Due to the complexity of invoices, customers may have historical errors waiting to be recovered. As part of our long-term commitment to our clients, historical audits can be undertaken across a variety of cost bases.
Refund opportunities can be pursued in line with the statute of limitations, which allows historical recovery of errors for the last five years in Scotland and six years in the rest of the UK. All audits have no effect on any supplier agreements already in place.
- No risk to you – if we don’t find anything, there is no cost.
- Leading industry experts – our team includes some of the industry’s top retro-audit experts, giving you complete confidence.
- No binding commitment – we can carry out historical audits as a stand-alone project, as well as a part of an energy procurement arrangement.
- Significant cost recovery – some errors can run into tens or even hundreds of thousands of pounds!
- Minimal Impact – we carry out all of the time consuming parts of the process so there is no effect on our clients’ day-to-day activities.
Energy bills are made up of various elements, including a number of charges from third parties such as distribution network operators, meter operators, National Grid and environmental taxes and levies. Many of these charges should be the same irrespective of your chosen supplier.
Inspired Energy’s comprehensive database of charging methodologies can compare your costs to the expected tariffs and an average based on our experience in managing over 15,000 meters in the UK.
Up to half of electricity invoices are made up of non-commodity charges, with huge increases in the last 3 years.
It is no longer sufficient to concentrate solely on the wholesale price. Our highly specialised team has experience in challenging pass through charges and making significant cost recoveries and reductions. We often find recovery opportunities over and above existing consultants and previous work.
Accounts Payable Recovery
A Supplier Invoice Cost Review with Inspired uncovers duplicate payments, overpayments, and unit cost price errors from your historical supplier transactions and agreements.
And it doesn’t stop with knowing where your money went, at Inspired we have the experience and knowledge to recoup those losses and offer improvements to your internal financial controls.
Our Assessment Report will offer insight into your invoice processing costs and efficiencies, spend analysis, rationalisation of supplier base and payment efficiencies identifying areas for improvement that will help minimise any future AP errors.
Our proprietary software and rule-based algorithms identify anomalies which your internal audit and finance systems will not. And then, our analysts, using their vast experience and professionalism will manage the recovery process with your suppliers.
It has been our experience that every organisation, even those with best practice accounts payable systems, can realise significant returns from our Supplier Costs Review process.
As part of Inspired Energy’s package of services, a retrospective audit was completed covering 6 years’ worth of settled electricity and gas invoices. Despite the previous broker offering bill validation, errors were uncovered in 3 separate areas, securing £59,000 in refunds.
Inspired Energy’s Revenue Recovery Audit covered a 6 year period of settled invoices, encompassing numerous electricity and gas suppliers. The report was presented within an 8 week timeframe, with an infrastructure being recommended based on upcoming changes to non-commodity charges. Savings of over £180,000 were identified over the next