The project consisted of a typical Accounts Payable review – including a comprehensive statement review, invoice processing errors and duplicate payment audit, together with an input VAT exercise.
It soon became apparent how much if its stock was being imported by Screwfix. As a result of our comprehensive review of duty paid, several successful recoveries were made.
The audit led to recoveries that were equivalent to 1.5% of the company’s annual net profits. Recoveries totalled 88 pence in every £1,000 of sales turnover, and 14% of these savings were achieved through reductions in import duty.
The project was a success from start to finish with the team integrating seamlessly, gaining a thorough understanding of our business processes and systems. The time and effort my team expended on this project was minimal and the revenue started to flow far quicker than we’d anticipated.
The lasting legacy of this project is improved business processes and controls, meaning we’ve reduced many errors at source.
Director of Operational Finance, Screwfix