At any duplicate payment recovery services, they are dedicated to helping organisations both large and small recover lost profits. Their in-depth Accounts Payable Duplicate Payments Audit & Recovery ‘Health Check’ examines every single aspect of your procure-to-pay process, allowing us to identify – and recover – any overpayments or unclaimed financial benefits. What’s more, they operate on a contingency ‘no recovery, no fee’ basis.
Their service is based on providing added value and exceeding expectations. Innovative and proactive, they will ensure that they implement the right solution for your organisation, in order to maximise your return. Their reporting will even help you to prevent overpayments in the future, by providing targeted recommendations, which are then compliance-monitored on a regular basis.
Why does my organisation need an accounts payable review?
- Surveys demonstrate that a company spending £1billion per annum is likely to process duplicates totalling £1million
- Hundreds of millions are paid out each year in supplier rebates, yet tens of millions are never reclaimed
- Complex supplier contracts frequently result in contractual discounts being overlooked
- Millions of recoverable VAT remains unclaimed due to internal processing errors
- Misclassification of imports can result in large duty overpayments
Unclaimed VAT Reviews
How it can happen?
In their experience VAT can remain unclaimed/under-claimed for numerous reasons. The more common ones are as follows: –
- Input errors, keying the total of the invoice without processing any VAT
- Not identifying that the invoice includes VAT (particularly relevant with Hotel bills)
- Errors in assessment of recoverability of VAT Claim Period Due to recent changes, there is now the opportunity to recover these VAT errors for up to the last four years. Process for identification and recovery
- Their VAT experts examine your accounts payable transactions and identify any ‘potential’ unclaimed or under claimed VAT.
- They then verify the potential recoverable VAT back to copy invoices and also ensure that no adjustments have been made internally to correct.
- Finally, all confirmed ‘recoverable’ VAT invoices are collated and a ‘reclaim’ schedule produced to enable you to claim accordingly from HMRC.
- They then liaise directly with your tax manager to ensure that all information has been supplied to enable them to make the claim.
- They have identified many hundreds of thousands of pounds on behalf of Clients, representing a direct impact on Profits.
Supplier Statement Reviews
Their statement review service can be used to provide you with assurance that there are no significant invoices or credit notes due for payment or recovery which have not been either accounted for or recovered.
The Benefits
There are 3 main benefits from the review: –
1. Invoices liabilities not due
They can use the Statements obtained to prove that significant invoices outstanding are no longer considered outstanding by the Supplier and therefore can be cleared, directly impacting on both profit and liability.
2. Credit notes untaken
They can confirm that Credit notes still outstanding on your ledgers remain on Supplier statements. They then request appropriate refunds from Suppliers generating an immediate Cash benefit.
3. Credit Notes never processed
They can potentially identify Credit Notes outstanding on your Suppliers' Statements that have never been received/accounted for by you. This has a direct impact on Profit and will be used to recover a Cash refund from the Supplier.
The Process
They liaise with each Client to establish the appropriate levels for review to maximise benefits whilst minimising any potential Supplier issues.
They believe this service needs to be complementary to the business, and therefore targeted statement requests can be focused on meeting additional Client requirements at the same time can provide mutual benefits.
Contract Compliance Reviews
This involves the detailed review of all major contracts (as agreed with you). Due to the complexity of contracts in both pricing and timing, in Their experience benefits are rarely fully realised. This service is also provided on a no-win, no-fee basis demonstrating Their belief that savings will be generated for you.
The Process
Their expert analysts will complete a detailed examination of the key contracts (as mutually agreed by you) ensuring that they have reached a full understanding of your internal processes.
This knowledge, combined with the forensic analysis of expenditure with the Supplier, enables a comprehensive review to be undertaken to establish opportunities for cost savings, direct recoveries or improved control over contracts.
All potential claims will then be discussed directly with you, prior to making contact with your suppliers, with any relevant evidence that may be required to support the potential claims.
Software Often Utilised
Within the business
- Outlook (Good knowledge)
- TRACS (Bespoke Accounts Auditing Software)
- Excel (Advance knowledge)
- Word
- Teams
- Share Point
- Idea Software
- Googlemail /Googledocs
- Access
- Teamviewer
- Powerpoint
Outside the Business (Client Systems)
- SAP
- SAGE
- Navision
- APE (Accounts Payable enquiry)
- Xero
- Oracle
- E-Financial