Human Resources Manager
Often, Human Resources department is overlooked when searching for an expense management solution. However when the strength of robust employee reporting is coupled with the right solution, management goals are largely successful. Notification of a new employee or recently terminated employee is the easy part for the Human Resources manager. Identifying services, devices or equipment an employee needs, or must return after termination creates a complex environment of device and equipment management. Working closely with the HR department, RadiusPoint’s software, ExpenseLogic will create reporting that identifies equipment that must be returned, or equipment that must be assigned out, plus much more.
Frequently Asked Questions
If a report is provided monthly of valid Employee ID’s, can this be validated against the employee’s in the solution?
Yes, this type of comparison and validation can be scheduled to be run on a monthly basis or as required by your company to identify any terminated employees that need to have equipment returned and services disconnected.
RadiusPoint has the capability to track Employee ID’s within ExpenseLogic with all monthly charges and equipment assigned to each employee.
Yes, ExpenseLogic has a full inventory repository that will track the equipment by user, serial number, lease information, and cost.
There are many report view with grids and charts with all information capable of being exported to Excel, CSV and PDF. In addition, many reports can be scheduled to email out on a monthly basis.
RadiusPoint will process the invoices within a two day time period. This fast turnaround time will typically eliminate any late fee or disconnect service issues.
Is the RadiusPoint solution the right one for your company?
If you are ready to get started, click Request a Free Consultation and let’s schedule a time to discuss your needs and challenges.
What are some of your Needs and Challenges?
Learn how the RadiusPoint Solution can assist you. Click Below to explore common needs and challenges.
Not enough personnel
How many invoices can your Accounts Payable team process each day? Do you have enough people on staff to get all vendor invoices paid on time to avoid disconnects and service interruptions?
In today’s tight labor market, ensuring that your invoices are paid on time can be a problematic issue. “Getting behind” should not be an option… Yet, this happens often when a large number of invoices comes in to be processed and your AP department is understaffed.
Vendor contract management issues
Managing vendor contracts is the first step in ensuring that the rates promised during the sourcing and proposal process are actually delivered. Vendor contract management ensures your organization that any rate changes and discounts flow through to its bottom line.
Vendor contract management is simplified by ExpenseLogic’s Contract Management database. This database ties services, devices, and assets to a vendor contract, and gives management and AP staff a view of the actual contract document. Email notifications 90 and 60 days prior to expiration date ensure that contract expiration dates won’t be missed.
Contract Management is easy with ExpenseLogic’s Contract Management database. The Contract Management database ties the service or devices and equipment with the contract and gives the capability to view the actual contract document. Email notification 90, 60 days prior to expiration ensures that your contract expirations won’t be missed.
Examples of credits/savings obtained for our clients
- A financial services firm avoided $2,700 in monthly charges on a water invoice. ExpenseLogic identified the problem at the meter level: there was a leak at the location. The vendor agreed to recredit the difference with normal usage.
- A salvage parts dealer had 800+ phone lines not their long-distance plan: moving these lines to the correct plan resulted in $10K+ in monthly savings.
- A nationwide retailer of eyewear (glasses and contact lenses) with 800 locations saved $203K+ though an optimization of their electric and gas service contracts in deregulated states.
- A transportation company was charged $1.4MM in erroneous billing by their wireless carrier, under incorrect data plans. Credits were applied to the invoices and the plans were corrected.
- AT&T recredited a client some $500K+ previously billed for contract rates overages.
- A healthcare client obtained $52K+ in credits on phone lines the vendor had erroneously forgot cancelling.
Errors on invoices requiring an investigation
Billing errors are the scourge of an efficient organization, and most companies don’t have the time or personnel for auditing and reconciling every invoice. RadiusPoint’s invoice audits, error identification and reconciliation process generate savings of over 25% with no sales, no carrier, no vendor changes required.
RadiusPoint’s business intelligence SaaS platform ExpenseLogic takes the guesswork out of auditing and reconciling invoices on a monthly basis. Limits are set for each line item for ExpenseLogic to audit against them on each invoice. This optimizes vendor accountability. Our billing invoice validation process is a proactive expense management approach, and a proven method for saving money.
Late fees charged by vendors
Unless their contract stipulates otherwise, vendors typically charge late fees on unpaid invoices. According to an article published in Business.com, “Most late fees are between $25 and $50… Some companies use a percentage of the invoice amount to calculate the late fee.”
Moreover, tying up late fees to invoices in an accounting system generates extra operations and an increase in time wasted unproductively. Instead of focusing on tasks generating value, Accounts Payable is catching up with unnecessary re-work.
RadiusPoint’s Invoice Processing service tracks invoices along their entire lifecycle. Our process systematizes the workflow from receipt of vendors’ invoices to their on-time payment. As a result, late fees are eliminated, and the efficiency of the process precludes non-necessary operations. The Accounts Payable staff can spend their time on productive tasks, and the resulting savings flow all the way to the bottom line.
Service disconnects are costly. Not only do they entail spending time investigating past-due charges, but also calling vendors to tackle service reconnection, often with associated reconnection fees. Even more importantly however, service interruptions are disruptive of normal business operations. The cost of an interruption in phone service can be staggering in terms of lost business opportunities. Avoiding service interruptions should be priority #1 for any Accounts Payable department.
Our Invoice Processing service tracks all invoices along their entire lifecycle. Our ExpenseLogic platform helps organizations with multiple locations manage the accuracy, processing, and payment of all telecom and utility bills.
Our services include inputting both paper and electronic invoices into ExpenseLogic, coding charges, creating exceptions reports, setting up approvals for payment, and interfacing our platform file outputs with the organization’s current financial systems.
Examples of issues resolved for our clients
- Eliminating paper invoices
- Eliminating late fees
- Breaking down invoice information for intelligent reporting
- Creation of Accrual files