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Client Validation & Cost Recovery for Online Subscriptions & Installed Applications

Easily set up automated workflows for client validation & cost recovery

How can I assign web-based subscription costs against specific actions within websites and installed applications? Can my research or other information costs be charged back against a specific client or project number? Can the charges be linked directly to our accounting system? How can I split cost between different geographies / departments for a specific subscription?

ResearchMonitor acts as your cost recovery software by offering a central view into vendors and usage, enabling you to allocate fees internally and for client recharge.

Automated workflows as cost recovery method

Above are few of the common queries if your firm has a practice of allocating costs against certain type of online subscriptions — such as market data, research, SaaS, and information services licenses. A good example is legal cost recovery for law firms.

The manual process here includes surveys to provide approximate costs, and these are always known to portray values that are significantly less than the actuals. The need for the hour is an automated workflow system that requires user to provide project codes before continuing with a certain type of research or information request.

Couple this with the ability to assign a cost to that action and you have a complete process that works seamlessly for the user, while providing your accounting team with the accurate data.

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Automated workflows

Client validation & automated cost allocation

ResearchMonitor’s Client Validation module is envisaged to address this specific workflow. ResearchMonitor identifies specific actions within a webpage — like running a search, downloading a pdf, or logging in — and links it to the client validation.

Management can even allocate a certain cost every time the action is triggered or allocate it based on the time a user spends on a website. The user must provide a project number (or deal code or matter number), only after which the action can be completed.

There is even an additional layer of customization per resource that restricts use of certain numbers on a website, warning messages while using certain project codes, an option for end users to provide a text description, and many more.

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Reporting & integration with Accounts Payable

With the workflow in place, ResearchMonitor ensures this gets followed by all users of the website and the data is captured for reporting purposes. Scheduled reports on ResearchMonitor provide an efficient way by which the data can be passed on to your billing system or used for internal analysis. The options are endless!

Key takeaways

  • Specify a part of research or other information that needs to be linked with an internal project number
  • Create workflows for users to ensure that project number are used appropriately
  • Link use of project numbers with a cost, allowing you to generate and understand specific costs on a website
  • Scheduled reports allow you to provide your accounting team with data regularly, helping you manage the end to end process better
  • Seamlessly integrates with TRG Screen’s enterprise spend management software solutions — FITS & INFOmatch — to give you total visibility over both spend and usage to allow you to truly optimize your subscription expenditure
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Ready for the next step? We think you are!

ResearchMonitor provides financial institutions, law firms, and professional services firms with a central system to manage and analyze all of your online subscriptions — such as market data, research & SaaS licenses — as well as installed desktop applications.

Usage tracking of web-based subscriptions & applications

Other processes ResearchMonitor optimizes

Key Benefits
  • Usage & trend analysis
  • Contract compliance
  • Access controls & user workflows