Conducting a profit recovery audit is becoming an essential tool not only to help companies save money but also to identify financial leaks going forward. While recovering cash is the priority, leaders are using the insights to pinpoint system problems and address those issues.
Companies should never view a profit recovery audit as a one-off proposition. The true value of a profit recovery audit is to root out the causes of financial leakage and provide a platform for continuous improvement. Below are some key things to consider:
- The value of profit recovery audit extends beyond the profit recovered. Transforming the process can help alleviate future leakage.
- A profit recovery audit is a low-touch and high-reward exercise when outsourcing to the right partner. There is no investment upfront, and the recovered profits go directly to the bottom line.
- Some on your team may be reluctant to participate in profit recovery audit, fearing it will point out inadequacies. This can be overcome with support from leadership.
- With the proper planning, execution, partners and technology, audits can be a positive experience that is also financially lucrative.
- There is significant ROI beyond cash recovery: With the right approach and partner, your organization will experience better contract compliance and provide valuable insight into how to be a better partner to vendors.
Want to learn more?
Download the Uncovering the Hidden Benefits of a Profit Recovery Audit white paper where we offer in-depth insight into the benefits of profit recovery audits, some of the challenges and best practices for transforming this critical function for your business.