses on 'day one' to pay for two years of PivotPrime and Concur Expense software.Does your company bill back expenses to clients?
This one does.
A globally-retained executive search firm specializing in the placement of C-level positions for intercollegiate athletics programs and sports businesses of leading colleges and universities, and Fortune 500 corporations.
Their clients – the colleges and corporations – pay for all expenses related to candidate searches. To expedite payment, the clients need billing statements with full expense details right down to receipt images including maps for personal mileage, their percentage of an expense if split across other clients, currency conversions – you get the picture.
Accurately tracking billable expenses is key to the firm’s profitability.
The Challenge
The existing expense reporting and accounts payable systems worked fine – as long as they didn’t need to share any data – crucial to tracking billable expenses. This forced a lengthy manual process with no guarantee that all billable expenses were discovered.
GRUESOME. THEIR WORDS.
Two weeks of each month were reserved to assemble the billing statements. Receipts were downloaded from the expense database, matched to the proper expense report, then everything
was copied and assembled.
MONEY LEFT ON THE TABLE. DAYS EXPENSES OUTSTANDING.
Any expenses incurred during the two-week processing period had to wait for the next billing
cycle — 30 days away. A 75-day window between out-of-pocket and customer reimbursement was not uncommon.
MISSED EXPENSES GO WITH THE TERRITORY
A percentage of billable expenses were never found — something the company suspected and later confirmed using PivotPrime.
The Plan
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 — the search firm’s solution of choice to manage billable expense reporting properly as well as all other company spending.
The Results
AUTOMATED PROCESS VS MANUAL
PivotPrime – using Concur Expense data and receipt images – produces billable expense statements 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.
TWO DAY VS TWO WEEK CYCLE
With PivotPrime, the company prepares all their client billing statements in two days – down from two weeks. Now expenses can be submitted just days before the accounting department’s cut-off date allowing the company to bill back a larger percentage of their outstanding expenses each month.
120% ACCURACY. REALLY.
Automating the process paid off. The client compared the first PivotPrime report to the previous manually-generated report. The difference between the two? A discrepancy amount that paid for PivotPrime and Concur Expense for nearly two years.
We suspected a percentage of billable expenses were lost each month.
We were correct and further, shocked at the amount of money.
The accuracy and detail of the PivotPrime reports, combined with the shorter turnaround between spending and invoicing has improved cash flow and increased profitability.
The Numbers Don’t Lie
ZERO MISSED EXPENSES
PivotPrime locates all expenses – including receipt images – producing an accurate, detailed billing statement.
ONE DAY TO ROI
The process discovered enough unmarked, billable expenses to pay for PivotPrime and Concur Expense for nearly two years.
FIVE MINUTE ACTIVATION
PivotPrime was up and running within a few minutes – conducted over a phone call.
WANT TO CALCULATE YOUR NUMBERS?
Check out our Bottom Line Improvement Calculator.
There’s more.
PivotPrime integrates with Concur Invoice too.
In addition, Concur customers can include both expense and invoice items in their PivotPrime billing statements.
Perfect for projects where supplies and services are ordered directly from a vendor and billed back to the client.
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.
