|
Testimonials:
"I found the Pinpoint team to be extremely
knowledgeable in all areas of accounting. They were very professional
and sensitive to both our suppliers and Babcock Power personnel.
They helped us confirm we had the right processes and personnel
runing our accounts payable operations, and made recommendations
to help us achieve "best practices" in that area."
--Jim Wood, CEO of Babcock Power Co.
"When I managed Accounts Payable at Bayer Pharmaceuticals,
I worked with Bob Lovallo and his audit team. The recovery engagement
was well managed and very successful. They were easy to work with
and professional at all times."
--James Brennan, A/P manager at Bayer Pharmaceuticals
|
|
|
Although we begin our reviews in Accounts Payable, where payments occur,
our professionals also focus on other areas to identify and recover additional
opportunities. Pinpoint identifies both transaction & contractual
errors—including duplicate payments, pricing errors, missed rebates
or discounts, excessive freight charges, invoicing errors & supplier
overcharges.
Our recovery process consists of the following:
• Audit planning
• Data acquisition
• Entrance conference
• Recovery activities (i.e. identifying contractual issues, and
vendor contact & resolution)
• Exit conference (we present the final process improvement report)
 Depending
on factors such as your company’s size, number of suppliers, the
scope of the audit and ease of source document access, we can complete
the recovery review between 4 and 16 weeks. (See our FAQ page for more
info about how we work.)
Typical profit recovery areas include:
• Duplicate payments
• Contract compliance
•
Uncredited returns
• Unissued rebates
• Pricing
overcharges
• Unnecessary escheatment |
• Currency errors
• Overpayments
• Sales & tax overcharges
• Unapplied cash
• Wrong supplier payments |
Why
recovery audits are necessary
Even when procurement operations are well-managed & controlled,
a Pinpoint recovery review to uncover errors and recommend best practices
makes sense if one or more of the following conditions exist for you or
your vendors:
• Organizational and/or staff changes
• Use of multiple systems (and/or existing system upgrades/changes)
• Vendors request payment from faxes or copies of invoices
• Multiple locations or location closings
• Lack of internal communication (i.e. vendor file contains duplicate
vendors)
• Rapid growth & expansion (i.e. mergers & acquisitions)
• Multiple vendor locations submitting invoices for payment
• Vendors or internal company departments fail to forward credit
memos to A/P
• Concerns with the approval process
• Minimal procedures to track deposits & advances
For more information about how we work and our audit process, please
see our Frequently Asked Questions.
|
