- Why should I audit?
- If we already perform similar audits, won’t this be a waste of time?
- Who selects the expense categories to review?
- Do we have to implement recommendations?
- How much revenue can we expect to have recovered and saved?
- Will we have to change service provider to realize savings?
- What is the cost of your services?
- Is the service confidential?
- What about vendor response?
- How much time is necessary to perform the audit?
- How long will your staff be on site?
- Why isn’t my accounting firm providing these services?
- My workers comp insurance carrier just performed an audit. Why do I need your service?
- What will my workers compensation agent think about his/her work being audited?
- Why should I use Vendor Screening to credentialize my vendors and suppliers?
Why should I audit?
Audits are essential to the maintenance of sound financial operations.
No company, large or small, is immune from payment errors and oversights. Our audits will only strengthen your reputation as one who is proactively making intelligent business decisions.
Significant expense recovery and savings can be realized. Your company will have independent validation of your existing spend management practices by an objective and impartial auditor. The results of our work will produce a road map to increase revenues while making systems and procedures more efficient. Your company will be able to implement immediate and ongoing improvements to bottom line revenue.
If we already perform similar audits, won’t this be a waste of time?
Internal routines that develop over time can hide savings opportunities. What may be a priority for one of your employees today may change tomorrow. A comprehensive examination of all transactions will identify opportunities for recovery and savings. In fact, even if you have an outside audit firm performing this service, a secondary audit can yield significant results. We have just one priority – looking for ways to reduce your costs with high quality solutions.
Who selects the expense categories to review?
The client has the ultimate say. Our experts will be able to assist you in determining where the most recoveries and savings opportunities exist.
Do we have to implement recommendations?
No. You are not obligated to implement recommendations.
How much revenue can we expect to have recovered and saved?
This depends on several factors including which solution you choose, existing internal cost control and timing of previous review if any. Audits results will vary by company and the outcome in most cases generates significant expense recoveries and savings.
Will we have to change service provider to realize savings?
No. Your current vendor and service provider relationships are utilized to optimize cost reduction. Usually a change is not necessary to experience savings.
What is the cost of your services?
We provide our services on a contingency fee basis. We get paid only for performance and share a percentage of actual recoveries and savings. Vendor screening is paid for by your vendors and suppliers. No budget is required.
Is the service confidential?
“Strictly confidential” is our pledge to you. We work hard to gain your trust and develop a strong long term relationship. Our business in based upon client satisfaction, referrals and repeat business.
What about vendor response?
Vendors respond to us favorably, as your company is valuable source of revenue for them. They understand that audits and screening are a part of doing business. We are always aware of the importance of your relationship with your vendors and we strive to maintain a good rapport with them. We treat service providers as if they are our clients.
How much time is necessary to perform the audit?
Most audits average between two weeks and several months depending on the volume of your business, number of vendors, monthly spend and the numbers of billing errors we find. Once we obtain upfront information, your staff time and involvement will not be required. You will be updated on progress and project completion forecasts.
How long will your staff be on site?
Our audits are individually planned and supervised to ensure minimal disruption to your staff. The majority of our audits are performed off site. Most of the assistance needed is at the front end while we obtain the necessary data and gain an understanding of your systems and procedures.
Why isn’t my accounting firm providing these services?
Typically, CPA’s and accounting firms are not reviewing your data at the same level of detail we review your data. Our Auditors concentrate on spend analysis and efficiencies while accounting firms focus on checks and balances.
My workers comp insurance carrier just performed an audit. Why do I need your service?
Your insurance carrier performs an annual audit to determine the actual payroll for the past policy year. The auditor is there to adjust your company’s estimated payroll to the actual payroll figure. The auditor is not there to locate overcharges, missed premium discounts, experience mod reductions, etc. The auditor does not protect you from clerical mistakes inherent in Workers’ Compensation policies.
What will my workers compensation agent think about his/her work being audited?
Most workers compensation agents understand that your needs matter first. Most agents just do not have the time or resources to perform the very detailed review that you will receive from our service.
Why should I use Vendor Screening to credentialize my vendors and suppliers?
More than ever before, business leaders need to know who they are doing business with. Establishing a relationship with a vendor without verifying their credentials can have significant financial and legal ramifications for companies. There are also government imposed restrictions that most be complied with. You need to know what the risks are now and ongoing. To meet these challenges, Bottom Line Maximizers can provide a customized vendor screening program to assist clients in all industries.