In this time of unprecedented challenges, businesses are stretching their staffing and cashflow resources. For over 48 years, Broniec Associates has assisted companies identify deficiencies in their procure-to-pay process and recover overpayments to alleviate cashflow worries. Our competency in uncovering overpayments may be a crucial step in your business’ financial recovery.
We are proud that our operations have never ceased during this crisis. Our staff continues to deliver the quality services Broniec is known for. During this time, our clients have related various stories related to their current environment and the challenges they are facing. Among these are:
Many companies with offshored functions are experiencing high levels of interruptions. The payment process is stressed due to shortage in staffing, inability to work remotely, the untimely approval and lack of valid purchase orders. Broniec Associates can assist by electronically evaluating payments in a near real-time to identify and recover overpayments in a timely basis.
AP Processing Delays
Companies are relaxing, reducing, or bypassing their standard controls to process invoices faster due to the inevitable delays caused by business disruptions. The inevitable are duplicate and erroneous payments. Broniec’s comprehensive audit includes a review for just these items.
Payment from Statements and Non-Invoice Documents
Staff working in a largely decentralized environment, along with the relaxation of controls, also leads to using quotes purchase orders, and statements, as the supporting documentation to issue payment. This is made worse by the receipt of additional statements from suppliers seeking payment. The Broniec audit will identify these duplications, identify the source of the overpayment, and recover the funds.
Credit Card/Manual Check/EFT
Companies are seeking alternate methods of payments to alleviate cash flow and to procure unexpected items such as home office equipment and remote essentials. The main source of remedy are purchasing cards, manual check, and one-time EFT payments. Broniec will assess the form of payment and match it to other payment forms to identify any duplication.
Missed Cash Discounts
Cash discounts are an important part of cash flow. With the disruptions caused by Covid, it is more likely payments will be delayed due to supplier delays and errors. In these cases, some systems will not take cash discounts because checks are paid after the discount period. Broniec Associates can help remedy this situation by researching the cause of the delay and then work with your suppliers to recover the missed discounts.
During and post the Covid period, companies and suppliers will be seeking to reevaluate and/or renegotiate contracts. Broniec’s contract compliance review will ensure our clients are receiving any supplemental incentives, discounts, and changes.