PivotPrime Success | ROI in One Day
Missing expenses discovered on day 1 pays for the entire PivotPrime project management solution for 2 years.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.
PivotPrime delivered.
An expense reporting application with sophisticated cost tracking, supports client and project designations at granular levels giving the company flexibility and accuracy 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.
The client bill back applications uses all the expense report 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.
The Results
AUTOMATED PROCESS VS MANUAL
When it’s time to invoice their clients, the firm produces billable expense statements in real time against all approved expenses including transaction details and receipt images. A PDF statement generates in seconds and can be on its way just as quickly to the client.
TWO DAY VS TWO WEEK CYCLE
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 report using PivotPrime to the previous manually-generated report. The difference between the two? A discrepancy amount that paid for the entire Project Expense Management application for nearly two years.
We were correct and further, shocked at the amount of money.
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 the entire PivotPrime project management solution for 2 years.
FIVE MINUTE ACTIVATION
Client bill back reporting was up and running within a few minutes – conducted over a phone call.
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THERE’S MORE.
WE AUTOMATE ACCOUNTS PAYABLE TOO.
In addition, customers can include both expense and invoice items in their client 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.
