£500,000 recovered despite AP 'duplicates' software in place
We were contacted by the CFO of the UKs leading sports retailers. With a turnover of almost £5bn, business had boomed in recent years. Their challenge was that although staff turnover was low and back-office systems were stable, AP processes and people were straining under the pressure. Our customer needed to establish whether any errors had occurred, and any money lost. We realised a pragmatic and collaborative approach was required - something we know we’re good at. We assured the CFO and his team we’d help fix any system or processing issues identified.
We collaborated with the finance team and a phased approach was agreed. First we’d conduct an AP Recovery Audit and Contract Compliance Audit, to locate and recover lost profits, and standardise contracts. Finally we created a Bespoke Analytics dashboard for the finance team.
Although the company was already paying for third party AP software, it had failed to spot the errors we found. Our audit recovery work generated over £500k in savings and recoveries. We also created a bespoke analytics tool that displays real time data, including useful business and market insights. The customer was so delighted they have formally taken us on as a supplier.