Profectus Group reaches an agreement with Barbeques Galore
Technology-focused service provider of compliance and recovery solutions, Profectus Group, has won a deal with Australian retailer Barbeques Galore.
As part of the agreement, Barbeques Galore will rely on the Accounts Payable (AP) and Rebates Audit services of Profectus Group to undertake an analysis of its incoming and outgoing payments and rebates over the past four years, in order to identify the income owed to him and recover it to improve his fund. double.
Barbeques Galore has over 90 stores across the country, supplying barbecues to Australians since 1977.
“Profectus has a proven ability to identify anomalies and errors in historical transactions that will help us recover any revenue loss it can identify over the past three to four years,” said Mitchell Koureas, Chief Financial Officer of Barbeques. galore.
The Profectus Group says its own data estimates that there are 3.5 to 4.5 errors in every 10,000 transactions made between a business and its supplier, across all industries, in Australia alone – and it estimates that on average, between 0.75% and 1.25% of discount revenue is missed.
“Barbeques Galore is a proudly Australian retailer and its footprint across the country is huge – as are the level of its sales, the deals it provides to customers and more,” said Profectus Group CEO Chris Hutchins.
“In retail, there is a risk of financial leakage due to the large number of vendors they work with, and it is difficult for any retailer to maintain visibility into every transaction and discount available.”
Profectus says it only charges its customers when potential complaints are identified, and only takes a percentage of the total claim amount, ensuring a significant return on investment from its service.
According to Profectus, errors in procure-to-pay processes are common across industries in Australia and New Zealand and can lead to billions of dollars a year in lost value and frustrated relationships between a business and its suppliers – and In 2021 alone, it identified nearly $29 million in approved recoveries for 6,386 claims among its customer base.
“Barbeques Galore will rely on Profectus to perform AP audits to identify and recover any payment anomalies over the past four years, a period determined by Barbeques Galore. It will also test the effectiveness of its processes and controls, and will implement automation where possible,” Hutchins said.
“Our technology, expertise and pay-per-claim model will allow Barbeques Galore to identify the revenue gaps they are entitled to and help them recover them to increase their bottom line. »
According to Profectus, its audits and technologies help identify and recover from errors with minimal customer input.
“Profectus does all the work, from identification to recovery. It enables transactional-level control that complements existing internal and external audits, while its industry-leading auditing technology enables live auditing and improves recoveries by up to 36% over traditional recovery audit offerings concludes Profectus.
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