Lost Profit Recoveries (LPR) was formed on the 1st November 2005, when the previous American based recovery audit firm in South Africa (PRG-Schultz) closed down. The founding shareholder of LPR felt that there was still a need to continue with rendering a recovery audit service in South Africa, as there has been over R50 million recovered for various clients over the past 13 years.
The company focus is on delivering Maximum Results with Superior Service for our clients. We aim to assist our clients in identifying loopholes in their accounts payable system whereby suppliers are being overpaid; and by recovering the said overpayments on behalf of our clients.
Who Is LPR?
-Recovery Analysts South Africa (Pty) Ltd t/a Lost Profit Recoveries “LPR”, is a small private company that specialises in Recovery Auditing.
-LPR was established in November 2005 after a leading international Recovery Auditing company withdrew themselves from South Africa.
-The founding members of LPR were all senior managers of this international company and received our training in recovery auditing and data mapping from them.
-We felt the need for this type of service in South Africa was limited and imperative.
-Thus the “birth” of LPR.
What is Recovery Auditing?
A Recovery Audit…
-is the systematic review and verification of every transaction that has been processed through the Accounts Payable and Cash Book systems.
-identifies, records and recovers duplicate-, erroneous- and overpayments made.
Why is Recovery Auditing necessary?
-Most Companies have excellent systems and controls.
-Yet, it is estimated that 0.01% of turnover may be lost each year through processing errors that are not identified or prevented by Internal Protocols and Processes.
-Beyond a certain degree of accuracy, it is less expensive to find errors after-the-fact than it is to make a system 100% accurate.
-A Recovery Audit is however time sensitive, the longer you wait, the more difficult is becomes to validate and retrieve this lost profit. A no-risk contingency-based audit is the most cost and time effective way to recoup your lost funds
-No matter how large an Organisation, nor how sophisticated the accounting system used, there are bound to be errors
-A Recovery Audit also creates an air of transparency between your Company and your Vendors. Even if nothing is found you know more definitively that there are no cash leakages and if we do find something “It is your money, why not get it back”.