Spend Analysis: recovering your money

You may have recently seen in the news, reports of errors or incorrect payments being made by local authorities/councils in Scotland, which could add up to large amounts of money being lost for those public bodies.

Incorrect payments can happen in any organisation. In fact, it is estimated that around 1% of transactions (invoices and payments) contain some form of error. Although some of these may be picked up through internal processes, the more complex errors are often not identified resulting in losses for your organisation – and this can quickly add up to a significant figure.  There is a solution!

Using our extensive knowledge of the market and suppliers, we’ve developed a framework called Spend Analysis and Recovery Services 2 that will do all the legwork to identify if you have been incorrectly charged or have overpaid for services (up to six years after an error has occurred).

Our framework suppliers have industry specialists who will analyse your spend data and identify over payments and duplicates etc. Depending on the level and detail you require, they can also analyse your contracts to ensure you have been receiving the required benefits and discounts associated. All findings are reported to you and you can then authorise the SARS supplier to initiate the recovery process. These monies are recovered directly to you and only then will you pay a fee to your supplier of choice.

What’s more there’s no upfront costs and is no win, no fee – It can have significant financial rewards for your organisation.

Want to know more?
Watch our recent webinar that looked at what spend analysis is and included an example from the U.S. where the Government has mandated the recovery process . Also there is a view from Nigel Rudyard from the Department for Education on the importance of spend analysis for schools and how contract management can help reduce errors.

If you have a specific question, get in touch and speak to one of our experts today.

Visit our agreement page for more info.