Profectus’ AP and Rebate Audit Solutions will identify lost revenue and rebates to enable recovery
Melbourne, Australia, April 8, 2022 – Profectus Group, a leading technology-driven services
provider of compliance and recovery solutions, has won a deal with leading Australian retailer
With more than 90 stores throughout the country, Barbeques Galore has been supplying Australians with barbeques since 1977. The retailer will leverage Profectus Group’s Accounts Payable (AP) and Rebate Audit services to undertake an analysis of its incoming and outgoing payments and rebates over the past four years, to identify revenue it is owed and claim those back to improve its bottom line.
“Profectus has a proven ability to identify anomalies and errors in historical transactions that will assist us in recovering any lost revenue it can identify over the past three to four years,” said Mitchell Koureas, CFO at Barbeques Galore.
Profectus Group’s own data estimates there are 3.5 to 4.5 errors in every 10,000 transactions made between a business and their supplier, across sectors, in Australia alone. Furthermore, it estimates that, on average, between 0.75 per cent and 1.25 per cent of rebate income is missed.
“Barbeques Galore is a proudly Australian retailer and their footprint across the country is immense – and so too is the level of their sales, the deals they provide customers and more,” said Chris Hutchins, CEO, Profectus Group. “In retail there is potential for financial leakage due to the sheer volume of suppliers they work with, and it’s tough for any retailer to maintain visibility over every transaction and available rebate.”
Profectus only invoices its clients when potential claims are identified, and it only takes a percentage of the overall claim amount, ensuring significant ROI from its service.
Audit: Identify, Recover, Automate
Errors in the procure to pay processes are common across all sectors in Australia and New Zealand, and can result in billions of dollars per annum of lost value and frustrated relationships between a business and its suppliers. In 2021 alone, Profectus Group identified nearly $29 million in approved recoveries from 6,386 claims across its client base.
Barbeques Galore will lean on Profectus to perform AP Audits to identify and recover any payment anomalies over the past four years, a period determined by Barbeques Galore. It will also test the effectiveness of its processes and controls, and implement automation where possible.
“Our technology, expertise and pay-per-claim model will enable Barbeques Galore to identify any gaps in revenue they’re entitled to and help recover it to boost their bottom line,” said Hutchins.
Profectus’ audits and technologies help identify and recover errors with minimal input from clients – Profectus does all the work from identification to recovery. It enables transactional level control that complements existing internal and external audits, while its leading Audit technology enables live auditing and improves recoveries by up to 36 per cent over traditional recovery auditing offerings.
ABOUT PROFECTUS GROUP
With more than 20 years of experience delivering audit services and compliance technologies for global and large organisations, Profectus Group is the leader in trade promotion management and recovery solutions. Its pay-per-claim audit model guarantees ROI for clients, and its Rebate Deal Management systems help prevent financial erosion at the source.