Profit Recovery is the process of recovering funds lost due to accounting errors or other mishandled financial transactions. Using a specialist audit firm, such as Profit Recovery Partners, companies can identify and recover money that they are owed from duplicate payments, overpayments or the failure to take credits and deductions. The profit recovery firm will perform a rigorous review of accounts payable disbursements to uncover the missing cash. It may then pursue the recovery of these amounts for a fee.
Taking on new responsibilities, like caring for children or older family members, can help keep your mind focused on something other than grief. If you find yourself becoming overwhelmed or depressed, talk to a mental health professional. A bereavement support group is another source of comfort, and you may find that other people are experiencing the same kind of loss you are.
For those who are investors, it may be possible to recover funds lost due to fraud or other circumstances through a private class action lawsuit. If you are concerned that you may have lost funds in a fraudulent investment, check with the Securities Class Action Clearinghouse to see whether a class action lawsuit has been filed against a particular investment.
Any business that has significant purchase transactions, complex discounts and pricing, varying sales tax jurisdictions, multiple system changes or mergers/acquisitions might consider working with a profit recovery firm to prevent the occurrence of duplicate payments and overpayments. The costs of doing so may be offset by the savings that can be realized through a detailed duplicate payments audit. In addition, a dollar recovered now is worth more than the same amount of dollars a year from now (time value of money). For this reason, it may be necessary to discount the base calculation of any lost profits/damages you are claiming.