HDS Event Expenses offers complete budget control, central event planning and a clear approval process that’s fully compliant and perfect for companies organizing many events and hoping to optimize costs. Major pharmaceutical companies such as Merck and Johnson&Johnson use HDS Event Expenses to gain better control over their event management.
How Event Expenses works:
Event preparation: Project definition (objective, who’s in charge, justification of event, list of internal and external participants, supporting materials needed). Ex. Pharmaceutical companies, who are required to provide specific information to remain compliant, can input all necessary documents into the system.
Budget management: Once the event is created and all documents uploaded, the budget is declared in the system and broken down into cost per categories and per attendee.
Declaration of costs and expenses: Hotel bookings (number of hotel rooms and conference rooms, including costs and room details, as well as additional facility and equipment needs) and guest speaker fees or any other related expenses are entered into the system.
Preliminary budget approval: Based on information entered into the system, a budget is calculated and a workflow for validation is established. Questions can be added to the workflow, such as whether all necessary supporting documents required for pharmaceutical events are included.
Event planning and final budget approval: The organizing agency uses approved orders and information to start organizing the event, or can respond with a counter offer. A second approval process is launched to confirm the actual event budget.
Post-event: At the close of the event, a complete file containing documents and evidence (for example, speaker cvs) is created with all related cost information and archived for potential audits. This information can also be used for final invoicing control from the event company and can be crosschecked with paper invoices for extra items or overages.
Reports: A consolidated report can be created per period, list of events, budget per category and per event.
Benefits of using event expenses management
Gain visibility on how money is spent on an event for a better control of actual budget. Split Individual costs across multiple cost centers.
Clear organizational overview
Get a complete event overview by using central planning and definition of scope before start of project and handoff to event agency.
Save time with approval workflows
Take advantage of clear and flexible approval workflows and save time on the approval process thanks to alerts, status, visibility, etc. and multiple levels (up to 10) of approval.
Assure that events are fully compliant with global regulations and local laws, such as within the highly regulated pharmaceutical industry, and documents are well organized for regular controls and audits.
Save time and money organizing events, ideal for companies with multiple annual events.
At Johnson&Johnson in Russia, over $10M is spent annually on pharmaceutical events. Five years ago, before using HDS Event Expenses, organizing, getting approvals and remaining fully compliant was part of a complicated workflow process. Within the first year of using Event Expenses, the benefits were clear. Having visibility as to how money was being spent on events allowed managers to better control the budget and led to significant savings of time and money. As cost allocations are done on a per product basis and often multiple products are introduced at a single event, each product now has its own approval matrix. Event Expenses allows for up to 10 approval levels and product variances can easily be set up in the system. Finally, the biggest advantage was achieving full compliance: all FCPA audits for pharmaceutical events were passed with flying colors.