Our Process
Five Steps To Recover Lost Profits
MEET KEY PERSONNEL
The process begins with a “kick-off” meeting. The purpose of this meeting is to first introduce personnel from both organizations that will be involved in the analysis process. Secondly, a mutually agreed upon location to perform the analysis is established. Historically, our analysts set up where the archived A/P files are located so that we are as close as possible to your information.
Once we have identified overpayments, all of our recoveries and relevant supporting documentation are forwarded to the designated employee within your organization for approval. This allows for you to have complete control of the analysis, but more importantly, it ensures that our clients’ vendor relationships are not damaged in the case that a specific claim does not want to be pursued
GATHER AND PREPARE DATA
Raw client data, whether paper or electronic, needs to be obtained and prepared for analysis. When gathering data, determining who controls the information and how to acquire it is vital. Paper data needs to be copied, sorted, and filed; paper-based data needs to be converted to electronic data; and downloads from clients need to be analyzed and converted into database files suitable for analysis. Once this “download management” is complete, we are ready to begin the profit recovery process and identify exceptions..
VERIFY AND REVIEW
In this analysis process, we are focused on identifying overpayments that have resulted from common errors such as missed discounts, missed credits, duplicated payments, over-looked allowances, pricing mistakes, incorrect invoices and many others.
Once we have identified overpayments, all of our recoveries and relevant supporting documentation are forwarded to the designated employee within your organization for approval. This allows for you to have complete control of the analysis, but more importantly, it ensures that our clients’ vendor relationships are not damaged in the case that a specific claim does not want to be pursued.
Correspond With Vendors
We take pride in submitting well-documented claims. This includes a claim sheet that can be reviewed, understood, and approved very quickly by our client and their vendors. After the claim has been approved, we then, on behalf of our client, handle all correspondence with the vendor community.
REPORT TO MANAGEMENT
At the completion of our engagement, we issue a thorough report and evaluation of the A/P system to management, which contains our results and recommendations for improving efficiency and effectiveness of internal controls. While we recover immediate cash for you, we also focus on offering ways of avoiding future losses.
Why Choose GALOSI?
We are only paid for our service when we recover funds rightfully due our clients
No up-front investment and NO RISK
Jose was more than just an associate;
he became a good friend to all of us that worked with him.
We truly felt we were all a part of a very good team.