Cost cutting and effective expense management are at the forefront of most companies today. Financial executives make every effort to reduce expenses ranging from slashing department budgets to wholesale organizational changes. An often overlooked component of expense management is a defined Expense Recovery process. Overpayments and overcharges occur in every business despite advances in technology and accounting software. The complexity of today’s business environment, the constant state of change, and the fact that employees are asked to do more are some of the contributing factors to payment errors. Expense Recovery — a key component of any expense management program.
KBKG helps our clients take their expense management process to the next level saving millions of dollars every year in the recovery of duplicate payments, vendor overpayments, unclaimed property, and cost reductions in core business services. Not only do we recover savings for our clients, we help improve their process to ensure continued savings are secured for years to come.
· Accounts Payable
· Lease Audit
· Unclaimed Property
KBKG helps ensure
· You have no overpaid invoices
· You don’t pay invoices more than once
· You have secured all unclaimed property for current companies
· You have negotiated the best rate on key business services
· You have adequate business process and internal controls surrounding payables processing
· You have the resources to capitalize on these opportunities
What is the opportunity?
Surveys attempt to benchmark the savings opportunity but not everyone is willing to admit or share the full extent of their payment errors. Further, available benchmarks include only the errors for which managers are aware. What we do know is that the typical range of recoveries normally falls within .1% to .5% of spend. No company is immune from overpayments.