You manage financial assets with an eye on net interest spreads and fees and commissions to be gained. You work in some the most regulated industries. You don't have an extensive supply chain; but rather a network of partners, brokers and customers. How could a recovery audit help you?

PRG-Schultz has worked extensively with the world's largest financial institutions, insurance groups and real estate companies. We've recovered millions of dollars in overpayments related to the many administrative expenses incurred by companies just like yours. Most of these companies simply don't have extensive procurement controls and rely on departments to manage their own internal costs. Many department heads have much bigger concerns than the cost of office supplies, personal computers, phones and other spending areas that support their larger goals. We've found that remote approval and submission of invoices for payment can often result in duplicate payments, unprocessed purchase returns, sales tax overpayments, missed rebates and a variety of other pricing issues.

That's where we come in. Even though your procurement and disbursement activities might be highly decentralized, PRG-Schultz can gather the appropriate data, standardize it, and then isolate and recover low-occurrence overpayments for you and your shareholders. We will also provide you with root cause analyses, best practice recommendations and spending reports designed to help you decrease future overpayments and gain new insights into your procurement activities. We've worked with more than 100 clients in these industries over the past three years. Last year we recovered more than $23 million for our financial, insurance and real estate clients, averaging about $500,000 of no-risk bottom-line impact for each client.

Case Study #1
A large financial services company decided to migrate from a legacy system to Peoplesoft Financials. During this migration, the company contracted with PRG-Schultz to perform a complete procurement and disbursement review.

PRG-Schultz gathered and normalized 2 years of legacy data before the client shut down the legacy system. Using this legacy data, PRG-Schultz was able to recover in excess of $1.6 million. The client used the recovered funds to help offset the implementation costs of the new system.

Using the legacy data, PRG-Schultz also provided insights and actionable recommendations to the client, who used those observations and recommendations to help create new policies and procedures for the Peoplesoft system. The client also used PRG-Schultz's supplier file maintenance reports to clear out redundant or inactive suppliers before they were transferred to Peoplesoft.

Six months after the client implemented Peoplesoft, PRG gathered the data from the new system and merged it with the final six months of data from the legacy system. PRG-Schultz recovered an additional $300,000 in duplicate payments that crossed between systems. PRG-Schultz also provided processing metrics for the new system to prove the cost savings and efficiencies created by its installation.

For a client reference, please contact us.