Do you not know that you could be losing up to thousands of dollars without even realizing it every month? Can you find a smart way to recover these hidden losses that occur in your accounts payable process? On several occasions, you may have found yourself asking these questions if you are a finance leader or a CFO.
The truth of the matter is that even the best-run companies lose money. It can. It would be shocking that overpayments or revenue leads to this, but with recent data, some companies with a revenue of over billions of dollars can lose anywhere between $1 1million to $5 5million in a year. This is a lot of money walking away.
Which is the way forward? Is it advisable to engage a traditional recovery audit firm, or does it get any better than this? In this article, let us delve into a Discover Dollar vs. audit firms. Analyze to determine which promises will give your business the best products in 2025.
What is a Traditional Recovery Audit Firm?
Recovery audit firms are not a recent discovery; they have been in existence for many years. They will manually review your financial transactions to come up with findings of duplicated transfers, overpayments, and other instances where some payment and documentation errors occur. These firms operate on the basis that they will be paid on a commission basis, and therefore, they will be paid depending on the amount of money they get from this recovery for you.
Would you buy it? There is still a catch.
Most traditional firms are still using manual tasks and obsolete methodologies. They use months to carry out an audit and fail to unearth errors embedded within massive data sets. Traditional audits are also able to identify only 20-30% of invisible mistakes, according to a study.
Traditional firms provide:
1. Slow results: : Audits can take 6 to 12 months to complete.
2. Limited recovery: : They miss up to 70% of potential savings.
3. High fees: : Contingency fees can range from 15% to 50% of recovered amounts.
4. Manual work: : Prone to human error and inefficiencies.
5. Vendor disruption: Multiple touchpoints with suppliers can strain relationships.
What makes Discover Dollar different?
Here comes the difference maker - Discover Dollar. Using AI-augmented technology in conjunction with many years of audit savoir-faire, this new-age firm efficiently audits that are faster and more exact.
Discover Dollar applies advanced data analytics and machine learning algorithms to find financial leaks through company operations, including errors, overpayments, pricing discrepancies, and contract noncompliance. That means in just a few days, instead of a few months, they can examine millions of transactions.
Several distinguishing factors separate Discover Dollar from its competitors and make it unique:
1. Speed - Discover Dollar's exclusive AI models recognize problems four times quicker than manual alternatives.
2. Comprehensive Recovery - The platform's algorithms can analyze unstructured data, which contains 75% of the information that standard audits miss.
3. No Risk - Discover Dollar bases its operation on a success-based model; thus, clients would pay something only when any actual value becomes tangible.
4. Quick Impact - Discover Dollar can make some alterations that result in tens of millions of dollars within two months.
5. Proven Results - The enterprise that is ranked among the Fortune 500 has found an excess liability of around half a billion dollars and overspending of $500 billion.
Discover Dollar versus Recovery Audit Firms in the Real World
Now, some actual figures for 2025. Get the figures straight.
A $9 billion retailer in North Carolina increased its cyclical claims by 80% by electing Discover Dollar over a traditional post-audit firm. You know that $2.5 billion is quite a lot of money, don't you?
For example, after partnering with Discover Dollar, a $15 billion Canadian retailer experienced a decrease in audit costs by 50%. It not only resulted in a greater amount of recovered money but also a reduction in the audit expenses.
You can't even compare those companies' achievements with these. Just imagine 2020's methodology difficulties in captivity with these diseases. This is the ailment, a cutting-edge breakthrough, which the real issues cannot solve, apart from taking care of the robots that do it.
Before moving any further into the duration of the contractual year into 2020, it is absolutely unnecessary, technologically insufficient, as they do not visualize these specific topics.
Discover Dollar vs. Audit Firms
Technologies:
- Traditional: described as old, or a very automatic system.
- Discover Dollar: brilliant, studying, advanced points analysis.
Time Span
- Traditional: This puts audit results within 6-12 months.
- Discover Dollar: Get results back in as little as 8 weeks.
Recovery rating
- Traditional: they go into about 20 percent of that audience, and recovery.
- Discover Dollar: 100 percent ceilings on the value of identified recoveries.
Information Coverage
- Traditional: This is all the structured data
- Discover Dollar: All the structured and unstructured data can be analyzed
Consolidation of Operations of the Firm's Processes
- Traditional: It destroys the efforts of the organization to be made into one man
- Discover Dollar: The business can continue without any implications in the event of the integration with overheads.
Conclusion: Your Path to Maximum Recovery
Classic Recovery Audit Firms are sluggish, limited in imagination, and in budgets. They leave most of your recoverable money behind since the company works with manual operations and outdated software.
Think about it – you are losing money every day. There might be potential to recover part of these losses in the course of the next few months in the traditional manner. In just 8 weeks, Discover Dollar can locate and recover the recoverable funds. Almost instantly, that means cash in hand, which your business can work on, and money not languishing in someone's account, but profit from your company.
To find out how much money you could be saving, make sure to contact Discover Dollar! You will receive an awesome Leakage Assessment absolutely for free.