Recovery Examples
Example 1- After reviewing a client's Accounts Payable, it was discovered that the process used for returning product to vendors was not as efficient as it should be. Upon performing an in depth review of this concept, JTP was able to recover over $300,000 in returns not credited. Our client has since been able to make the appropriate internal changes to ensure the items returned are credited properly.

Example 2- Most companies have a way to ensure that the price charged on an invoice matches with the Purchase Order price. However, it is difficult to ensure that negotiated contract prices are being used when creating Purchase Orders. JTP was able to identify and recover over $220,000 in overpayments made to vendors because the Purchasing Agents ordered the product at the incorrect price.

Example 3- Because of the challenges associated with state tax laws, it is difficult to know if a tax should or should not be paid. Using our Tax Recovery Auditor, JTP was able to identify and recover over $600,000 in overpaid taxes from the state. JTP educated the client by explaining the tax laws and they will save over $200,000 in tax payments each year going forward.

5 Hard Questions
How do you ensure your purchasing agents are buying product at the negotiated contract price?
Does each department involved with a vendor return know their responsibility and follow company policy?
Would you like to increase your bottom line without having to increase sales?
Are you up to date on the tax exemptions your company is entitled to?
When was the last time your company validated the controls within your purchasing and payment processes?

The Solution
The companies illustrated in the Recovery Examples had a difficult time answering the 5 Hard Questions above. Unfortunately, they were not aware of the internal weaknesses occurring within their processes. In fact, they felt their employees were following company policy. When we presented the results of the audit, they were very surprised with the weaknesses identified.

Allow JTP & Associates to perform their no risk, no cost audit services and you will know if your management, employees, and vendors are following proper Procurement and Payment policies.