Home Stakeholders Finance Stakeholders twice2much at the forefront of Spend Recovery Services

twice2much at the forefront of Spend Recovery Services

No cost reviews introduced – share of ‘real’ recoveries only.
Internal resources reduced – reviews performed off-system, off-site and out of sight.

Twice2much specialises in Accounts Payable Recovery Auditing, reviewing Client’s historical spend and identifying opportunities for recovery of overpayments or unclaimed financial benefits.

We work with Finance and Internal Audit departments of major private and public sector organisations to provide a comprehensive review of their accounts payable systems and enable them to benefit from the significant ‘unbudgeted’ financial windfall that we consistently deliver.

Our reviews are predominantly carried out on a share of recoveries only basis, achieving an effective no-cost review to the organisation.

We have designed our service to minimise the need for Client resources. Our reviews are therefore carried out predominantly off-site, off-system and out of sight for your benefit.

Our specialised teams of audit professionals work unobtrusively with your Finance Department to identify all potential sources of overpayments and recover them on your behalf.

 

Core Accounts Payable Recovery Audit services:

Duplicate

  • Targeted at identifying overpayments to suppliers previously ‘invisible’ to clients
  • Algorithms created to identify payment anomalies
  • Covers end to end process
  • Identification
  • Validation
  • Collection
  • Correction entries
  • Reporting
  • Collect on behalf of Client
  • No recovery – no fee
  • To date in excess of £100m recovered for Clients

VAT

  • Detailed analysis to identify unclaimed VAT at transaction line level
  • Provision of all documentation and support to substantiate claims
  • Expert reviews enable VAT to be reclaimed for services previously thought to be ‘unclaimable’
  • To date in excess of £10m recovered for Clients

Statement

  • Provides clients with statement collection and review on a share of recoveries only basis
  • Identifies two main ‘invisible’ recovery opportunities
  • Statement credits previously not received from supplier
  • Credits previously processed but not claimed

Spend Recovery Auditing is not limited to the core reviews above but cover a range of services, all of which can be provided with minimal impact on your internal resources.

 

Other reviews commonly include:

  • Contract compliance reviews
  • Rebate and contract claimback reviews
  • Prompt payment discount reviews
  • Property reviews
  • Import duty reviews
  • Utilities and telecoms reviews
  • Spend analysis

 

Opportunities for recoveries

  • Payments to incorrect suppliers or duplicate payments to the same supplier
  • Invoices processed gross of VAT when VAT is unclear or not indentified at the time of input
  • Incorrect prices charged by suppliers when compared with contractual terms agreed
  • Prompt payment discounts that have not been taken
  • Recovery of over-charging of rates, rents, insurance and service charges
  • Recovery of over-charging of telecoms and utilities services

 

Recent Successes

Client A

Duplicate Reviews – £2 million in 12 months

Statement Review – £400,000 in 6 months

VAT Reviews – £550,000 in 2 months

Client B

Property Reviews – £2.4 million in 7 months

Client C

Contract Compliance Reviews – £2.8 million in 4 months

 

Why outsource?

We can provide the time, resource and expertise that many in-house teams cannot afford:

  • Specialist teams of audit experts
  • Tailor-made software solution that had been designed specifically for the task
  • Dedicated recovery function

In this way, our Client’s can free their resources up to focus on the delivery of their core activities and services.

We have acted for major organisations across many industry sectors that employ increasingly complex accounting processes. We’re expert in discovering the errors that can be easily missed.

We maximise recoveries by using sophisticated algorithms that not only identify the obvious recovery opportunities but also the more obscure.

Our philosophy is to add value to the Clients we work for and exceed their expectations.

twice2much - Spend Recovery Services

 

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Accounts payable

Spend recovery services: Accounts payable spend

The Crown Commercial Service (CCS) reveals their important work around spend recovery services. The insights continue as Twice2much details their specialist areas of recovery, as they work with finance directors, heads of audits and accounts payable teams to give a comprehensive review of accounts payable spend