Everyone is too busy….even to save money??!?!

February 14th, 2009

I find the #1 reason people don't do recovery audits with a provider that is willing to do all of the work…is they don't have the tme.  It is ironic as cost recovery firms by their contingency model nature do all of the work and hence use almost none of the company's time.

If more company departments would just spend two hours to meet and get a cost recovery firm (i.e., freight, A/P, telecom, etc.) started, they would e a department that added more to the bottom line….for two hours invested.

Let me know what you think,

Rich Lanza

The types of cost recovery

January 30th, 2009

I was asked the other day regarding how cost recovery comes about in the first place.  I see it falling into the following categories:

  • Internal error and fraud (focus on employees)
  • External error and fraud (focus on vendors and customers)
  • Industry benchmarking (focus on competitors)
  • Tax advantages (focus on government)

The cost recovery you are working on will drive the type of recovery as listed above.  Hope this helps people classify this exploding area in thir mind.

Let me know,

Rich Lanza

 

Start looking at your data files

January 26th, 2009

As I run data files on a daily basis (mostly looking for cash recoveries), I have to urge everyone to consider looking at their accounts payable invoice files.  I find too few companies ever look at these files and boy are losing a lot of money for not doing it.  At a minimum, companies could look for duplicate payments, unpaid debits, or fraudulent vendor payments.

Feel free to look at my websites (auditsoftware.net and findmillions.net) for more ideas on reports to run and also feel free to ask me any questions.

Rich Lanza

Advertising Recovery

January 12th, 2009

As people ask me where to start looking for recoveries in 2009, I have to mention advertsing auditing….if their spend is material (over $20 million).  For an article on this audit area, click here.

Rich Lanza

January 29, 2009 – Making your Sarbanes Oxley Efforts FREE – 2 Hour Webinar

January 10th, 2009

Check out my upcoming two-hour webinar event:

Integrated Audit – Cost Recovery and SOX 404: Creatively Reducing Sarbanes-Oxley Section 404 Compliance Costs

January 29, 2009

1:00 p.m. to 3:00 p.m.

Click Here to Register

With the lessons now mostly learned from Sarbanes-Oxley implementations, it is time to implement these cost saving best practices, as well as, utilize additional cost recovery techniques that could even make the entire S-Ox effort FREE! Come to this informative session to:

* Learn to list the key lessons learned from historical S-Ox efforts.

* Recognize the importance of a scalable model to S-Ox compliance for maximum efficiency.

* Define Virtual S-Ox compliance and understand its cost saving benefits.

* Learn to apply the linkage between S-Ox efforts for testing controls and cost recovery audits.

* Be able to integrate Cost Recovery into the SOX process and workpapers.

* Appreciate the benefits to be gained from cost recovery audits including paying for the S-Ox effort.

* Learn key steps to overcome obstacles to starting cost recovery efforts.

* Understand how to assess your supplier universe for recoveries and risk rank the range of opportunities.

* Be able to list the top questions to ask when selecting a recovery auditor.

Click Here to Register

See You There,

Richard B. Lanza, CPA, CFE, PMP

President – Cash Recovery Partners, LLC

Email: rich@richlanza.com

Website: www.findmillions.net

Link to my LinkedIn profile at: http://www.linkedin.com/in/richlanza

What are your top areas?

January 10th, 2009

I normally suggest that companies start auditing in accounts payable and move from there to other finer areas (see full list of opportunities).

Where do you look first?  What have been treasure troves to your company in finding them money?

Let me know,

Rich Lanza

2009 – The year of cost recovery and containment

January 10th, 2009

In the U.S., with Sarbanes-Oxley efforts starting to slow down as it becomes more routine, companies are spending more time focusing on process improvements and more specifically, finding cash. This is especially true as the U.S. economy is slowing with other hanging issues over the economy (i.e., sub prime mortgages).

I have been spending a lot of time over the last six months focused on cash recovery (see my website http://www.findmillions.net/) and have seen more interest starting in late 2008 than ever before in this area. I urge you to consider more cost recovery efforts in your company as they are a great way to pay for your department's costs. I run a monthly free webinar on the topic if anyone is interetsed. 

Let me know what you think…

Rich Lanza

rich@richlanza.com