Construction Firm
We supported a major European Construction Firm in recovering lost profits
Discover how S2M's Duplicate Payment Recovery service revolutionised the financial landscape for a leading £4 billion turnover European Construction & Services Property Group in the UK. Dive into the details of our partnership and the remarkable outcomes achieved through our comprehensive approach.
Key Highlights:
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Expanded Target Period: Initially reviewing three years of Accounts Payable expenditure, we swiftly escalated our efforts to cover five years upon uncovering significant potential duplicate payments.
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Transparent Collaboration: Our process involved regular progress reviews with the Head of Procurement Services and relevant Board Members, ensuring transparency and alignment throughout the project.
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Spectacular Results: Through meticulous analysis and collaboration with the client's Accounts Payable team, we identified and successfully reclaimed £300,000 of duplicate payments and related errors, augmenting existing internal efforts.
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Holistic Approach: Our unique service offers a panoramic view across the organization, uncovering errors that may have otherwise remained undetected within individual departments.
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Equitable Allocation: Recoveries were allocated back to their respective departments, fostering organization-wide buy-in and ensuring fair distribution of benefits.
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Process Improvement: Impressed by our success, the client enlisted our expertise to review and enhance their processes, aiming for greater efficiency and error reduction.
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Expanding Services: Building on our success, we are now extending our services to include examination of key supplier contracts and potential VAT Input Tax reclaims, alongside ongoing annual reviews of Accounts Payable transactions.
If you’d like more information about our duplicate recovery serivce, get in touch today.