Profit Recovery
Sammoric Financial Co. Inc. is an Accounting/Management consultant firm (A Profit Recovery Company) and the parent company of Sammoric Industries (Nig) Ltd.
Profit recovery involves a systematic review of all transactions to identify overpayments and/or unclaimed benefits, due to a company.
There are many forms of transactional errors: unclaimed input VAT, unclaimed credit notes, duplicate payments to suppliers, incorrect postings, or payments that are different from the contractual price as per agreement – to name few.
We reduce indirect administrative and other "back office" operational expenses. Our industry expertise, purchasing leverage and time-tested methodologies produce efficient, lean cost structures.
If you’re not 100% confident, turn to Sammoric Financial Co. Inc. for risk-free insight.
Why Choose Us?
We specialize in the development, implementation and management of administrative expense reduction solutions. To date, we have completed approximately 50 client engagements, which have resulted in more than $80 million in client savings for companies all across North America and West Africa.
Sammoricis a team of experienced financial detectives. We comb through stacks of business records for our clients, looking for evidence of overpayments.
Negative to Positive Profit
Every year, large corporations lose significant amounts of money through errors made in their accounts payable departments. These can be in the areas of capital expenditures, lost accounts, pricing errors, sales and use taxes, insurance, etc. An accounts payable audit, resulting in recovery of revenues lost due to those errors, will make a direct contribution to your NET PROFIT.
Professionals
Sammoric auditors are professionals, selected by strict criteria based on education, financial management experience and understanding of the commercial system. Training and experience enables Sammoric auditors to examine the most pertinent documents in a short period of time and find the areas of potential errors. Each auditor has the experience and ability to understand the intent behind a transaction and to see pattern changes that can lead to problems at the time of payment.
Free Service
Our fee is created by the money we recover for our clients. If we find and recover money, our fee is derived from this recovered money. We collect nothing until our clients have received recompense for the overpayment.
Our Staff, Not Yours
Our goal is to maximize the recovery of money due you and minimize your involvement in the process. We understand that your staff must deal with current business, not past transactions.
Increasing Recovery and Reducing Loss
We recommend that audits be conducted every two years. As our auditors become more familiar with your history, policy and system, their speed and ability to recover more, increase. We also find that the auditors' observations allow our clients to upgrade their systems and approaches to accounts payable.
Follow-up During and After Audit
At the end of the audit, we provide our client with a complete summary of the chargebacks with detail and suggested solutions to any problems uncovered by the auditors. We continue our contact with the vendors until all debits have been resolved and update our client accordingly.
Educational Program if Needed
It is possible an educational program may needed to be established for certain portions of our client's accounts payable system. Sammoric is well equipped to handle this and we are always happy to serve our clients with instruction and assistance in our area of expertise.
Claims Analysis Codes (CAC)
| CAC No. | DESCRIPTION | CAC No. | DESCRIPTION |
|---|---|---|---|
| 001 | Anticipation | 024 | Minimum Order Charges |
| 002 | Cash Discount | 025 | Defect Allowance |
| 003 | Trade Discount | 026 | Damaged Goods Allowance |
| 004 | Volume Debate | 027 | Returns |
| 005 | Warranty Credit | 028 | Additional Charges |
| 006 | Credits Due | 029 | Triple Payment |
| 007 | Credit Memo | 030 | Open Credit |
| 008 | Advertising Co-op | 031 | Adjustments |
| 009 | Freight | 032 | Debit Memo |
| 010 | Telephone Bill Error | 033 | Use tax Error |
| 011 | Duplicate Payment | 034 | Property Taxes |
| 012 | Extension/Math Error | 035 | MIS |
| 013 | Sales Tax Error | 036 | Recoverable Deposit |
| 014 | Mechandise Shortage | 037 | Currency Exchange |
| 015 | Pricing Error | 038 | Wrong Discount |
| 016 | Escalation | 039 | Wrong Modifier |
| 017 | De-escalation | 040 | Wrong Payroll |
| 018 | Trade Allowance Not Taken | 041 | Unclaimed Property |
| 019 | Credit Paid in Error | 042 | Payroll Tax |
| 020 | Overpayment | 043 | Utilities |
| 021 | Duplicate Billing | 044 | Other Taxes |
| 022 | Federal Excise | 099 | Miscellaneous |
| 023 | State Fuels Tax |
Our fees come from the profit we recover for your company.