TripsWare is owned and operated by Paragon Computer Solutions Inc., a NY-based private company that has been providing business solutions for investment firms since 1997. Launched in 2006, TripsWare is the only expense management solution with a unique focus on the private equity field. Our clients include private equity and venture capital firms, investment advisors and fund of funds who collectively manage over $500 billion in assets.
Our team of expert professionals has extensive experience in private equity, accounting, and financial systems. As a boutique firm, we have the flexibility to meet the most complex and customized needs of our clients.
Our mission is to establish and maintain long-term relationships with our clients in order to meet their expense reporting needs on an ongoing basis.
>$ 1 Billion
Expenses flowing through TripsWare
Billion assets managed by TripsWare Clients
Investment allocation entities (funds, deals, portfolio companies)
Problems we Solve
Tom travels frequently and incurs considerable T & E expenses. His assistant, Mary, prepared his expense reports in excel, and Tom had to spend time reviewing allocations, assigning proper deal codes, and correcting inaccuracies. Once the report was submitted to Accounting, there may be several weeks before the information gets entered to the GL and and the company can recover these expenses from the target deal or other entity.
TripsWare allows Tom to focus on deal-making, while Mary prepares his expense reports easily and more accurately. He can view his reports online and sign off, knowing his expense reports are complete and on time, and that reimbursement and recovery will be prompt.
To prepare Tom’s expense reports, Mary had to sift through paper receipts, enter each item into excel and type in the expense category and billable entities. A single report could take over an hour to complete and would likely have inaccurate allocations.
With TripsWare, most of Tom’s expenses can be uploaded automatically and added to expense reports with a click. Mary can assign expense items to drop-down categories and let the system do all necessary calculations. She can now complete an expense report in minutes and submit it online for approval.
Mike used to manually enter every expense item into the company’s accounting software, an error-prone and inefficient task that required several hours each week. The task of consolidating billable expenses and creating invoices for portfolio companies involved complicated and cumbersome spreadsheets. The firm was always several months behind in billing back.
TripsWare’s accounting integration feature eliminated the tedious manual entry of expense data. At the click of a button, Mike can now import all employee expense report data to the company’s GL accounting software. Thanks to the improved capture and tracking capabilities of TripsWare, Mike can now generate invoices in seconds.
Jane’s firm recently underwent SEC registration. To maintain compliance and stay prepared for periodic audits, she needed immediate visibility into spending, Accounts Receivables, and closing deal fees. With her existing accounting tools and GL configuration, Jane simply did not have the transparency required for the new regulations.
With TripsWare’s reporting tools, Jane can now run spending reports by employee, portfolio companies, funds, or other entities. She has real-time visibility into company spending for cost control, budgeting, and compliance.
Frequently Asked Questions
Have questions? We´re here to help
How is TripsWare different from other expense reporting systems?
We have domain expertise in the private equity industry. We know your business model and the types of challenges you face at every step of your expense reporting cycle. At the same time, we recognize that every investment firm has its own unique way of operating. With our in-depth experience and flexible solution, we have the ability to meet your firm’s specific needs, however
nuanced or complex.
We are a start-up. Is TripsWare cost-effective for small firms?
Smaller firms have an even greater need to leverage back office technology. The time saved by submitting reports electronically, importing the expense items to your GL, tracking recoverable expenses more effectively more than offsets the cost of our service.
Some systems we’ve looked at don’t allow us to allocate to several deals at once. Does TripsWare have the ability to split expenses to multiple entities?
Absolutely! We have many ways to let you split across multiple deals, funds, or other investor groups. This feature is essential for fund of funds or firms who need to track investments in multiple funds from the same GP.
Can we import credit card data to TripsWare?
TripsWare connects seamlessly and securely with corporate credit cards and personal credit cards.
Does TripsWare integrate with accounting software?
Yes. We work with all major accounting systems including QuickBooks, Sage Intacct, Microsoft Dynamics, NetSuite etc. and more.
We need to book to accounts other than just expense categories. Can TripsWare automate more complicated accounting procedures?
That’s our specialty. We design custom export procedures for every client to meet their business rules and accounting requirements. We will also make recommendations to optimize your GL set up and improve your ability to track expenses.
Can we edit our company data in TripsWare?
You maintain your records and accounting information in TripsWare. Simply Add or Edit any list items yourself in real time including deal names, portfolio companies, categories, GL Codes and Employees. This ensures expense reports are submitted with the correct information for immediate integration to your accounting system.
Would we have to change our internal accounting procedures in order to implement TripsWare?
No, we can integrate TripsWare to existing processes and policies. There’s no need to change general ledger codes, names, procedures etc. Of course, we will share best business practices with you if you would like to update any policies or need advice on migrating from a legacy system.
We’d like to start tracking and invoicing for our portfolio company expenses. How can TripsWare help us with this?
Expenses incurred while performing due diligence and managing portfolio companies can be substantial. We capture your data from all sources in one centralized system, giving you real time insight into who is spending what and where. Find out at a glance what your potential receivables are and the hard dollar costs of fundraising, sourcing deals and managing projects. Then use our built-in invoicing module to generate customized invoices in seconds, expediting the recovery of expenses from portfolio companies, partnerships or closing deal fees.
We spend a lot of time processing vendor bills. Can TripsWare help with AP invoices?
Often, corporate invoices for legal fees or professional services need to be allocated in the same manner as T&E expense reports and can often be recharged to funds or deals. Our vendor module lets you allocate invoices, submit them to the correct department for approval, and import them to your accounting system.
Does TripsWare have an app?
The TripsWare mobile app lets you capture receipts on the go and submit them instantly to your TripsWare profile for reimbursement or to match to your imported credit card statement.
How long does it take to roll out TripsWare?
TripsWare can be rolled out quickly and requires no downtime to implement. Once we receive your company profile information, we can have you set up and trained in as little as one week. No client-side hardware, software, backups, maintenance, or IT staff necessary.
How much does TripsWare Cost?
TripsWare is available as a monthly subscription service. Fees are based on number of users and features provided. Please contact us for more information.
Do we have to lock in to a long-term contract?
No, simply sign up and pay as you go. You can cancel at any time.
How is your Customer Support?
We pride ourselves on providing superior, personalized customer support. Your firm will be assigned a dedicated TripsWare contact who will respond to all first level inquiries and escalate issues when needed. You can also contact TripsWare Support by phone or email anytime.
Get in Touch
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