Core Technology

Invoice Review & Budget Management Platform

Cogent's proprietary Invoice Review & Budget Management Platform provides multiple capabilities in the management of service provider invoices and project budgets.

The Invoice Review component rapidly processes provider invoices by comparing invoice content to contract elements and other predetermined criteria, identifying discrepancies down to a line item level, and sorting invoices into Accepted or Rejected categories. The platform stores all data and provides an Invoice Status Report, which details Invoice Totals, Accepted/Rejected Status, Reason for Rejection and Invoice Correction Status, on both a Current Month and Project to Date basis.

The Budget Management component stores all invoicing data across the domains used in the project, tracks invoicing data, compares results to-date with the project budget, and produces an Actual Spend versus Budget Report which includes Total Spend Status, Anticipated Budget Spend, and Variance. A Variance Report details budget under and over spend results and can identify discrepancies at the Provider, Region, Country, Investigator Site, and/or Line Item level. The Variance Report automatically pinpoints the underlying reasons for budget discrepancies, allowing for immediate adjustments in project management and planning, and forms the basis for projecting total study budgets in a Cost to Completion, Projected Annual Spend, Total/Final Over or Under Spend, or other forecasting mode.

Specific Platform Elements include:

• The platform can accommodate multiple service providers, and processes, stores, tracks, and analyzes any data contained within the line items of an invoice.
• Once an Invoice is uploaded, the platform automatically reviews content versus contract elements, reports discrepancies, and assigns an Accepted or Rejected status.
• All invoice data is automatically entered into the Budget Management component, which compares actual invoiced amounts to budget expectations, pinpoints discrepancies, and produces the Actual Spend versus Budget Report. All stored data is readily accessible for specific queries and analyses.
• Built as a Microsoft .NET Web Application with SQL server database where all data is stored and accessible on an enterprise wide basis.
• A wide range of electronic invoice formats can be used for uploading invoices, including Access, Excel, and others.
• Secure access anywhere in the world with internet connectivity, utilizing individual usernames and passwords, with centrally controlled user access and rights.
• Single-point data entry, utilizing user-friendly check boxes and data input screens, with ability to add customized tables to complete additional details or fields.
• All data input tabs allow for customization, such as additional fields, item list order, required fields, rates, currencies, exchange rates, or change orders.
• Audit Trail capability ensures all changes made by a user are stored, with the ability to identify what, when, and by whom an item was changed.
• Changes in project status and contract terms, including change orders, annual price increases, addition of patients and/or investigator sites, and exchange rate variances can be managed via a single change within the overall project business rules of the platform.
• Customizable project summaries are available, including: total per study, per task, per patient, per patient visit, per country, per region, and per study phase, allowing for detailed analysis and management of project trends.