Audit & Recovery Services
Did you know that financial leakage is a multi billion-dollar global problem for organisations? Did you know that its extremely common to have an Audit recovery safety net operating at all times for large businesses? Do you want to ensure every single dollar you spend with your suppliers is correct and you are receiving the margins you expected?
Our specialist team of analysts will take a meticulous, line-item-by-line-item contract to invoice look at what you're being charged by your suppliers (or income collected from them) to find any overpayments, missed income or hidden errors that your ERP and S2P systems have failed to detect.
Have a think if you ever identified under an audit that you have a rebate term in place with a supplier that went completely unnoticed and uncollected?
We then go even further than the analysis and verification of finding errors, and actually work collaboratively with your suppliers to recover any lost funds on your behalf. Best of all, this zero-risk revenue recovery service is guaranteed. No recovery = No fee.
Accounts payable audits
DUPLICATE & OVERPAYMENTS AUDIT
Are you a company that makes thousands of payments to hundreds of different suppliers? Our audits rectify payment errors, and duplicate payments including cross-entities.
GST ANALYSIS
Our GST Analysis identifies where you may have incorrectly calculated or processed GST at the invoice level.
SUPPLIER STATEMENT AUDIT
Our team takes care of the tedious tasks by thoroughly examining your supplier statements to detect any missed credits. We handle the collection and comparison of all supplier statements every month to guarantee accurate processing of credit notes from suppliers.
How it works
Start by scheduling a free, no-obligation consult today with one of our industry experts. Our friendly and helpful team can talk you through options and answer any questions you might have.
We’ll discuss your business requirements and explain how our expert audit and recovery services, pre-payment error detection technology and data optimisation insights provide the additional protection your business needs to identify supplier overcharges, eliminate payment errors and protect profits. Our supplier audit services can help improve supplier relationships by finding and correcting errors with strongly supported data files and professional communications at all times.
You’ll choose your preferred level of protection – including which areas and segments of the business you would like to focus on. We have a wide range of expert services to choose from, ensuring complete customer satisfaction and quality of results at all times.
Merchandise audits
We specialise in supplier rebate audits and missed revenue opportunities for our retail clients.
CONTRACT REBATES & TERMS AUDITS
Our clients continually grapple with a staggering volume of complex supplier terms and rebate agreements. With our game-changing Contract Rebates & Terms Audits, we not only unearth overlooked revenue but also help you streamline your operations to mitigate any future revenue losses.
PROMOTIONAL SCANS AUDITS
If you're a large retailer, you'll deal with a significant volume of supplier-funded promotional deals per annum that can be extremely difficult to track and monitor from inception to income reconciliation. As a result, the chances of systemic, process or human-driven financial errors occurring in a variety of places are very high. Every week, we identify hundreds of thousands of dollars in missed promotional revenue for our clients.
Our Promotional Scan Audits ensure no claims slip under the radar.
PRICING AUDITS
Tracking and reconciling product-level pricing is a challenge when purchasing hundreds of thousands of products. Our Pricing Audits identify overcharges across all products in your supply chain. We continually go beyond the standard 3-way matching process present in most ERPs and cross-match against additional data sets, such as emails and pricing sheets.
STRAIGHT INCOME AUDITS
Typically focused on marketing funds or in-store display incentives, we data-mine millions of emails each day to identify missed or underclaimed allowances.
Invoice & contract compliance audits
Our contract and invoice compliance audit solutions take control of your different data sources, supplier agreements and rate cards for complex contracts (contract labour, travel expenditure, freight & logistics, cleaning, etc) to uncover errors, duplicates and overpayments. We'll also recover any lost funds we find during the process.
We offer two main types of contract and invoice compliance audits:
RATE CHECKS
Audit the amount charged by the supplier against rate cards and complex contracts
SERVICE CHECKS
Audit the work that is actually being conducted
Why choose Profectus as your profit protection and recovery partner?
We do all the work. We don't just find errors in your favour, we recover the funds on your behalf too.
No Recovery, No Fee. With our zero-risk audit model, you only pay based on what we recover, making our audit services completely risk-free.
Our own industry-leading audit technology recovers up to 35% more than a traditional recovery audit.
Line-item data interrogation. We know that when it comes to finding lost revenue, the devil is in the detail. That's why we look at every single transaction and every invoice line item.
We take data integrity and security seriously. We keep your data under lock + key, restricting access only to the people who need it at each relevant stage of the process. It’s also encrypted at rest, and monitored around the clock with industry recognised SIEM monitoring tools.
FAQ
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What is spend analytics?Spend analytics is the process of collecting and analysing historical procurement data to identify patterns and look for opportunities to reduce costs. It prioritises cost control as well as spending visibility and compliance with relevant legislation. With the data gathered from spend analysis software, businesses can better manage supplier relationships, negotiate better deals, execute strategic sourcing, and improve their supply chain management process, performance management, and lifecycle management. All of this leads to reduced costs and more beneficial vendor deals.
