PivotPrime Success | Independent Investment Bank
Automation improves cash flow, internal workflow, and client experience.
Do their clients pay for project expenses?
You bet they do!
This New York investment bank focuses on advisory needs for sell-side and buy-side mergers, acquisitions, private placements, and other services and it’s standard for their clients to pay for project-related expenses.
It’s good business when clients agree to pay for project expenses but not such good business when the process to assemble the backup documentation needed takes so much time that it hampers cash flow.
Just ask Nick, the Accounting Manager.
Nick is responsible for getting every project expense dollar back.
His clients are happy to pay for their project expenses as-long-as the bill is accompanied by comprehensive backup documentation. You know; receipt images, expense categories and amounts associated with the project. But …
Assembling this level of detail can hit hard at profitability.
Why? Because it takes time. A lot of time.
Before PivotPrime, organizing backup documentation was completely manual – done by going back through expense report spreadsheets, copying individual receipt images, and often having a conversation with the spender.
Nick only produced the extra documentation when requested because the process averaged three hours per client and easily added several days to the overall billing process.
The tipping point?
More and more clients were asking for backup documentation and the current process could not scale.
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.
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.
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.
We invoiced many clients twice!
The first invoice did not include backup documentation for project expenses because assembling it was such a struggle.
So much so that we only provided it on request.
Clients requiring backup documentation were invoiced a second time with the accompanying expense details.
What took hours and even days is now accomplished in a few minutes.
PivotPrime and Concur have drastically improved efficiency.
The Numbers Don’t Lie
ZERO MISSED EXPENSES
PivotPrime locates all expenses – including receipt images – producing an accurate, detailed billing statement.
Billing statements are created on demand as needed; done by one person; ready to send to clients in minutes.
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.
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.