Many big and even smaller companies work with a few vendors or outside contractors. These vendors/contractors are expected to perform a certain task a certain rate that was agreed upon. However, in my business fields some of these vendors/contractors will agree on an expected price and then charge something different. In the construction field this is a very common practice in bidding.
A lot of construction contractors will bid low to get a job and then charge extra on materials or labor to make up the money they underbid. Most businesses are prone to these shady business dealings but have no way to solve the problem. However, today you can hire a recovery audit contractor who can help with this problem. In this article we will talk about what a recovery auditor is and how he can help discover money you never thought you had.
To begin a recovery auditor is an accountant or person who is able to analyze all your bills and understand if there are any over charges. They look for some common billing mistakes and overages people charge in order to find the hidden gems. If the auditor find an area where a contractor/vendor has over billed you they then go to work to collect any unnecessary payments. The auditor will use the law and negotiation to work with the contractor/vendor to ensure they pay you back partially or in full for any overages they have billed. The goal for the auditor is to ensure you stop getting ripped off and work with companies who won’t try and steal your money.
Their skills are not cheap but in most cases it’s a wise investment and will pay dividends in the long run. They rarely charge upfront fees and therefore the costs can only be assessed when complete. Management can sit back and relax while the process takes place identifying cost savings and inefficiencies in the organisation. For example network and process specialists can analyse workflows and productivity. Typically they’ll find ways that efficiency can be improved and also identify issues. Employees who waste time on social Media or watching Match of the Day online using the company’s valuable network for instance.
So the major question you might be asking is how does the auditor make any money? Well most recovery audit firms actually work on a percentage recovered fee. That means that you as a business will pay absolutely nothing to have them analyze your books and discover any businesses that might be ripping you off. With recovery auditing you can help alleviate the debt crisis you might be facing at your own company.