Standardisation of Supplier Margins -
247 Time consultants will analyse a full range of different data sets to include; all your current terms and conditions, your pay & charge rates to your suppliers, any overtime agreements, employees national contributions, pension and agency worker regulations. We then standardise rates and rules across all suppliers and fix them in our system together with standardised terms of business. From our experience this alone can save between 6-9%.
Invoice Consolidation -
Currently you receive invoices weekly from all your agency suppliers, in some cases multiple invoices weekly from the same suppliers for your various locations across the UK. 247 Time™ will consolidate all these agency suppliers hours and create self-billing electronic invoice together with an ’all data file’ for audit and payment in open accounts.
All of the rates and rules are fixed with the hours signed off by your management. Therefore, the need to consolidate each invoice against each agency supplier’s terms and rates is removed, with the error rate falling to zero!
Often, the cost of purchase to pay in larger companies could be up to £17 per invoice. Our methodology reduces that cost to pence as 000’s of weekly invoices reduces to 1 weekly payment file.
Eradication of Invoice Error-
When analysing suppliers invoicing it is fairly common we discover errors, especially in charge rates and overtime understanding. In the past we have seen error rates as high of 7% in all invoicing. 247 Time™ locks all rules and rates and reduces costly invoice & credit note errors to zero.
Allows the clients to manage all of their bank, substantive and agency staff and enables them to receive bookings directly from the system.