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 From the origins up until today…
Are the amounts involved large?
Why CASHTRACK ?
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From the origins up until today…
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Cost Recovery Audits began in the English speaking world in the late 60’s in large retail shops. The process originated from the realisation that as soon as the purchasing process becomes more complex, mistakes happen. Cost recovery audits have developed significantly since then.
This auditing method has established itself in France in recent years, again mainly in the retail industry, where one finds many suppliers, a large number of invoices, complex commercial rebates, etc.
Nevertheless, other industries are exposed to overpayments too. Cost recovery audits performed for various manufacturers or service companies have proved this. Causes of overpayments include internal and external pressure to achieve administrative performance targets, system changes, restructurings, change in personnel, lack of communication and plain old-fashioned errors,… to mention but a few.
We can reasonably assume that overpayments occur in all companies, but:
• If you do not pay enough, chances are the supplier will call you…
• If on the other hand you pay to much, the supplier will not always tell you about it…
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Are the amounts involved large?
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| Overpayments represent on average 0.5 ‰ to 1 ‰ of the annual value of your purchases, whatever the size of your company or its industry. |
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Why CASHTRACK ?
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CASHTRACK was created in April of 2004, and is the result of the experience of Martine Léonardy, its CEO, in the areas of company and process reorganisation and cash management.
“To have enough cash is the possibility to bounce back when faced with unexpected situations, and all of us have known some of those! When speaking of cash management in France, everybody thinks about improving accounts receivable by diminishing the days sales outstanding. The experience of British and American companies has proved that, outside of simply delaying payment to suppliers, accounts payables can also generate other sources of cash, which goes straight to the bottom line. By setting up CASHTRACK, we wanted to offer French companies a larger choice of possibilities to improve their cash management”
Martine Léonardy, CEO of CASHTRACK
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