Weis Markets Cuts Cost of Recovery in Half
[xf_one_full first min_height=” vertical_alignment=” align=” space=” margin=’0px’ padding=’30px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation_type=” animation_duration=’0.5′ animation_delay=’0.5′] [xf_textblock size=” font_color=” color=” animation_type=” animation_duration=’0.5′ animation_delay=’0.5′]Weis Markets Cuts Cost of Recovery in Half
Chicago IL, January 13, 2012 – In 2009, Weis Markets worked with Jack Martin of Audit Technology Group (ATG) to bring its recovery audit process in-house and accelerate reviews closer to the transaction. Today, Weis reports a highly effective program with improved vendor relations, support from buying staff and the cost of recovery cut in half.
Weis CFO Scott Frost states, “Adopting an in-house solution that allows us to audit quarterly has provided multiple benefits for Weis Markets. While we enjoy the cost savings of using our existing staff, there are other intangible benefits. We really like that our people are talking to our buyers instead of an outside firm explaining the errors to them. Recovery audits always seemed to create tension between the buyers, the audit firm and the vendors. The near real-time audits have actually improved support from our buyers, as well as our vendor relationships.”
“Moving the audit closer to the transaction date allows us to address errors sooner. Our vendor partners can rectify inaccuracies in the same funding year, not one or two years later. It has definitely improved the category manager/vendor relationship. And we get our money sooner,” said Frost.
Weis incorporated RecoverNOW™ and ATG-Advantage™ into its recovery audit process. RecoverNOW™ is ATG’s flagship near real-time audit process powered by its advanced web application audit technology. ATG-Advantage™ is an in-house recovery audit solution that gives retail organizations more control of their recovery audits. Ease of use and maximizing the lowest cost of recovery, permit companies to move audits closer to the transaction date instead of the traditional post-annual process.
Frost reports, “Being an early adopter of ATG-Advantage™ has been a profitable move to both our vendor relationships and our bottom line. It replaces traditional recovery auditing. Given the benefits, I believe traditional post-annual recovery auditing will be non-existent in the next 10 years.”
Near real-time recovery auditing was new for Weis’ Accounts Payable Staff Accountant Sheila Heiser. “The ATG solution has been very helpful. I appreciate the ability to see AP inaccuracies almost as soon as they happen so we can address them promptly. I also use the tool to research data outside of cost recovery.”
Paul Dinkins is the EVP and Chief Marketing Officer at ATG. “Weis is one of the many Topco members that we serve. Weis was the first company of its size to accelerate recovery audits from annual to quarterly. It is impressive to me that as a regional grocer, Weis has demonstrated a more progressive approach than their national competitors,” said Dinkins.
When asked what he would tell other grocers about RecoverNOW™ and ATG-Advantage™ Scott Frost said, “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.”
About Weis Markets
Weis Markets operates 161 food stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia. For more information about Weis Markets, Inc., please visit www.weis.com or go to www.facebook.com/WeisSuperMarket.
About RecoverNow™ and near real-time audits
RecoverNow™ reduces the human resources required to perform an audit, so it is a cost-effective solution that both digs deeper and can do so more frequently. RecoverNow™ replaces the annual audit process with as frequently as monthly reviews.
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 timely individual invoice adjustments eliminating age-related rejection by vendors. Research supports that for each one billion dollars of retail sales, grocers may expect to recover between $750,000 and $1,000,000.
About ATG-Advantage™
ATG-Advantage™ is Audit Technology Group’s service option for use by clients’ internal staff. It provides ATG data preparation and hosting along with deployment of ATG’s eRecover™ and eResolve™ web audit tools. ATG provides training and support to ensure the optimum performance of the client team. ATG is available, if needed, to augment a client’s staff when additional resources are required.
Bringing the recovery audit process in-house achieves the lowest possible cost of recovery. ATG-Advantage™ offers virtually no risk for implementers because existing recovery audit service providers may remain in place as a safety net until their recovery results become negligible.
About Audit Technology Group LLC
Since 2004, the Audit Technology Group has provided recovery audit services to retailers and grocers across the United States. ATG’s objective is to transform recovery auditing from a legacy post-annual process to a near real-time solution that improves the overall experience for all stakeholders. ATG is headquartered in Chicago IL. For more information, visit www.atgaudits.com or call (970) 672-4147.
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Media Contact: Paul Dinkins, pdinkins@atgaudits.com, (970) 372-4269
ATG Offers Its Recovery Audit Solution to Internal Audit Teams
[xf_one_full first min_height=” vertical_alignment=” align=” space=” margin=’0px’ padding=’30px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation_type=” animation_duration=’0.5′ animation_delay=’0.5′] [xf_textblock size=” font_color=” color=” animation_type=” animation_duration=’0.5′ animation_delay=’0.5′]ATG Offers Its Recovery Audit Solution to Internal Audit Teams
Chicago IL, August 25, 2011 – Audit Technology Group LLC (ATG) will begin promoting ATG-Advantage™ to the retail sector today. ATG-Advantage™ is a two-prong program to empower a company’s internal recovery audit team to achieve the lowest cost. ATG provides the preparation and hosting of client data, then trains the staff to use ATG’s eRecover™ and eResolve™ web application audit tools. The end-to-end recovery process provides the client team the ability to find virtually all amounts owed from vendors and generates the correcting documents in near real-time.
“After the success of ATG-Advantage™ in the grocery sector, we are now ready to expand this service offering into the larger mass retail marketplace,” says ATG President Vince Creadon. “ATG-Advantage™ allows internal recovery audit teams to retain the level of control that some clients prefer, with technology that helps identify recoveries more accurately and efficiently. With clients having the ability to run the process more frequently, recoveries occur closer to the original transaction date which benefits vendor relations. As we like to say, ‘everyone wins when you get it right sooner’.”
“ATG-Advantage™ achieved some unprecedented results in the grocery sector,” reports Jack Martin, ATG’s EVP, Audit Operations for the eastern United States. “One northeastern grocery chain realized more internal recovery in the first year of application than what was historically realized by outside professional recovery audit service providers. It has cut both the time and the cost of their recovery in half.”
About ATG-Advantage™
Bringing the recovery audit process in-house achieves the lowest possible cost of recovery. ATG-Advantage™ is ATG’s service option for use by clients’ internal staff. It provides ATG data preparation and hosting along with deployment of its eRecover™ and eResolve™ web audit tools. ATG provides training and support to ensure the optimum performance of the client team. ATG is readily available, as needed, to augment a client’s staff when additional resources are required.
The ATG team conducts a one-time setup to convert, analyze and reconfigure the transaction data tables for migration into its audit tools. ATG establishes audit routines based on the supporting data. Each audit routine is codified and then accessed through a series of drop-down menus within eRecover™.
After each client audit routine is refined and tested, ATG trains the client staff to maximize ATG-Advantage’s uses and applications. ATG has incorporated links within ATG-Advantage™ to access video tutorials for easy reference when needed.
Clients transfer their data via secure FTP monthly or on another scheduled interval. When received, the data sets are systematically and securely appended into a relational database using pre-configured scripts.
ATG-Advantage™ offers virtually no risk for implementers. Existing recovery audit service providers can remain in place as a safety net until their recovery results become negligible.
About Audit Technology Group LLC
Since 2004, the Audit Technology Group has provided recovery audit services to retailers and grocers across the United States. ATG’s objective is to transform recovery auditing from a legacy post-annual process to a near real-time solution that improves the overall experience for all stakeholders. ATG is headquartered in Chicago IL. For more information, visit www.atgaudits.com.
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SOURCE Audit Technology Group LLC