Profit Recovery, a service of PRGX Global, helps clients reduce expenses through audits and supplier compliance solutions. Their cost reduction strategies have yielded over $3 billion in client savings. The company has offices in Salt Lake City, Utah.
Profit recovery involves a thorough review of all the facets of a company’s accounts payable data. The goal is to uncover duplicate payments, overpayments, missed deductions, credit memos and other lost money. The process can be labor-intensive and time consuming. In addition, the process may be hampered by a lack of tools or staff with the proper expertise to carry out this type of review.
An experienced cost recovery firm can identify the problems that may be hidden by a company’s normal accounting processes. They can then recover these funds for a fee. The firm will perform an in-depth analysis of each disbursement and then investigate and verify the accuracy of the underlying supporting documentation for each payment. In some cases, the firm will contact the vendor to resolve the issue.
Ideally, companies can prevent these types of errors in the first place. Investing in prevention tools to eliminate PO paper invoices, for example, can help to reduce credits to recover and fees paid to the profit recovery service. Also, ensuring that all suppliers are on approved lists can help to prevent unallowable and incorrect transactions.
If a debt is sent to collections, it will appear on your credit report and impact your score. It is important to negotiate with the collection agency as it may be possible to have the account removed entirely from your report.
The average American Profit Recovery Collection Agent salary is $45,038, which meets the national average. The company offers unlimited overtime, flexible scheduling options and earned PTO, in addition to an attractive benefits package. This includes health care, dental and vision coverage and 401(k) with employer match.