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Creative Invoicing can cause overpayments

Credit Memos, Statements and even a Notice of Payment Due can look like original invoices. If only one out of a hundred gets paid in error, it can dramatically reduce bottom line profitability.

Subtle changes in how credit memos or statements are issued cause a significant volume of overpayments each year. There are also instances of phony invoices sent to companies that look legitimate.

How many times have you seen a balance forward on the top line of an invoice? What purpose does it serve except to potentially create overpayments? Last year one client paid the balance forward to vendors on less than one tenth of one percent of invoices but with over fourteen thousand invoices we helped the client RECOVER $38,843!

Duplicate Payments Can Occur In Any Accounting System

A vendor changes name or has more than one address they invoice from, an invoice is received in the mail and by fax during the same payment cycle, a second invoice is issued with a different number for the same order or a tired or overworked payables clerk accidentally adds a dash or leaves off leading zeros when entering an invoice number.  If any of these or a dozen other things that are exceptions rather than the norm happen a duplicate payment can occur. 

One client received invoicing from two locations of a major vendor for the same orders.  Because of our client’s accounting system each invoice was treated like it came from a different vendor and was paid.  Over a period of two years this happened only seven times but was significant.  OUR CLIENT RECOVERED $84,722!

Inaccurate Workers' Compensation Premiums Lead To Overpayments

Workers' compensation can be a complex and confusing issue for some businesses. It is an area where improper handling of workers' compensation leads to increased premiums.  Slight changes in worker classification can lead to cost savings. Many of the changes required to reduce workers' compensation premiums are attainable by the average company.

We are able to offer suggestions based on our review of classifications and premiums to reduce the expense associated with workers' compensation.

Some suggestions require procedural changes, some require closer monitoring and some require review on an ongoing basis. Many of the changes are easily implemented and only require the knowledge to do so. RECOVERY FOR CLIENT WAS $9,138!

Maintenance Agreements Can Cost More Than You Can Expect

Maintenance agreements are found in most businesses. They may cover such items as copiers, telecommunications equipment, computers, security systems and even forklifts. Sometimes the equipment covered is leased and other times it is owned. Regardless of ownership, the use of maintenance contracts is not always monitored properly.

One client paid monthly maintenance, service and supplies on four copiers, eleven telephones, eight PC’s and three fax machines that were previously removed from lease. RECOVERY $17,872!

Sales And Use Tax Overpayments Are Common Problems For All Companies

Who can keep up with the changing tax regulations? We do! Many of our clients have internal tax and audit departments and we still find tax overpayments. We look at 100% of the paid invoices and compare them to goods and services purchased, use of goods and services and then we compare that information to federal and state tax related regulations by industry. We also keep track of current tax case resolution.

W&A saved one client over one million dollars ($1,000,000) in state Sales and Use Tax claims during a state tax audit. We were hired as consultants to research and dispute the underpayments claimed by the state and at the same time to find overpayments to offset any underpayments. Through our overpayment of tax findings and underpayment challenges we changed a $1.125 million-dollar tax claim into a seventy thousand dollar tax refund.

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