Profit Recovery is an area that can be overlooked by many companies. A Profit Recovery Audit Firm will review a company’s disbursement data files to uncover any funds that are lost due to duplicate payments, overpayments or failure to take credits or deductions. They will then seek to recover these funds for a fee. This can help finance professionals reduce cost leakage, focus on control issues and work towards process improvements.
The churn reduction process can be time consuming and costly. Between identifying the signs of churn, constantly checking in on data and setting up email campaigns, there can be a lot going on. This can make it difficult to find the time or resources to focus on revenue recovery.
Luckily, there is a solution to these problems: ProfitWell Retain. Our churn reduction software can help you save money by automating the revenue recovery process and taking it off your hands. It can also be a great way to prevent churn in the first place.
When should a business hire a Profit Recovery firm? Almost any business that has a high volume of purchase transactions in an environment with rapidly changing prices, varying discounts and pricing schedules, complex and multiple sales tax jurisdictions or mergers/acquisitions should consider utilizing a Profit Recovery firm. Also, any company that has experienced a recent accounting system change or significant organizational change should consider contacting a Profit Recovery Firm.
It is important to note that a debt in collections can still be reported on your credit report even after you have paid it. This can be problematic if you are trying to get a loan, a new job or anything else that requires a credit check. Fortunately, there are ways to help minimize the impact that this can have on your score by negotiating with the collection agency.