Profectus will analyse historical payments and agreements from one of Telstra’s largest suppliers to enable it to identify and address invoicing errors and recover finances
Melbourne, Australia, May 23, 2023 – Profectus Group, a leading technology-driven services provider of compliance and recovery solutions, has signed an agreement with Telstra to help Australia’s largest telecommunications provider identify instances of overcharging from suppliers.
Telstra is Australia’s leading telecommunications and technology company, offering a full range of communications services and competing in all telecommunications markets. It provides 18.8 million retail mobile services, 3.8 million retail fixed bundles and standalone data services and 960,000 retail fixed standalone voice services. It is also one of Australia’s largest employers, with a total workforce exceeding 37,000 people.
As the backbone of Australia’s communications sector, it relies on suppliers to support its significant retail and wholesale arm, its employees and more.
Profectus’ role will be to audit the invoices of one of its suppliers in the immediate term to help it identify instances of it being overcharged by the supplier and help it recover finances it is entitled to. In the longer term, Profectus is well-positioned to help suppliers identify how errors might have been made and assist them in rectifying those issues for future invoicing.
“Telstra’s importance to Australia’s economy can’t be understated and its reach extends beyond its metaphorical four walls and into a supply chain that touches almost every aspect of Australian life,” said Chris Hutchins, CEO, Profectus Group. “Errors in invoicing from suppliers happen in every sector across the country, and Telstra is doing its due diligence to ensure that its supply chain is healthy and its stakeholders – from its employees to shareholders and customers – are getting the best deal.”
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 automated compliance, audit and recovery solutions. Its pay-per-claim audit model guarantees ROI for clients and helps prevent financial erosion at the source.