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News | Profectus Group: Audit, Compliance and Rebate Deal Management

Three steps to complete profit protection

Are you solely relying on your ERP to prevent duplicate payments, supplier overcharges and financial leakage? If so, you’re not alone, as many organisations believe that their ERP software is sufficient to catch payment errors and prevent financial leakage.


Yet our experience in protecting profits and recovering lost funds for major Australian and New Zealand companies over the past 22 years, suggests otherwise. Sure, they provide a foundational layer of protection by flagging duplicate invoices and vendor combinations. However, they’re far from foolproof as they fail to detect common pitfalls such as typos, user fatigue, and distractions. Our findings indicate that at least 1 in 1000 invoices are paid incorrectly, highlighting the need for additional solutions to ensure payment accuracy and complete financial control.


Just as an extended warranty provides an additional layer of assurance that you won’t be left out of pocket if a product stops working or needs to be repaired, Profectus’ expert audit services and business spend optimisation technologies are the additional layer of protection your business needs to eliminate payment errors and prevent financial leakage. Yet unlike insurance, in which you might never see a return on your investment, you’ll be sure to reap the benefits of working with Profectus, regardless of which level of ‘cover’ you choose.


Sound too good to be true? Here’s how it works in three simple steps…


STEP 1: RECOUP

Mitigate pitfalls and enhance compliance

Our expert audit services add the extra layer of control required to counter the limitations of your ERP software. Our experienced team meticulously examines every transaction, capturing overpayments, missed income, and reducing financial leakage. By conducting a comprehensive audit, we help businesses mitigate the pitfalls that ERPs can't address, ensuring financial accuracy and compliance.


STEP 2: AUTOMATE

Achieve effortless efficiency with automated error detection

To overcome the limitations of time-consuming statement reconciliations and partial coverage of statutory audits, Profectus provides cutting-edge Accounts Payable compliance technology. By automating manual tasks and leveraging artificial intelligence and machine learning, we eliminate the need for sampling and detect errors that traditional methods often overlook. Our advanced technology ensures accurate, comprehensive, and real-time error detection, empowering businesses to proactively address potential financial leakages and discrepancies.


STEP 3: OPTIMISE

Uncover insights and drive cost savings

Once you implement both audit and compliance technology, you’ll gain more than just error detection and compliance. Our commitment to data accuracy means we collect individual item charges on each invoice, unlocking unparalleled opportunities for optimisation. By analysing your spending habits and patterns, you gain valuable insights into where your budget is being allocated and how you can reduce business spend effectively. Our data-driven approach enables you to make informed decisions, optimise financial operations, and drive significant cost savings.


TIME TO LEVEL UP

Ready to streamline your source-to-pay processes, eliminate payment errors, and unlock unparalleled cost-saving opportunities? Schedule a free, no-obligation consult with our experts today to discover how Profectus can help you achieve complete profit protection.



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