Profit Recovery is a service provided by audit firms that undertake a rigorous review of a company’s accounts payable disbursements in order to uncover funds that have been lost through duplicate payments, overpayments or failure to take credits. For a fee, these companies will investigate and recover these monies from vendors who have been paid incorrectly. The services of a profit recovery firm are especially important for businesses that experience significant changes in their accounting systems, or that undergo a merger or acquisition. Such changes can introduce variations in the systems that may lead to errors such as duplicate payments and overpayments to suppliers.
A good Profit Recovery company will provide a comprehensive overview of the results of their work and clearly articulate any costs to be incurred in pursuing recovery. They will also offer advice to help avoid recurrence of any issues that may have been discovered during the process. These recommendations can be as simple as a change in the company’s accounts payable systems or as involved as contacting suppliers to negotiate payment terms.
In addition to a Profit Recovery company, investors can contact the Securities Class Action Clearinghouse to see if they are eligible to participate in a private class action lawsuit relating to their investment. Investors should also consider whether they are eligible for any compensation from a company that has filed for bankruptcy, a process handled through the courts.
In the meantime, it’s essential that investors and their families look after themselves. This means staying healthy, and avoiding substances that may serve as artificial substitutes for grief. Instead, try to embrace the new responsibilities and tasks that might be thrust upon you after the loss of a loved one – such as cooking, home upkeep or organizing financial records.