Profit Recovery, based in Salt Lake City, is an enterprise cost reduction firm. It develops and implements spend management, supplier management and procurement strategies that have led to more than $3 billion in client savings. The company serves FORTUNE 1000 companies, law firms and private equity firms across North America.
Recovering funds from investment losses or fraud can be a time-consuming process, and it is important to take steps to ensure that any attempts at recovering assets do not result in additional financial loss. While there are a number of scams out there that target investors, legitimate recovery options are available for those who have been the victim of fraud or other investment losses.
One option is to engage a recovery audit firm, which conducts a rigorous review of a company’s disbursements to uncover any funds that are owed back to the enterprise due to duplicate payments or overpayments. These firms will examine each disbursement against the supporting documentation, and then, for a fee, pursue the recovery of any invalid disbursements.
In addition to using a recovery audit firm, a company can reduce its risk of overpayments and duplicate payments by automating invoice processing and eliminating paper PO invoices. This will help reduce the number of credits to recover and fees paid, as well as the costs associated with the underlying processes.
Companies that have recently experienced significant changes to their accounting systems or mergers and acquisitions should also consider using a recovery audit firm, as these types of events can introduce variations in accounts payable data files and increase the likelihood of duplicate and incorrect payments. Finally, a business that frequently experiences disputes with its suppliers can benefit from having a recovery audit firm review its accounts payable to identify and resolve uncollectible amounts.