We’re delighted to announce that we’ve successfully concluded our Series B, added Mosaic Ventures as a new investor, and raised $21M to help fund our...
Utmost PayBill Solves Challenges for Professional and Business Services (PBS) Industry
As a part of our Series B funding, we’re constantly looking for areas to invest in our technology to address the entire extended workforce. One of the challenges we’ve continued to see is in the Professional and Business Services (PBS) industry, where people are the supply chain that generates revenue.
Areas like accounting and professional services, staffing, outsourcing, marketing and design, and advertising are projecting significant growth over the next several years, and PBS companies are increasingly leveraging external pools of talent. Equally important is engaging them and tracking utilization properly to assure accurate billing, customer satisfaction, and ongoing margin management.
Some of the challenges we’ve heard from PBS organizations include:
- Inability to track multiple and concurrent engagements for a worker
- Desire to create a better extended worker experience, especially for top talent
- Inability to capture time tracking details to support either accounts payable and/or accounts receivable
- Current bill-pay processes are highly manual requiring middle-office heroics and expensive
- Complex integrations to facilitate time and expense entries with limited worker interface capabilities
- Limited insights to more quickly optimize territories and mobilize talent
- Limited reporting since linking workers, time, and projects is done manually
- Payroll errors caused by manual data entry
“It would be ideal to know which client accounts drive the most revenue and margin.” An Utmost prospect
Our partnership with Workday offered a unique opportunity to solve these challenges, and we’re pleased to introduce Utmost PayBill.
Utmost PayBill, together with Workday Financials and Human Capital Management (HCM) solutions, offers a comprehensive solution to include external talent management to better support a ‘central data core’ unique to the PBS industry. By fusing to the Workday Intelligent Data Core, Utmost helps organizations incorporate the extended workforce into their planning, execution, and analysis cycles within Workday.
Utmost PayBill is a comprehensive solution that takes approved time and integrates it properly and efficiently with Workday Financials. Our solution will enable:
- Highly integrated sales pipeline-to-skills-based resource planning
- Time tracking against project-based assignments
- Turn-key invoicing (both for Accounts Payable or Accounts Receivable)
- Tracking of multiple, concurrent engagements for a worker efficiently
- Prioritizing skills management and customer experience optimization
- Supporting complicated use cases such as adjustments and pay-when-paid subcontracting scenarios
- Operational visibility at the worker level from organization charts to revenue/cost profiles, providing insights to quickly optimize territories and mobilize talent.
“The opportunity is unlocked when breaking down the silos of external labor and fusing that with the data model with Workday,” said Eric Washer, Vice President of Product Strategy at Workday, in a webinar titled Innovations in Workday Spend Management Using Utmost. “Extending the data model within Workday with what Utmost is doing unlocks that opportunity to leverage other Workday assets.”
The use of external labor is on the rise and there’s no slow down on the horizon. The opportunity to extend an organization’s existing Workday investment using Utmost to bring visibility to that spend and to achieve total workforce planning is here. Having that visibility of external labor in Workday offers customers one view across the entire workforce.
We’re excited to share more in the coming months about this exciting functionality. In the meantime, if you have questions, please contact firstname.lastname@example.org.
The marketing team at Utmost. Contact us at email@example.com for press inquiries.