Profectus Group has recently won a deal with Australian retailer Barbeques Galore that is set to serve up expert analysis of rebates and payments for better business outcomes.
With Profectus specialising in compliance and recovery solutions, the new deal will ensure that Barbeques Galore strongly identifies the revenue it is owed and claim it back to improve its bottom line.
According to data from Profectus, there are 3.5 to 4.5 errors in every 10,000 transactions made between a business and their supplier, across sectors, in Australia alone. This highlights a significant demand and need for effective payment analysis solutions for increased business transparency and accountability.
It was also found that between 0.75% and 1.25% of rebate income is missed by businesses in Australia, signalling a significant gap in the market.
Barbeques Galore CFO Mitchell Koureas says that Profectus Groups' track record for identifying and analysing will help provide better business outcomes for all involved.
"Profectus has a proven ability to identify anomalies and errors in historical transactions that will assist us in recovering any lost revenue it can identify over the past three to four years," he says.
Profectus Group CEO Chris Hutchins is pleased to be working collaboratively with Barbeques Galore and says the partnership shows how retailers can get the best solutions to help promote positive customer and staff experiences.
"Barbeques Galore is a proudly Australian retailer and their footprint across the country is immense – and so too is the level of their sales, the deals they provide customers and more," he says.
"In retail there is potential for financial leakage due to the sheer volume of suppliers they work with, and it's tough for any retailer to maintain visibility over every transaction and available rebate."
In 2021, Profectus Group identified nearly AUD$29 million in approved recoveries from 6,386 claims across its client base.
Barbeques Galore will lean on Profectus to perform AP Audits to identify and recover any payment anomalies over the past four years, a period determined by Barbeques Galore. It will also test the effectiveness of its processes and controls and implement automation where possible.
"Our technology, expertise and pay-per-claim model will enable Barbeques Galore to identify any gaps in revenue they're entitled to and help recover it to boost their bottom line," says Hutchins.
Barbeques Galore has 90 stores throughout the country and has supplied Australians with barbeques since 1977. Profectus Group has been in the audit services and compliance technologies space for over 20 years.