Services
Connolly digs deeper to explore more audit areas.
Our retail audits include one or more of the main audit categories described below: |
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An audit of all pricing and promotional agreements for the defined audit period, including: Advertising, Promotional Allowances, Price Protection, and Rebates.
A comprehensive audit of all transactions including: Payment Errors, Discounts, Credit Memos, Adjustment Errors, and Returns. Additional areas of audit could also include Escheatment Avoidance and Tax Recovery.
A freight audit determines supplier compliance of with the retailer’s routing guidelines. This audit helps ensure the orderly and efficient operation of the business by enabling the retailer to limit the number of routing guide exceptions and ensuring adherence with the spirit of the policies in place.
An audit of pharmacy transactions helps procurement professionals protect their business interests in a dynamic marketplace with frequent disruptions such as product recalls or shortages. These disruptions impose significant unplanned costs on chain pharmacies, costs that are frequently underestimated. By frequently reviewing procurement policies, evaluating various scenarios, and implementing contingency plans, a chain pharmacy can minimize the negative impact and improve predictability of results.
An audit that ensures supplier AR records are consistent with retailer AP records. The audit entails outreach using a supplier master list and can result in recovery of credits due the retailer. Best practice is to combine with an AP audit to provide additional insight and supporting documentation for AP recoveries.
An audit that ensures the contract terms, and conditions are fulfilled as intended. Examples of contract types include: Construction, Waste Management, Temporary Labor, BPO, and MRO. Connolly offers a full suite of source to settle audit and advisory services that include the price matching done in an AP recovery audit but extends further - out into the field - to review adherence to both financial and non-financial contract terms, conditions, and intent.
Connolly ConnectTM is an advanced extranet that empowers users to manage and track the status of their recovery audit, generate reports, and analyze data. To learn more, contact a Connolly expert. Empower vendors to review and approve claims quickly and easily. Connolly’s Audit Link™ is a secure online vendor claim approval solution. With its ease of use and range of options, Audit Link™ is the right choice for clients that need to give vendors the control and information they require to help efficiently manage the claim approval process. To learn more, contact a Connolly expert. We provide a detailed “client dashboard” that gives visibility into the performance and results of the audit that helps senior leadership monitor progress and make business decisions. Areas can include: Audit Status, Claim Production, Days to Cash, Claim Aging, etc. To Learn more, contact a Connolly expert.
Connolly’s Retail Benchmarking Program is available to help you understand prevailing trends and practices in the industry. We can help inform your decision making with reports from our library of surveys or tailor a survey to your specific needs. To learn more, contact a Connolly expert.
Connolly is dedicated to helping our clients improve their processes and capabilities. To that end, we share best practices we observe from our vast experience in auditing and analyzing retail transactions and contracts. To learn more, contact a Connolly expert.
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"Our company has greatly benefited from the process improvement recommendations and we have now reached the highest percentile in payment to terms, vendor satisfaction and customer satisfaction. Your organization played key roles in our impresseive improvements."
Finance Manager
Large national retailer
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