Contract Compliance and Cost Recovery

Contract Compliance and Cost Recovery

If you use complex contracts, work with special supplier arrangements, experience high turnover among buyers, or recently performed a system upgrade or conversion, you could benefit from Jefferson Wells’ Contract Compliance and Cost Recovery Services.

The experienced professionals of Jefferson Wells, coupled with our proven methodologies in cost recovery audit, provide convenient and practical solutions. We have designed best practices that enable us to complete a cost recovery audit efficiently and cost-effectively.

We go beyond an accounts payable data analysis and do more than just identify savings. We also evaluate your exposure to overpayments through an in-depth review of the procurement process to identify control weaknesses and process improvement opportunities.

For our clients, that means:

Improved procurement and payment processes
Improved accuracy of supplier transactions
Cost reduction and recovery
Improved financial and operational processes
Improved overall business performance

In working with hundreds of organizations, we’ve identified the Top 10 Typical Contract Audit Observations as follows:

Need for increased executive sponsorship and governance
Need for reinforced expectations and enhanced communication
Need for reassessed policies and procedures
Need for streamlining the process through system enhancements
Need for enhanced reconciliation, problem resolution and monitoring mechanisms
Lack of a centralized, accessible documentation repository
Need for education and training
Need for improved contract language and standardized terms and conditions
Need for suppliers to significantly enhance recordkeeping and data access
Need for increased transparency of data regarding cost buildups and other grey areas