Do You Know?
Legacy recovery audits review transactions and seek recoveries 12-24 months after the original transaction date. It wasn’t perfect, but it was the best we could do with the technology available.
But now, in addition to losing the use of the cash for more than a year, some recoveries are lost completely as it is becoming more common for vendors to place limits on the age of claims they will accept. Nestle, for example, is now telling many grocery clients they won’t accept recovery audit claims more than six months from the transaction. Other vendors don’t accept claims after the close of the fund.
The Math
Do you know how much money you have lost in:
- unrecovered overpayments?
- taking old claims out of current funds?
What if you could eliminate your losses, and instead, increase your recoveries by as much as 30 percent?
Adopted By Other Leading Grocers
There is a solution that offers near real-time error detection and correction within 90 days of the transaction. RecoverNOW™ has already been successfully adopted by leading grocery chains to perform reviews monthly.
Weis Markets CFO Scott Frost states, “Moving the recovery audit closer to the transaction date allows us to address errors sooner. It has definitely improved the category manager/vendor relationship. And we get our money sooner.”
Hy-Vee’s retired Vice President of Purchasing and Marketing Mark McQuistan stated, “I see Hy-Vee making more money because of this important change. In the past when we found a problem from one or two years back, the ‘recovered funds’ were often taken from this year’s promotional funding. Because we are addressing issues within the same fiscal year, we are able to maximize the best possible deals for our customers. That makes everyone happier.”
Tops’ CFO Rick Mills reports, “The faster turn-around time for our cash is extraordinary.”
And, in the spirit of vendor partnership, near real-time recovery is much better. The situation is fresher in our minds and the turn-around time is faster for our cash. Ultimately, this change improves our buyers’ margins and funding.”
Recover Overpayments
Stop losing money. Replacing legacy recovery audits with near real-time error detection and correction means increasing recoveries and accelerating cash flow.
RecoverNow™ technology provides near real-time error detection and correction within 90 days of the transaction. Near real-time audits can increase recoveries by as much as 30 percent because errors are detected and presented as adjustments to individual invoices close to the transaction. Rather than old, larger aggregated claims, vendors are presented with granular, timely individual invoice adjustments eliminating age-related rejection by vendors.
It Is The Future NOW
We think Weis’ CFO Scott Frost said it best, “I don’t know why any company wouldn’t do what we are doing. I really don’t know why any retailer would want to continue with traditional recovery auditing.”
To learn more about how near real-time error detection and correction can benefit your company, contact ATG Vice President Paul Dinkins at pdinkins@atgaudits.com or (224) 206-5807.