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What are the main stages in procurement analytics?The main stages in procurement analytics include the following. ● Data collection: The business gathers data from various sources — such as spend data, invoices, supplier contracts, and procurement systems for effective category management. Data enrichment can also add a lot of value by integrating supplier performance data to enhance decision-making. ● Data cleansing: The data is standardised, cleaned, and enriched. This eliminates errors and makes analytics more reliable. ● Data classification: Data is categorised into groups, such as by supplier, category, or region — using a framework like UNSPSC. ● Spend analysis: With the data cleaned and classified, you can now explore this information to identify cost-saving opportunities, identity maverick spend, and optimise tail spend. ● Strategic insights: You can also generate actionable insights to improve procurement processes, negotiate better contracts, and make strategic direct materials sourcing decisions, ultimately improving procurement performance. All of these stages culminate in data-driven procurement decisions and greater operational efficiency.
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Why is spend analysis important for procurement analytics?At its core, spend analysis gives you visibility into spend data, helping you understand and benchmark key metrics for procurement performance. By integrating contract and category management this gives you valuable insights into opportunities for reducing supply chain spend. You can also break down costs by individual suppliers, products, and regions with a category spend analysis. This granular approach enables informed decision-making to drive better cost control and efficiency across your entire supply chain network.
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What business process outsourcing services do you offer?Here’s a broad list of the BPO services Profectus can help with: ● AP reconciliation: We can reconcile invoices against purchase orders/goods received, help with invoice processing, and more. ● ERP support: We also offer ERP support with popular systems, including Oracle and SAP. ● Procurement system query support: We can help your internal teams and suppliers manage and optimise procurement systems. ● Analytic tasks: Need us to take care of an analytics task? We can handle everything, from spend analytics to market trend analysis. ● Procure-to-pay support: We can help with post-implementation for your P2P platform, optimising it for maximum efficiency. That said, we can assist in managing various processes, even those not listed here — simply contact us and explain the solution you need.
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How can spend analytics solutions help reduce spend?Advanced spend analytics offer comprehensive insights into your procurement systems. They allow you to collect, clean, and enrich historical data and then use this information to identify trends and inefficiencies. Your procurement team can then use this information to rectify these concerns. Spend analytics supports performance management and enables you to make data-backed decisions, such as whether to consolidate suppliers or renegotiate. All of this leads to more efficient cost control.
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Can you help with advanced analytics?Absolutely. We’ll take care of the analytics process from start to finish, handling detailed item-level data collecting, cleansing, classifying, and process efficiency for maintenance. This will offer you total visibility of where your budget is going. Once we’ve completed that task, we’ll help you explore this dataset to identify challenges, propose solutions, and find new opportunities for efficiency.
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How can Profectus Group support my team with procurement?We can help your procurement team with all aspects of procurement system management and contract management. From onboarding suppliers to supporting procurement system automation, we can cover every avenue to help your team maintain operational excellence and achieve compliance.
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What are the benefits of spend analytics?Our spend analysis process offers benefits across every business unit, from gaining visibility over your supply chain and identifying spending leakage to making informed decisions backed by quality data sources. ● Full spend visibility: Spend analytics provides full visibility into spending patterns, supporting superior financial planning, better cost control, and more advanced analysis capabilities. ● Cost-saving opportunities: Spend analysis software supports your cost reduction goals. Uncover inefficiencies, identify every cost-saving opportunity, and significantly reduce tail spend by incorporating contract management to make sure spend aligns with your negotiated terms to identify cost savings opportunities. ● Improve supplier performance: With spend analytics, you can benchmark suppliers based on cost and set out clear expectations to encourage improved supplier performance. ● Risk management: Spend analysis lets you identify risk factors and maintain compliance with procurement legislation and policies. Track non-contracted spend and evaluate your risk of supply chain failure. ● Data-driven spend insights: Our spend analysis tool offers actionable spend insights that help identify trends and optimise supply chain planning. Streamline expense management by improving accounts payable workflows.
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Can Profectus Group help with ERP migration and supplier onboarding?Yes, we can offer comprehensive ERP support and supplier onboarding help. We can help you with every task, whether that’s updating ERP records, migrating your ERP, removing duplicate vendor accounts, or any other ERP-related tasks. As for suppliers, we can help with activation and deactivation, maintaining accurate supplier information, setting up your catalogue, and more.
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Can you provide tailored solutions?We’re able to build a tailored solution from the ground up for your business. From spend analytics and procurement transformation strategies to AP reconciliation, ERP support, and everything in between, we’ll design a custom approach that meets the needs of your business and helps you reach your procurement transformation goals.
