Understanding the Challenge of Savings Leakage
Discrepancies in accounts payable can severely impact the hard-earned cost savings of procurement teams, leading to significant financial losses and reduced working capital. With potential leakage amounting to millions, organizations need a strategic approach to prevent such monetary drains. GEP's Cost Recovery & Invoice Auditing services offer a comprehensive solution to eliminate this leakage.
The Power of Advanced Data Analytics
GEP's solution combines advanced data analytics with proactive risk management strategies to identify discrepancies in accounts payable, recover costs, and prevent future financial losses. By adopting a holistic approach, GEP aims to ensure that organizations do not miss any opportunities to recover funds and optimize financial processes.
Key Benefits of GEP's Cost Recovery Services
GEP's services focus on identifying discrepancies in accounts payable, investigating root causes of errors, recovering overpayments, credits, and rebates, enhancing contract compliance and processes, as well as preventing future leakages and fraud. By offering a thorough invoice auditing process, GEP addresses a range of issues such as debit balances, unrealized credits, VAT adjustments, duplicate payments, rebates, pricing errors, and material returns.
Maximizing Financial Recovery Opportunities
GEP initiates the process by creating a detailed audit plan based on the organization's accounts payable data. Their experts meticulously analyze invoices and vendor statements to identify potential cost recovery opportunities and validate them. By reporting on the root causes of discrepancies and assisting in making financial recoveries, GEP ensures that organizations can unlock the full value of their financial resources.
Driving Sustainable Savings and Value Optimization
Beyond basic cost-cutting initiatives, GEP's solution delivers an actionable plan that optimizes contracts, payment terms, and the procure-to-pay process. By leveraging in-depth expertise in spend analytics and procure-to-pay management, GEP helps organizations increase savings, reduce the total cost of ownership, and enhance overall financial efficiency.