Expense Audit Process
How P3 Cost Analysts Will Save You Money
Our Approach Is Simple
Step 1. Engage and deliver vendor invoices
Engage and provide us vendor invoices to review.
Step 2. Detailed forensic analysis and benchmarking
We audit your bills for errors and overcharges, leveraging over 30,000 client benchmarks and 150 years of combined expertise.
Step 3. Detailed reporting of positive financial impact
You get a detailed report showing all errors and overcharges with detailed explanations.
Step 4. Implementation and Ongoing Support
We implement approved findings on your behalf with vendors And monitor the expenses monthly to keep costs down (or) Only after savings are hitting your bottom line do we share.
Step 1: Budgetary Analysis
Our engagement is simple and easy to start. Our engagement agreement is only one page, and extremely one sided in our client’s favor. We then get copies of your vendor invoices and begin work.
- Engage with P3
- Provide us invoices
- Zero upfront cost
Step 2: Detailed Forensics & Benchmarking
Our analysts begin working behind the scenes pulling necessary information from the vendors to conduct our forensic billing analysis (contracts, customer service records, and other pertinent info). We analyze this info against our database of over 30,000 client benchmarks to ensure our clients get best in class pricing. In this step we also analyze the invoices for overcharges and hidden fees to generate refunds back to your bottom line.
- We review invoices and contracts
- Benchmark your expenses against our database of vendor pricing
- Provide bi-weekly updates during our process
- Hands off – we do all the work behind the scenes
Step 3: Detailed Reporting & Analysis
We deliver our findings to you in detailed reports outlining exactly what we’ve found and where. Oftentimes we will have a quick phone call with you to walk you through things and answer any questions. In step 3 you will know the exact financial impact and savings opportunities found in each expense category.
- Deliver findings to you
- Review detailed reports and financial impact
Step 4: Implementation & Ongoing Support
We work with your vendors to implement approved findings. We don’t just deliver a report, we deliver actual, bottom line savings. Your only job here is to say ‘ok, let’s implement’. Only AFTER the savings are hitting your bottom line do we share in them. We are on hand each month to monitor the invoices and hold costs down.
- Work with vendors to implement approved findings
- Monitor the invoices each month to hold costs down
- If we don’t deliver savings, there is no fee.