Invoicing clients for expenses incurred on behalf of their projects is critical to the profitability of professional services organizations. Failure to recoup costs due to missed expenses and allocation errors directly affects the bottom line and prevents accurate profit modeling and forecasting.
According to Cher Pearsall, CEO of SAP Concur App Center partner Pivot Payables, manual methods of project billing account for 35% to 50% of disputed transactions between organizations and their clients. In addition, a significant percentage of billable expenses are also omitted during the manual process. While it’s clear that clarity in accounts payables (AP) and accounts receivables (AR) is important – what’s often difficult to gauge is the direct impact that inaccurate billing could have on revenues.
Pivot Payables’ Bottom Line Improvement Calculator can help.
Available online, the calculator utilizes data such as the number of client bills prepared each month, the number of hours spent preparing one bill, the average hourly wage for the person doing the billing, and the average monthly amount of expenses billed back across all projects and clients. The results can be eye-opening, including operational cost savings, potential average missed expenses, and total annual bottom line improvements.
SAP Concur clients can take this insight one step further with PivotPrime, Pivot Payables’ project expense management solution that integrates with Concur Expense and Concur Invoice to automate project expense billing. The integration is prebuilt for SAP Concur, so deployment takes only minutes and existing workflows aren’t interrupted. PivotPrime automatically identifies AP data in SAP Concur and organizes it into a billing statement, producing all billable expenses along with associated receipts and invoice images to present to clients. Cardno, an SAP Concur client in professional infrastructure and environmental services, switched from manual billing to PivotPrime and saved more than 500 hours per month in its client billing process.
“While most expense management and invoice automation systems collect data across multiple clients and projects, they are fundamentally AP systems, whereas client billing is an AR function,” says Pearsall, who was recently interviewed in CFO Tech Outlook magazine after Pivot Payables was named a Top 10 Business Expense Management Solution Provider.
To experience the impact of Pivot Payables’ Bottom Line Improvement Calculator, visit the PivotPrime Expense or PivotPrime Invoice App Center Listings. If you’re headed to SAP Concur Fusion 2018 in Seattle from March 13 to 16, stop by the Expo at booth 209 to meet the Pivot Payables team.
Launched in 2013, the SAP Concur App Center makes it easy for travelers to find and connect to apps that integrate with SAP Concur and provide additional value for individuals and businesses. With more than 160 pre-built integrations and popular connections, the SAP Concur App Center extends the value of SAP Concur by helping customers implement SAP Concur rapidly, gain insight into spend and simplify expense reporting.