PivotPrime | 1.35M Problem Eliminated Day 1
Cash leakage gone immediately
Does your company bill back expenses to clients?
This one does.
A global management consulting firm, had automated expense reporting with SAP Concur several years earlier and wanted to also automate the process of preparing the backup documentation their clients require as proof of billable project expenses.
Accurately tracking billable expenses is key to the firm’s profitability.
Project profitability is top of mind for the Controller at this global consulting group – responsible for matching the ‘billable expenses spent’ and the ‘billable expenses reimbursed’. The numbers were way off so she conducted an audit consisting of a manual review of all expense reports submitted during the previous 18 months. The results were staggering. $1.35M spent but not recouped from the clients. A whopping $75,000 each month going out but not reimbursed back.
To measure their ROI, they conducted an audit comparing ‘expenses spent’ to ‘billable expenses reimbursed’ going back 18 months. The results were staggering – $1.35M spent but not reimbursed by their clients.
The controller knew expenses were allocated correctly in Concur Expense. The audit proved that.
Things fell apart on the billing side.
Clients required backup documentation detailing each expense, each project name, employee names, and receipt images. The Controller’s team assembled this information manually and it was complex. Here are a few challenges that this company – and most like them – face:
- Multiple Employees Working on Same Project
- Expenses Split Across Projects and Clients
- Receipt Images Required – Often Same Receipt for Multiple Projects
- Review to Ensure Clients Receive Only their Project Expense Data
The requirements force a manual review of all expense reports and receipts to ensure the expenses are properly billed and, that clients only receive backup documentation for their projects. It can take hours to create one client’s package and the possibility of missing an expense is very high as the audit revealed.
The Pivot Payables and SAP Concur partnership – integrating PivotPrime with Concur Expense – solved the problem on day one.
The current process was complex requiring manual reviews of expense reports, extracting expense report data and organizing it into spreadsheets, copying receipt images, and thorough reviews. All in, it can take hours to prepare each bill and any cash leakage from missed expenses is unacceptable.
Reimbursements increased by $500,000 in the first 6 months with PivotPrime. That math works considering the audit. Their project spend-to-reimbursement is now on par. Here’s the new process with PivotPrime:
- Concur Data and Receipts Move Automatically into PivotPrime
- Expense Report Data Contains Client, Project and Allocations
- Billable Expenses Organized Automatically by Client and Project in Seconds
- Receipt Images Always Included – Multiple Projects Not a Problem
- Details are in the Data – Multiple Expense Reports Not a Problem
- Clients Only Receive Backup Documentation for their Projects
PivotPrime receives the Concur Expense data and receipts automatically and in turn, PivotPrime customers prepare the project documentation in seconds including receipt images. The invoice can be sent to the management consulting firm’s clients immediately.
The audit results proved our suspicion of lost project expenses.
1.35M spent and not reimbursed by our clients.
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 REIMBURSEMENTS
PivotPrime locates all expenses – including receipt images – producing an accurate, detailed billing statement.
ONE DAY TO ROI
1.35M lost and found. No more cash leakage. Period.
FIVE MINUTE ACTIVATION
PivotPrime was up and running within a few minutes – conducted over a phone call.
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.