Profit Search
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Recovery Professionals

About Profit Search

Our Process
We embark on a 7-step process to uncover suspicious transactions that may lead to overpayments. The immediate objective is to find and recover overpaid dollars; the long-range goal is improved operating efficiency. The 7 steps are explained below:


1. Research
We start an information-gathering process to learn about your company, its facilities, products and services sold, and other information about your business operations. The more we know about your company, the better we can determine where problems may occur and the better we can evaluate individual transactions. Particular attention is given to the procedures the company follows to order, receive and pay for the goods and services consumed.
2. Analyze
We take an electronic file of vendor payment data and apply proprietary data analysis tools to identify potential discrepancies. We prepare various reports to highlight duplicated items and other suspicious entries. On average, the electronic review uncovers 15% - 25% of the claims; manual invoice and document review will unearth the rest.
3. Examine
We examine the paid invoices, supporting paperwork and other documents that describe the terms and conditions of the sale. Based on this information we evaluate whether the amounts paid are the correct amounts. We find duplicate payments, pricing overcharges, sales taxes, credits, deposits, merchandise returns, discounts and rebates and other items.
4. Document
When we find a potential overpayment transaction, we quantify the amounts and retain copies of relevant papers. Each overpayment is documented using existing data, support papers and other information before making any contact with a vendor.
5. Verify
There is a simple process of contacting the vendoršs accounts receivable staff, usually by telephone, using a non-threatening approach to review the details and determine whether there is an issue. We represent ourselves as part of your team, such as "I am calling from the accounts payable department at Client Company and I have a payment that I would like to ask you about." This approach is designed to elicit cooperation from the vendor and will engage the vendoršs staff in a dialogue in which other useful information may be discovered. All discrepancies must be 100% verified by the vendor before we conclude that a reimbursement is warranted.
6. Collect/Recover
The auditor will recover the funds by a predetermined method acceptable to the client. Usually, for active vendors, a credit will be entered that can be deducted on the next payment; otherwise we request a check which will be sent directly to the contact person in your office. A claim is collectible as soon at it is verified by the vendor. It is our experience that 98% of verified claims are eventually collected. Most claims will be collected during the audit fieldwork; others will be collected after the fieldwork has been completed. If a claim has not been collected during the audit fieldwork, we will continue our collection efforts afterwards to ensure final settlement.
7. Report
Short meetings are scheduled to report our progress, discuss individual vendor accounts and to cover issues which may be of benefit to the company, whenever there is a need to do so, or upon request. At the end of the engagement we provide a Management Review Report which contains observations and suggestions to improve operational efficiency.




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Profit Search Inc.   | 44 Voyagers Lane   | Ashland, MA 01721
P/ 508.875.1815  800.875.2471  |  F/ 508.875.4994  email