Tim Kane, CPA
Overpayment Recoveries
Does my company make overpayments?
You probably are making overpayments. Read below for some of the risk factors that can increase your risk of making overpayments.
Number of Transactions – The more transactions you have the more chances you have for an overpayment to slip through the cracks unnoticed. Larger companies and industries that generate many transactions have a higher degree of risk.
Multiple Locations or Worksites – Distance can lead to poor communications. Differing laws and sales tax rates can cause confusion. You can’t expect your people to know every nuance for taxes laws in differing states and even locations.
People – The more people involved in the process the more chances for the right hand not to know what the left hand is doing. The more people who can requisition items, the more who can order, the more who can approve an invoice, the more who can enter an invoice; these all can lead to overpayments. Turnover of personnel can lead to overpayments as new people unfamiliar with your situation are trained in their jobs.
Growth – In growing companies, controls can become ineffective as the business changes. Also, workers can sometimes get into a mindset of getting things done as fast as they can. Haste can make for waste.
Software Conversions – As users learn new systems and migrate off the old system errors can be made that cost you money.
Number of Transactions – The more transactions you have the more chances you have for an overpayment to slip through the cracks unnoticed. Larger companies and industries that generate many transactions have a higher degree of risk.
Multiple Locations or Worksites – Distance can lead to poor communications. Differing laws and sales tax rates can cause confusion. You can’t expect your people to know every nuance for taxes laws in differing states and even locations.
People – The more people involved in the process the more chances for the right hand not to know what the left hand is doing. The more people who can requisition items, the more who can order, the more who can approve an invoice, the more who can enter an invoice; these all can lead to overpayments. Turnover of personnel can lead to overpayments as new people unfamiliar with your situation are trained in their jobs.
Growth – In growing companies, controls can become ineffective as the business changes. Also, workers can sometimes get into a mindset of getting things done as fast as they can. Haste can make for waste.
Software Conversions – As users learn new systems and migrate off the old system errors can be made that cost you money.
Are there warning signs that overpayments are being made?
There are. Take a look at the list below for things you can look for. And remember overpayments are like mice; if you see one there are likely more that you don’t see.
Miscellaneous Cash Receipts – Look at your cash receipts that are not paying bills you have issued. Are any from your vendors? Look at the detail and find out if these are refunds for overpayments.
Budget Variances – What are the reasons for the variance. While smaller items may not show up here, it is possible for a large overpayment to cause a significant budget variance.
Unclaimed Property – Search for your company in your state’s unclaimed property listing. You can search multiple states at www.missingmoney.com. Have your vendors turned overpayments in to state?
Miscellaneous Cash Receipts – Look at your cash receipts that are not paying bills you have issued. Are any from your vendors? Look at the detail and find out if these are refunds for overpayments.
Budget Variances – What are the reasons for the variance. While smaller items may not show up here, it is possible for a large overpayment to cause a significant budget variance.
Unclaimed Property – Search for your company in your state’s unclaimed property listing. You can search multiple states at www.missingmoney.com. Have your vendors turned overpayments in to state?
Why hire Tim Kane, CPA
Tim has recovered millions of dollars in overpayments and will put his expertise to work for you. He has specialized training and has spent years working on overpayment recovery.
Tim is only paid when you receive money. His fee is a percentage of the money that is recovered. You don’t pay by the hour. You don’t pay for future benefits that may never materialize. When you get the money, you pay a portion and keep the rest.
Tim is a CPA and has a long history as a financial executive with companies in fields ranging from telecommunications to manufacturing. He understands business and how things work.
As a CPA, Tim adheres to high standards of professional ethics, so you don’t need to worry about spurious claims or upset vendors.
Tim Kane, CPA has a targeted recovery system that is used to identify potential problem areas and find potential overpayments.
Tim will find more overpayments than other auditors. Tim followed other auditors and found more claims than they found on their first pass. Tim has audited alongside other auditors; in a large audit Tim worked with three experienced auditors and recovered 40% of the total audit.
Tim is only paid when you receive money. His fee is a percentage of the money that is recovered. You don’t pay by the hour. You don’t pay for future benefits that may never materialize. When you get the money, you pay a portion and keep the rest.
Tim is a CPA and has a long history as a financial executive with companies in fields ranging from telecommunications to manufacturing. He understands business and how things work.
As a CPA, Tim adheres to high standards of professional ethics, so you don’t need to worry about spurious claims or upset vendors.
Tim Kane, CPA has a targeted recovery system that is used to identify potential problem areas and find potential overpayments.
Tim will find more overpayments than other auditors. Tim followed other auditors and found more claims than they found on their first pass. Tim has audited alongside other auditors; in a large audit Tim worked with three experienced auditors and recovered 40% of the total audit.
Can I do this myself ?
Of course, you can. But just because you can doesn’t make it a good idea. Here’s why.
You could try to institute internal controls to catch every overpayment. The risk of that, is that your company becomes an overburdened bureaucracy and the controls end up costing more than the overpayments they’re designed to stop.
You could do it yourself. But first, take a look at your “round to it” list. You know what I’m talking about, your list of things you’re going to do when you get around to it. Where does recovering overpayments rank in priority? How many items have you crossed off the list in the last two months? If you’re like most of your peers, you’ll realize that you’re not going to get a round to it any time soon.
You could say, “One of my employees can do it. I’ll make sure they get around to it.” But you are paying your employees. So, you are hiring someone to do this. And if you’re going to hire someone, why not hire the best. Your net money after the recovery fee will be larger than what someone who is inexperienced at this will find.
You should hire Tim Kane, CPA.
You could try to institute internal controls to catch every overpayment. The risk of that, is that your company becomes an overburdened bureaucracy and the controls end up costing more than the overpayments they’re designed to stop.
You could do it yourself. But first, take a look at your “round to it” list. You know what I’m talking about, your list of things you’re going to do when you get around to it. Where does recovering overpayments rank in priority? How many items have you crossed off the list in the last two months? If you’re like most of your peers, you’ll realize that you’re not going to get a round to it any time soon.
You could say, “One of my employees can do it. I’ll make sure they get around to it.” But you are paying your employees. So, you are hiring someone to do this. And if you’re going to hire someone, why not hire the best. Your net money after the recovery fee will be larger than what someone who is inexperienced at this will find.
You should hire Tim Kane, CPA.