Profit Recovery is a company that audits and recovers funds from companies for duplicate payments or overpayments to suppliers. These firms can save businesses a significant amount of money by reviewing accounts payable data files to uncover these errors that may have gone unnoticed. They use specialized software and technology to conduct these reviews, which often reveal a significant amount of savings in expense categories such as health care, audit fees, utilities and supply chain costs. They are also valuable for companies that have recently changed accounting systems or experienced a merger or acquisition that resulted in changes to accounts payable policies, processes and systems.
It is important to surround yourself with people who can support you emotionally and physically through this loss. This can be friends and family who are also experiencing loss or a supportive group like a therapist or a faith community. It is also helpful to find creative ways to process your grief, such as journaling or creating memorials. You should also try to eat well and get at least eight hours of sleep each night.
Any business with a high volume of purchase transactions or complex and varying discount and pricing schedules, complicated sales tax jurisdictions or a large number of single-source providers should consider using a profit recovery firm to review their accounts payable disbursements and find potential errors. Firms offer a variety of services, from initial reviews to full recovery of funds from vendors.
A company that has placed a debt in collections (or has had its account sent to collections) will often report this information to the credit bureaus. This negatively impacts a consumer’s credit score and can make it difficult to apply for loans or other credit. A consumer can pay off the debt with American Profit Recovery to have it removed from their report, but this can also damage their credit.