Big surprise…your vendors don’t like old recovery audit claims. Many vendors are addressing their dislike by not accepting claims after their fund closes or after a stated amount of time from the transaction. Nestle, for example, won’t accept recovery audit claims after six months from the transaction. P&G won’t accept recovery audit claims after the close of the fund.
Taking 12-24 months to address your recovery audit claims isn’t good for your company either. Of course you would prefer to have your funds now instead of later, but how?
The Answer is…
The near real-time error detection and correction solution that’s leading grocers across the country have adopted to perform monthly reviews. RecoverNOW™ offers near real-time error detection and correction within 90 days of the transaction. Not only do you accelerate cash flow and avoid losing funding from last year, you can improve your vendor relationships.
Weis Markets CFO Scott Frost said, “Moving the recovery audit closer to the transaction date has definitely improved the category manager/vendor relationship. And we get our money sooner.”
Better For Everyone
Every relationship has points of contention. Just like marriages, finances are often at the root of vendor/merchant relationship challenges. Merchants will tell you that old claims are an aggravation to vendor relationships and interference to negotiating today’s deals.
Tops’ CFO Rick Mills reports, “In the spirit of vendor partnership, near real-time recovery audit is much better. The situation is fresher in our minds and the turn-around time is faster for our cash. Ultimately, this change improves our buyers’ margins and funding.”
Increased Recoveries. Happier Vendors.
Near real-time reviews increase recoveries because errors are detected and presented as adjustments to individual invoices close to the transaction; this makes it easier for vendors to digest.
Now retired Hy-Vee Vice President of Purchasing and Marketing Mark McQuistan reported, “Implementing a near real-time recovery audit process is helping us eliminate the negative aspects of recovery audits. Traditional post-annual audits were a disaster for vendor relations. Buyers are now enjoying less recovery work. The buyers and venders are happier. ”
NOW Can Make You Happy, Too.
ATG’s RecoverNOW™ reduces the human resources required to perform a recovery audit, so it is a cost-effective solution that both digs deeper and can do so more frequently. RecoverNow™ replaces the annual audit process with monthly reviews. What does accelerated recovery mean to you?
- You recover your funds sooner!
- You recover more because the errors are detected and corrected immediately as invoice adjustments while they are fresh in everyone’s mind.
- Your current year funds are not impacted by last year’s claims.
- You benefit with improved vendor relations and margins.
To learn more about getting faster recoveries and happier vendors with RecoverNOW™, contact ATG Vice President Paul Dinkins at email@example.com or (224) 206-5807.