Presentation on theme: "Executive insight Accounts Payable Recovery Audits We find & recover money you did not know was missing."— Presentation transcript:
executive insight Accounts Payable Recovery Audits We find & recover money you did not know was missing.
The Hidden Cost of Change Change is inevitable. All organizations experience it every year in several ways: Software Upgrades Complete System Overhauls Employee Turnover (downsizing, expansion, retirement) Redirection of Sales & Distribution Targets Expansion into New Product Markets Mergers & Acquisitions Nationally, an average of.04% of A/P dollars are lost every year. In Washington State, this average cost is doubled to.08% per year due to the complex Sales, Use, & Excise Tax Laws.
More Changes…. Every company that you do business with experiences the same changes as well. Taxing authorities enact, legislate, & enforce new tax laws every year. Undetected changes can drain an organization’s profits. Every company that you do business with experiences the same changes as well. Taxing authorities enact, legislate, & enforce new tax laws every year. Undetected changes can drain an organization’s profits.
The Cost… The math is simple! By recovering the hidden losses that change creates, you can add profit to your bottom line. How many sales would it take to generate a 5% gain in net profit? AP Volume % LostAverage $ Lost per Year Your Net Profit % Equal to Sales $25M.08%$20,0005%$400K $50M.08%$40,0005%$800K $100M.08%$80,0005%$1,600K $500M.08%$400,0005%$8,000K $1,000M.08%$800,0005%$16,000K
The Executive Insight Story We have been performing Accounts Payable Audits since 1998 Saving our clients hundreds of thousands of dollars That’s only half of the story The other half is the detailed wrap up report covering our observations, recommendations, and information on how you can continue to save money long after we have finished
Benefits Add profits to this year’s bottom line Find & Correct No Risk Savings can extend beyond audit period Inconsistencies Gaps Omissions Vendor Errors Entirely self-funded approach
Historical Breakdown of Recovered Losses
The Process Start up meeting Detailed review of closed vendor files Identification of potential discoveries Documentation of discoveries Verification of discoveries with vendors NOTE: We take great care when contacting vendors Presentation of discoveries Receipt of checks or credits Post-recovery invoices generated from EI Conclusion of Analysis (continued)
The Process — continued At conclusion of analysis Full report of findings Discussion of strengths & weaknesses Recommendations
Questions & Answers Q We just had auditors in…why do we need an A/P Audit? A Our Accounts Payable Audit is like no other because we… Focus on all the details Focus on saving you money Focus on finding vendor errors Provide post-audit recommendations
Questions & Answers Q Do you analyze our database with computer software? A We do extensive analytics on all of your payables and purchasing data. With our Digital Data Discovery analyzing software we can quickly identify a variety of overpayments.
Questions & Answers — continued Q Q Our system is perfect, how can you make a difference? A A Even in the tightest run organization we still find lost profits. Many times, the error is made in the vendor’s system, not yours.
Questions & Answers — continued Q Q How do you know there is anything worth finding? A A Our 13-year history as A/P Auditors shows us that there is always something to find. If your company proves the exception, our no-risk approach provides you with a priceless outcome (literally and figuratively) — peace of mind.
Questions & Answers — continued Q We are so busy, why should we take the time to do this? A A Your people don’t do any of the work – we do it all. You don’t have time to wait - statutes of limitations are running out.
Partial Client List AquaQuip Bio-Control Systems Boxlight Corporation City of Port Townsend iFloor.comK2 Sports Molbaks Nursery Prium Companies Pyramid Breweries Raleigh America, Inc. VolvoZumiez
Client Comments Read more client comments online
executive insight, inc. Richard Hulbert 1350 Hamilton Rd Ellensburg, WA Fax Richard Hulbert 1350 Hamilton Rd Ellensburg, WA Fax