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A contract compliance review specialist specialises in Spend Recovery reviews. We work with Finance, Procurement and/or Audit, to provide comprehensive reviews of all aspects of a Client’s spend, enabling them to enjoy the significant financial returns that we consistently deliver.
Our specialised teams consist of a wide range of experienced individuals from a variety of industries and disciplines including qualified accountants, accounts payable managers, lawyers, surveyors and other professionals supported by an IT team with extensive knowledge of a multitude of Finance systems and data formats.
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The contract compliance review services are designed to recognise that a Client’s internal resources are limited and valuable and therefore we are focused on ensuring that the need for this resource is minimised.
Twice2Much also recognise that that you are the Client! We understand that each Client’s working practices vary and our flexible approach allows us to accommodate this.
We have reviewed £billions of spend and enabled our Clients to benefit from £millions being added directly to their ‘bottom-line’. |
Contract Compliance Reviews
Over the years, contracts with Suppliers have become ever more complex as organisations strive to save more and Suppliers in turn try to ensure that their exposure on contracts is minimised. In addition, long-term contracts entered into years previously may no longer reflect changed circumstances. The idiom “The Devil’s in the detail”... has never been more relevant than it is today, and a contract compliance review can unlock these details and increase the value of your supplier contracts or recover funds to be redistributed to other supplier and contracts.
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Clients often find that the information provided by Suppliers is no longer sufficient to support the growing complexity of current contracts. As a result, the identification of possible errors and the realisation of the full economic benefits that should flow from the contract are rarely visible.
Finally, changes in the Client requirements over the course of a contract can lead to increased costs to the Supplier which are passed on plus a mark up. Through analysis of how the Client uses the contract, opportunities can be identified to refine or renegotiate the contract to ensure additional costs are not passed on to the Client. |
The Process
A Contract Compliance review involves expert analysts completing a detailed forensic examination of a mutually agreed set of key contracts. This will identify where Suppliers have overcharged for goods and/or services, underpaid rebates or refunds or are supplying insufficient information to enable monitoring of contract compliance.
The in-depth nature of reviews ensures anticipated benefits are fully realised and that the finances of the contract are managed effectively. Contract Compliance reviews by their nature vary considerably dependent on the complexity of the contract and the level of detailed information that can be obtained.
All potential claims will be discussed directly prior to making contact with Suppliers, to agree appropriate recoveries. |
Most reviews commonly involve:-
- Establishing existing Contract Management structure, Client controls and the Key Personnel involved
- Obtaining copies of ‘signed’ Contracts and documentation to support any variations to contracts
- Confirming complete process from procurement to payment
- Obtaining the detailed records and supporting documentation relating to all spend during the contract period
- Obtaining complete invoicing and payment records
- Reconciliation of detailed and summary information to ensure completeness and accuracy of invoicing and payments
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Why should you outsource your contract compliance reviews?
A contract compliance review can provide the time, the resource, the expertise and an acute independent perspective that many in-house teams cannot afford to dedicate to this kind of review:
- Specialist teams of audit experts, lawyers, surveyors and IT resources
- Dedicated recovery function
Our service allows Clients to focus their resources on the delivery of their core activities.
All services are normally provided on a contingency ‘share of savings’ basis so there is no direct cost to the organisation.
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