Billing
What are Billing meetings and what do AM's need to come prepared with?
Billing meetings are bi-weekly on Thursdays and they are to go over any outstanding paperwork for starts and extensions, as well as PO funding.
AM's need to come with updates on starts, extensions and the Burn Report.
What is an MSA and SOW?
An MSA is a contract between ALKU and a client and the SOW binds a specific consultant(s) to our overarching agreement.
Why does ALKU avoid working with VMS?
- VMS limit manager contact
- VMS extend payment terms
- VMS have a fee associated with them
- Vendor-neutral submittals
SOW
Statement of Work
Who is ALKU's CFO?
Marc Cirrone
How long does it take to receive payment when a client is bi-weekly invoicing and has net 45 payment terms?
From the day we send the invoice, which in this case would be two weeks after the work week was completed, they have 45 days to pay. So 14 days + 45 = 59 Days = 8.4 weeks
If you ran a company and the bill rate was $150, that means you would have paid out $150 x 40 hours = $6000 x 8.4 = $50,571.42 before you get any money in the door.
What is an NDA?
Non-Disclosure agreement - we ask client to sign if ALKU will need to disclose any confidential information. Clients will also ask us to sign one for the same reason.
Where do you get our MSA and SOW paperwork from?
New Client On Boarding folder ALWAYS! We make frequent changes and want to use newest template
VMS
Vendor Management System
What does "Over 30" mean?
Payment from client is 30 days past their payment due date.
Who are the 2 Managers in Billing and PO's?
Kelsey Smith & Casey Loughlin
Why do we prefer to work on client paperwork versus ALKU paperwork?
Client paperwork is more specialized to the terms of business of that specific client, as well as benefits us in having a higher chance/easier time working with subsidiaries of that client. Sometimes clients will sign things in our MSA and then ignore them.
Who is the Lifescience Client Services Coordinator?
Brooke Arena
PO
Purchase Order
What do you do if consultant fails BG/D?
What is the Holds List?
If we do not have a PO, enough funding on a PO, or are experiencing invoicing set-up issues, the Billing team will hold invoices until we have the correct information to properly invoice a client.
What are the 3 things you need in place/fully executed for a consultant to start at a client?
MSA, SOW & PO (if needed)
Who can explain our conversion fee schedule?
We have a permanent conversion fee schedule that starts at 6 months prorated up until the year mark. After 1 year there is a 10% flat fee. We have this schedule because we strictly work with consultants and our business is not for permanent placements. These are people we have worked with for a long time and they often will work for us for years on a number of different projects.
MSA
Master Services Agreement
What is the Aging Review meeting and what is DSO?
Aging Review is a meeting where we discuss all accounts that your group is working with and if there is any issues with payment. DSO = Days Sales Outstanding - Average number of days to collect payment.
What is the Burn Report and what is an invoice/when do we send one?
The Burn Report tracks all PO funding for all PO's that ALKU uses for clients.
When is a good time to ask for an exception in regards to an upcoming start? When should you avoid it?
Bad:
Client has previous payment issues
New Client we don't know yet
MSA says you need PO/SOW in place specifically
Last minute exception your manager didn't know you would need
What do we need in order to work with a client in Canada?
- You have to email Client Services to ask for permission
- They have to pay in USD
- If its on-site you have to go through the Canadian visa process
- You need to get the following answers from the client directly:
- Consultants must be C2C
MSP
Managed Service Provider
What year did Client Services win Division of the Year?
2022