Our Case Studies

Background

Our client is a Grocery retailer with over 800 stores and employs more than 100,000 employees.

Challenge

Our client was looking to improve the manual and ad hoc checking of invoices against contract terms for key non merchandise vendors to prevent overcharges and overpayments.

Solution

Profectus had been working with this retailer since 2003 providing audit and compliance services.

In March 2011 our client licensed Profectus' CC technology to automate the checking of invoices against contract terms for key non merchandise contracts.

The Contract Compliance system has enabled contract management, full line item rate and service checking, and KPI reporting. In addition to invoice checking, our client has automated the accrual processes and vendor queries with the Contract Compliance system.

Background

A leading Bank, headquartered in London, is a global organisation serving customers worldwide from around 6,600 offices in over 80 countries.

The bank provides financial services through a network of 36 branches and offices in Australia alone.

Challenge

The bank sought an external audit partner to test internal controls across its historical invoice payment transactions.

The bank wanted to benchmark its own performance against future audit results post implementation of their offshore processing house.

The bank also sought to identify opportunities to further improve controls within their Accounts Payable environment.

Solution

The leading bank selected Profectus as its audit partner to complete a review of all Accounts Payable transactions.

The Accounts Payable audit included a recovery function driving financial returns back into the business as well as providing the bank with practical recommendations to modify processes and improve controls within the new accounts payable environment.

The Accounts Payable audit projects deliver year on year health checks to the leading Bank ensuring they remain benchmarked among Australia's leading organisations.

Background

A global manufacturer, with a 150 year history in Australia servicing local and international companies.

Products and services spanning across multiple industries.

Challenge

The global manufacturer identified opportunities to further reduce financial leakage through regular external audit practices as an extension their internal audit and AP functions

In addition to the Accounts Payable audit, further opportunities existed within the invoice detail. The manufacture was looking for a way to monitor charges at line item level against contracted terms and rate cards in place with their vendors.

Historically, indirect vendors such as telecommunications, utilities and waste had been hard to manage at such minute detail.

Solution

In March 2009 this global manufacturer engaged Profectus to conduct its regular Accounts payable audits. More recently, the engagement was extended by implementing the Profectus Contract Compliance Solution across 10 of its key indirect spend vendors.

The Accounts Payable Audits were implemented on a quarterly data feed enabling the following benefits:

  • regular performance reporting and statistics
  • greater financial inflows
  • the ability to modify system and procedural effectiveness quickly to prevent future errors

The Contract Compliance Solution has provided the global manufacturer with:

  • cost recovery on identified errors at line item level
  • contract optimisation through identification of out of contract spend.

Background

The Office Supplies retailer has over 150 stores selling print and copy, technology, furniture and stationery.

Challenge

Our client had been working with Profectus since 2003 to provide a full range of audit services.

Our client was seeking a compliance technology to automate the cost checking of all supply chain/freight invoices and processing of invoices into SAP.

Solution

Our client licensed Profectus CCS technology to fully automate cost checking and invoice processing.

Background

Provider of commercial explosives and blasting systems to the mining and infrastructure markets, the global leader in the provision of ground support in mining and tunneling, and the leading supplier of sodium cyanide for gold extraction.

An Australian company with a global footprint, this provider has a diverse workforce of over 14,500 people, with operations in more than 50 countries and customers in more than 100.

Challenge

This global provider was looking for an audit partner to conduct a once off 'health check' on its processing of vendor invoices.

Profectus won the market tender to provide its Accounts Payable audit services to the global provider.

Solution

Profectus has been providing annual Accounts Payable audits to the global provider ever since. The relationship has now exceeded 7 years.

The global provider saw the financial and process improvement benefits of an annual Accounts Payable audit as a natural extension to its internal processes to identify and recover residual errors in its Accounts Payable environment.