Learn how partnering with ScerIS became a $1,000,000 cost savings in only twelve months for the TRC Companies, a 4,000 person national engineering services, consulting and construction management firm headquartered in Windsor, CT.
With over 500 active projects, there was a lot of paperwork generated during each project’s life cycle. Each project had budgeted spending in the form of project phases and tasks with each assigned to a general ledger account. The receipt of vendor invoices needed to be applied to project accounting appropriately by their business rules. Field project managers received vendor invoices but were challenged by their workload to attend to and process these invoices in a timely manner. Invoices were reviewed against the project plans (budgets) and receipts and also require a review of general ledger coding. Changes were possible to codes applied to projects as phases were prematurely closed or closed due to use of budgeted funds.
Invoices, once reviewed and coded by field project personnel, were sent (USPS, UPS, FEDEX) to accounts payable. The time delays in receiving invoices at corporate Accounts Payable in Connecticut meant lost discount opportunities, many vendor calls for payment status, lost invoices that never made it from the field to AP and delays in payments that resulted in late fees. Until the invoices were received, AP had… click here to read more.