FlexTecs, Flexible Technology Solutions

When was the last time you reviewed your largest suppliers' contracts? You might assume they’re being properly executed, but many companies haven’t reviewed their supplier contracts recently enough. Large businesses work with hundreds, even thousands, of vendors, making it impossible to audit all contracts regularly.    So, how can you make the most of your contract compliance audits and leverage the insights to enhance your future procurement contracts and vendor relationships? It's about making the most of the contracts you DO review. It's about turning one-time insights into long-lasting, continuous improvement and applying what you've learned to negotiate better contracts in the future.    Our blog, "5 Tips for Better Contracts: How to Improve Contract Negotiation in the Procurement Process," equips you with the tools you need to develop stronger, smarter contracts without risking important supplier relationships.    https://lnkd.in/gsqNGxTZ    #contractcompliance #contractnegotiation #suppliermanagement 

We had a fantastic 2 days at CIPFA Public Finance Live 2024 in Manchester 🙌🏼 It was our first appearance at this event and it was fantastic to have such a buzz at the FlexTecs, Flexible Technology Solutions booth! ⭐️ We met so many inspirational finance professionals and we were grateful to have had the opportunity to share our story with them all. #publicfinancelive24 #networking #fintech

🔍 What makes a successful retail recovery audit? While recoveries from a full-scope retail audit typically average 0.1% - 0.2% of annual sales, the actual amount recovered depends on various factors. The most productive audits involve: • Client buy-in and cooperation across all relevant departments • Merchandise stakeholder alignment • Complete line-item, purchasing, receipt, payment, and email data • Access to invoices, contracts, returns, price increases, price declines, and new product information Conversely, the least productive audits face challenges such as: • Incomplete data • Lack of or limited access to key documentation • Excluded scope or supplier • Poorly defined audit guidelines, timelines, or claim approval processes At FlexTecs, we focus on overcoming these challenges to create the most productive audits. Our retail recovery audit services aim to get more money back in your pocket, faster – even preventing errors before they occur. Discover what a successful retail merchandise recovery audit with FlexTecs can do for your team here: https://lnkd.in/en2DNkGK   #retailrecoveryaudit #successfulrecoveryaudit #paymenterrors

Take the AP Health Check Challenge! We understand that AP professionals strive for perfection. With various internal and external factors leading to errors, it’s hard to know just how accurate your processes are. Want to find out? Take the FlexTecs AP Health Check! Our FREE AP Health Check diagnoses your AP ailments, providing a comprehensive analysis of your current processes with 2 years of data. Here’s what we can reveal: • Detailed data summary of total transactions, invoices, and vendor accounts • Identification of duplicate invoices and payments • Analysis of potential fraud • Validation checks • And more! Typically, our AP Health Check recipients recover more than double the cost of a year’s subscription to our error prevention services. The best part? Our overpayment prevention tool integrates seamlessly with your current ERP and automation systems, requiring no changes. It enhances your existing systems to achieve payment perfection, allowing your team to focus on strategic tasks. Don’t wait—optimize your AP processes for maximum efficiency and savings today. Contact us to schedule your FREE AP Health Check: https://lnkd.in/gy86JdmY #accountspayable #riskmanagement #paymenterrors

Retailers, even with robust primary audits, are you certain every discrepancy is caught? Primary audits, whether internal or external, may miss some overpayments or under-deductions. This is where secondary recovery audit firms can make a significant difference, providing an additional layer of scrutiny to ensure nothing is overlooked. Secondary audits provide a fresh review, improving accuracy and increasing cash flow by identifying recoveries that were missed by the primary audit firm. Secondary audit firms drive primary audit accountability and mitigate operational risks. Discover how implementing secondary recovery audits can optimize your retail operations in our latest blog: “Why Retailers Should Consider a Secondary Recovery Audit”: https://lnkd.in/eypFgcPb #recoveryaudit #secondaryaudit #retailers

Retailers, even with robust primary audits, are you certain every discrepancy is caught? Primary audits, whether internal or external, may miss some overpayments or under-deductions. This is where secondary recovery audit firms can make a significant difference, providing an additional layer of scrutiny to ensure nothing is overlooked. Secondary audits provide a fresh review, improving accuracy and increasing cash flow by identifying recoveries that were missed by the primary audit firm. Secondary audit firms drive primary audit accountability and mitigate operational risks. Discover how implementing secondary recovery audits can optimize your retail operations in our latest blog: “Why Retailers Should Consider a Secondary Recovery Audit”: https://lnkd.in/eypFgcPb #recoveryaudit #secondaryaudit #retailers

One of our FlexTrap users, Jeff N. from Tidewater shared, “Previously, our SAP system couldn't catch every discrepancy. But now, with FlexTrap, we can identify issues before payments are made.” Consider this: The average error rate in AP is 1.6%. That means for every 1,000 invoices processed, 16 of them contain errors. With the average invoice amount at $1,000, that’s $16,000 at stake for every 1,000 invoices. How many errors do you encounter monthly? One significant challenge is invoices getting stuck in automated workflows, leading to manual data entry – defeating the purpose of automation! FlexTrap enhances AP automation by ensuring accurate invoice processing, reducing common pitfalls, and acting as an alarm system for your ERP, alerting you to potential errors before they impact your bottom line. Don’t let AP automation shortcomings hinder your progress. Discover how FlexTrap can optimize your AP processes and eliminate the manual tasks you’re striving to avoid here: https://lnkd.in/e_K3d85h #accountspayable #paymentaccuracy #paymenterrors

Despite robust internal controls and adherence to generally accepted accounting principles (GAAP), many organizations experience financial leakage that can significantly impact profitability. This is where the roles of Contract Compliance auditors and Internal Audit diverge, focusing on the specifics rather than just the overarching. Leading companies are establishing formal Contract Compliance programs, uncovering discrepancies in supplier billings — even minor ones that can accumulate and create substantial costs. But the benefits extend beyond error correction; these audits drive enhancements in contract terms, improve supplier performance, and ensure more strategic procurement decisions. CFOs and CPOs, discover how a tailored Contract Compliance Audit can not only prevent financial leakage but also protect your supplier relationships in our latest blog: “Preventing Financial Leakage with Effective Contract Compliance Audits”: https://lnkd.in/eD9r_yQg #contractcompliance #contractcomplianceaudit #riskmanagement 

Join Our Team: Audit Director Opportunity at FlexTecs! Are you a seasoned Retail Recovery Audit leader looking for your next challenge? FlexTecs is experiencing remarkable growth and we're seeking a talented Audit Director to join our team. This remote position is based in North America. Apply here: https://lnkd.in/guW5JVgH #AuditDirector #RemoteWork #RetailRecovery #AuditJobs #Leadership #FinancialServices #ClientEngagement #CareerOpportunity #FlexTecs #JobOpening #AccountingJobs #FinanceCareers #ContinuousImprovement #Innovation #TeamManagement #ClientRelationships #OperationalExcellence #NorthAmericaJobs #WorkFromHome #ApplyNow #Hiring