I.S.S. Corporation Realizes Higher Profits with Journyx
What Journyx did for us:
Journyx took a ‘never-ending’ payroll process and reduced it to just three days per pay cycle. Using Timesheet has lowered our costs around $14,000 per month. Our profit gains have come from faster recovery of our billables.
Puerto Rico-based I.S.S. Corp. is a consulting firm specializing in Engineering Project Management, Drafting, Regulatory Compliance, Construction Management, Mechanical Integrity Inspection, and Technology Services. Creating innovative solutions for difficult engineering problems is a hallmark of I.S.S. Corp. For the client, I.S.S. Corporation’s integrated approach to engineering means more effective budget control, fewer wasted resources, and the opportunity for highly specialized engineers to provide additional input as needed.
With 230 employees distributed around the globe, all with different time and expense reporting requirements, ISS Corp.’s accounting personnel spent 90% of their time collecting, reviewing and updating timesheets in order to get payroll out on time. This labor-intensive process negatively impacted the timeliness, production and delivery of client invoices. The multitude of timesheet formats and methods to complete them adversely impacted the training requirements for new employees. It also negatively affected the time it took to place employees at client locations, thus directly affecting the profitability of the business.
Journyx helped I.S.S. Corp. to standardize its timesheets and reduce the number of timesheet formats from hundreds to just two. One timesheet format handles all consulting engagements, and the second is used for projects where consultants must complete and submit timesheets on a weekly basis. Second, Journyx Timesheet reduced the time for collecting, reviewing and producing invoices. By eliminating the need for employees to send in their timesheet via email and fax, the collecting portion of the process was reduced to just one day. By using the bulk approval feature in Journyx, managers and accounting personnel expedited the review portion of the process. By using Account Link, I.S.S. Corp. automatically transfers all approved information into its accounting system which later transfers payroll information to its bank and produces client invoices.
“Journyx Timesheet took a ‘never-ending’ payroll process and reduced it to just three days per pay cycle,” said Glidden Martinez, Executive Director, Technology Services Division. “Using Timesheet has lowered our costs around $14,000 per month. Our profit gains have come from faster recovery of our billables. By using Journyx Timesheet, we have been able to rededicate the accounting personnel that used to process time and expenses to accounts receivable activities.”