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Pharmaceutical Start Up

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Industry: Pharmaceutical Start Up

Revenue: 0-$5 M

Employees: 10-50

Challenge: Working towards discovering and developing antibiotic medicine, this pharmaceutical startup company had authorized many employees to purchase a variety of medical supplies and equipment attributed to their respective role. With many employees allowed to make purchases on behalf of the company, spending was hard to track against budgets and duplicate purchases started to become an issue.

Since new employees were being added frequently, management wanted to gain visibility into the purchases that were taking place within company’s various sectors and ensure that duplicate purchases were not an issue. Along with that, management wanted to monitor whether or not all items ordered have been received.

Technical Needs: To assist in its purchasing needs, the company required a system that could support various online vendors and the ability to upload approved vendor catalogs for employees to purchase from. The company also needed the purchasing system they put in place to handle imports into the current accounting system.

ExpenseWatch Solution: This company chose the ExpenseWatch Purchasing module to help meet its goals of having full visibility into what employees are purchasing, as well as making sure those items are received.

The ExpenseWatch Purchasing module allows individuals to create purchase requisitions with items from multiple vendors, and route it for approval. Once approved, the system can automatically generate POs, which can be sent out to vendors via email, fax or printing and mailing to a vendor. Now, users can save reoccurring orders, view what is being ordered in the system to avoid duplicate orders, and easily match vendor invoices with purchase orders and/or packing lists once items are received.

In order to ensure employees are buying goods from approved vendors at the negotiated rates, management was able to build out an approved product catalog for those items that are necessary for the job. To further help management assess the purchases made by employees, ExpenseWatch offers a number of reports to help track spending, including Budget vs. Actual, Open POs, Receiving and Accrual Reports.

With help from ExpenseWatch, this startup was able to reduce the amount of duplicate purchases and streamline their entire purchasing process from purchase requisition submitter all the way to providing upper management the full visibility they needed to keep spending under control.

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