Profit Recovery Audits – easy money or admin nightmare?
Agilico (Previously YourDMS)
We are now Agilico. Please visit https://www.agilico.co.uk/ydms/ to learn more.
Audits are most people's worst nightmare, they make people 'run for cover' ... And we get it! They are a lot of hard work, there is a lot of prep work involved (think finding and compiling the right documents from a number of years - let’s hope Jen in accounts has filed them properly…) and you may uncover mistakes which then need to be rectified. It’s easy to see why businesses would rather avoid them.
But not all audits are difficult and stressful. We are working in partnership with Westgate Moore Associates which has allowed us to add Profit Recovery Audits to our portfolio of services.
What is a Profit Recovery Audit (PRA) and why do I need one?
A PRA analyses your historical business transactions to uncover any payment discrepancies. No matter how good your ERP or preventative software is, we will always find errors in payments, 100% of the time. The diagram below shows that even with an error rate of just 0.02%, your business could be owed hundreds of thousands of pounds.
How does it work?
It’s very simple and we do all the work for you.
And that’s not all. We leave you with the autorecs. software tool that provides automated supplier statement reconciliations at the touch of a button.
You will have detailed reports on KPIs, see missing items and unclaimed credit notes as well as reconciling 100% of your supplier statements daily, weekly or monthly within minutes and there is no need to manually upload any statements. It’s fully automated and saves Accounts Payable teams hundreds of man hours a month.
How much does it cost?
We work in a completely transparent way, we charge 18% for the first ￡500,000.00 we recover and then just 15% for all monies recovered after that. We always receive confirmation from your suppliers of the payment errors via email and we always insist that any overpayments found can be used against a future remittance, meaning instant recoveries for our clients.
If there is no recovery, there really is no fee!
How can YourDMS help your AP team going forward?
As solutions providers, we see this as an opportunity to help plug those gaps, stem the leaks highlighted by the audit. Our end-to-end AP solution and ability to integrate with many systems supports your transition into the ‘new you’ phase. Our solutions can help the wider business too, so no matter what the problem or drive, we have the solution - all the way from consultancy (finding the problem) to delivery, to support and trusted advisors.
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If you would like to book a free Profit Recovery Audit or find out more about how we help AP teams, get in touch with Jack on 01285 810606 or email [email protected].
The Library of Things: How borrowing useful Things for your home, projects and adventures is kinder to the planet.
A Library of Things allows people to borrow stuff that they only need now and then. Things like sewing machines, steam cleaners, hedge trimmers, drills, pasta makers, speakers and PA systems and more.
It’s affordable, convenient and kinder to the planet. The Library of Things (LOT) operates in 8 locations across London and has been so popular, over 40 more ‘libraries’ are being planned across England. The LoT model helps people to save money and reduce waste by renting out household items at affordable rates. They’ve saved around 50 tonnes of waste from landfill since they began.???????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Co-founder Rebecca Trevalyan explains, “We see a Library of Things as an activator for the community hubs it inhabits – whether arts venues, libraries, or reuse and repair shops. The service brings diverse footfall, income and impact – helping local people do projects affordably and learn practical skills, while reducing waste.”
Library of Things services can be found within six other libraries, community venues and reuse shops across London, with their latest library opening in the Hammersmith Livat shopping centre in June. To ensure a smooth and simple borrowing and returning experience, the LOT team have developed their own software which is integrated with a locker system.
Over 400 councils and groups are now interested in setting up their own Libraries of Things, helping more people and communities and saving more waste from landfill.
To find out more about the initiative visit www.libraryofthings.co.uk
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