Quickly Expanding Company Outgrows Microsoft Excel, Moves to Automation
Vendormate is an Atlanta-based company that provides a SaaS solution for healthcare vendor credentialing. “We ensure that vendors providing products and services into hospitals are properly trained, certified, immunized and in good financial standing,” says Bill Hayes, President of Vendormate. Beyond vendor credentialing, the company has moved into the broader area of procurement cycle management including product sourcing, vendor sourcing, RFP management, contract management, and vendor performance management. “Our goal is to make the buying and selling process between healthcare providers and their vendors more efficient,” Hayes explains. In business since 2006, Vendormate works with over 200,000 sales and service reps and nearly 2000 hospitals and delivery networks.
Expense Management Challenges
When Vendormate was young with a handful of employees, the paper-based expense process using Microsoft Excel and stapled receipts worked fine. But as the company began to quickly expand a few years ago, processing 30 or 40 of the paper reports monthly was cutting into crucial productivity time. Because of the time and effort it took for salespeople to complete reports, compliance was an issue. When reports were completed, they often included errors that weren’t caught until late in the process, says Hayes. In 2011, the company set out to find a more automated solution, ultimately selecting Certify.
“We wanted a tool that could create efficiencies and help with compliance but would also not be like pulling teeth for our people,” Hayes remarks. “We needed to better serve our accounting and finance employees by eliminating the situation where they were having to chase people down for information.” Approximately 70 to 80 employees employees are using Certify today, and the system has brought considerable time savings and efficiencies to the business, including:
- Expense reports now take minutes for employees to complete, versus hours in the previous manual process.
- Certify’s integration with Vendormate’s corporate expense cards has enabled near-complete automation of statement reconciliation. The bank card charges feed directly and automatically into the employee’s Certify Wallet to eliminate errors and manual processes during expense report creation and approval.
- Vendormate has integrated T&E policies into Certify, for improved governance and control around expense management.
- Certify is bringing new visibility for management into spending categories, enabling finance to be more proactive in investigating potential “expense creep” in key areas such as team meals, flights, and hotels.
- Certify has helped contain expense spending, as a result.
- The Accounting team has kept up with the pace of work, despite the company’s rapid growth in the past two years from 20 to 140 employees. “Thanks to Certify and other automation that we have introduced, we have not had to hire additional finance staff during this period of growth,” Hayes says.
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Microsoft Excel, Moves to Automation", click here.