We were engaged by this £4bn turnover European Construction & Services Property Group to provide our Duplicate Payment Recovery service within the UK.
Having initially reviewed 3 years of Accounts Payable expenditure which identified significant potential duplicate payments, we were instructed to immediately increase the target period to 5 years.
Our comprehensive process, which incorporated fortnightly progress reviews with the Head of Procurement Services and appropriate Board Members, delivered spectacular results, which both delighted and astonished our Client.
We worked hand in glove with our Client’s Accounts Payable team, ensuring that potential recoveries discovered were understood by them, prior to requesting their authorisation to proceed with delivering cash and of course profit to their bottom line.
We were able to access £650m of annual expenditure; identifying and successfully reclaiming £300k of duplicate payments and connected errors above an already existing internal team.
In large, complex Groups, it is often the case that internal departmental staff only have access to their own data. Our unique service offers a holistic view across the business and can very quickly highlight errors that would not have come to light.
Recoveries were allocated back to their original departments, thereby ensuring that the whole organisation were bought-in to our service. The ‘good news’ was shared equitably!
As a consequence of our success, the Client asked us to assist them in reviewing and updating processes, making them more efficient and less prone to errors.
We are now expanding our services to the Client, examining key supplier contracts and looking at potential VAT Input Tax reclaims; in addition to an ongoing annual review of their Accounts Payable transactions.
Our unique range of services, coupled with total honesty and professionalism, has resulted in an impressive success story to date and hopefully more good news to follow…