$6000 Monthly Cost Reduction with New Quickbase Invoicing Portal

Company Profile

This company solves the world’s most critical problems for thriving cities and resilient environments. They provide operational advancement, scientific discovery, and cutting-edge manufacturing that turns abstract ideas into realities, transforming the world for good.

With a talented staff of over 52,000, this company provides a full spectrum of professional services including consulting, technical expertise, scientific discovery, and project delivery for the government and private sector. Specifically, one of the key services they perform is Facilities Maintenance and Construction.

Challenge

This company manages services, construction, and equipment rental for multiple sites nationwide. Their large team of procurement experts manages and acquires thousands of vendors that complete projects across various sites.

The procurement team primarily used email to issue purchase orders, manage invoices, and collect payment details. But with more than 5,000 vendors to track, (each with multiple payment addresses, varying invoicing standards, and strict federal guidelines to follow for vendor certification), their existing methods couldn't scale.

In short, data loss and invoice payment delays were significant and constant. Missed payment discounts for on-time payments and late fees happened often.

As a result, the company lost considerable revenue.

Additionally, this client sent invoices out to both single and numerous email addresses. And, they would send them directly to buyers where the data was sorted, reorganized, and entered manually (using a third-party data entry service). This created data entry errors, misapplied payments, and numerous lost invoices.

Client Testimonial

“Using [our new] online portal to process invoices has been easy and intuitive. The portal has an excellent overview of all necessary parts of the invoice (purchase order, calculations, contact information).

Compared to other large name invoicing sites, this method has been a joy to use. I recommend the use of this system to any company looking for a good system to transact with their customers.”

Solution

Quandary Consultant Group analyzed the existing processes for weaknesses and strengths. Our tech consultants focusing heavily on the communications and revenue problems the company faced.

We decided to build a large scale, comprehensive platform for both the procurement specialists and their many vendors using Quickbase. Our solution allowed buyers to track extensive contact lists, saving all their associated addresses, certifications, payment information, and purchase order qualifications in one location.

Additionally, we developed the new system using Workato to integrate the existing accounting framework. We also pulled over data to Quickbase. And we streamlined the process for adding new vendors (or vendors whose information had been lost in the previously disorganized email transactions).

Our tech consultants quickly built connections to the new system using Quickbase, connecting their accounts payable processing. This reduced the pressure on buyers to locate, reorganize, and send invoices manually.

We also systematically tied purchase order issuance to vendor certifications, preventing POs from going out to vendors who did not meet the strict guidelines. This helped reduce confusion and frustration on both ends when denying payment to invoices or denying/canceling services due to a lack of qualifications.

At the end of our system launch, we invited the vendors to the new system where they submitted their invoices electronically. Within the first 3 months, they submitted over 1,000 invoices successfully.

Results

Our custom Quickbase invoicing portal helped our client:

  • Reduce approximately $6000.00 in monthly in costs for third-party, invoice entry services
  • Tie invoicing access to vendor certification, making it easier to reject invoices for certification reasons
  • Reconciled duplicate data from multiple programs/spreadsheets and consolidated that information into one set of clear, accurate data points
  • Decrease invoice turnaround time
  • Reduce accounts receivable processing time from 60 days to less than 20 days
  • Reduce late invoices from 20% - 30% to less than 1% of total invoices

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