Profit Recovery is the process of identifying and recovering funds lost as a result of duplicate payments, overpayments or failure to take credits or deductions on vendor invoices. A profit recovery audit firm conducts a rigorous review of a company’s disbursements and, for a fee, seeks to recover funds that may have been overlooked or mishandled through the normal course of business. A recovery audit is typically a good option for companies that have experienced significant changes in their accounts payable systems or those that have recently completed acquisitions.
The average American Profit Recovery Collection Agent yearly salary is $45,038, which meets the national average. Salary information is collected from publicly accessible sources, and was compiled by the team at Indeed.
Keeping costs under control is a top priority for finance professionals and reducing expenses is a best practice. A key to achieving this is identifying and stopping profit leakage, a common problem that can occur in every size of organization. This is where Profit Recovery comes in, and it’s why more than $3 billion in client savings has been generated by leveraging this proven technology. In this webinar, you’ll learn how to leverage a profit recovery strategy and how it can be incorporated into your overall expense reduction efforts. Whether your goal is to generate cash recoveries, reduce your spend, or identify control issues and move towards process improvement, this is an essential tool for any accounting department.