Medius launches AP Audit Cash Recovery through partnership with Caatalyst
The rate of insolvency has increased for many businesses, leaving them operating on very low margins and low profitability. The recent partnership between Caatalyst and Medius serves to address this growing, acute issue through their combined cash recovery audit and purchase to payment AP automation and fraud detection services.
Caatalyst’s profit recovery audit generates a significant financial boost to clients’ bottom line, primarily through identifying historic supplier and tax overpayments. Caatalyst’s audit findings help business leaders focus on identifying vulnerabilities within their payments systems to reduce future profit leakage. To date, Caatalyst have audited over £300 billion of AP spend working with more than 70 clients around the globe.
The average recovery rate is 0.15% of audited spend, leading to multi-million pound recovery totals for larger organisations.
Medius supplements this cash recovery audit through focusing on future prevention of profit leakage, once Caatalyst has recovered former revenue losses. Through AI and ML, Medius’s AP profit recovery works to improve the AP process by identifying key areas of risk compliance - including fraud detection and duplicate invoices - and installing safeguarding technologies against future, repeated incidents.
Charlie Watson, Chief Executive at Caatalyst, comments: “This partnership between Caatalyst and Medius is especially important in today’s business climate. There’s nothing like a significant recovery item to crystallize issues in the P2P process. Our partnership is symbiotic - we help clients look into their historic transactions to recover lost profits and Medius’s AP profit recovery helps businesses look forward to understand how to maintain a healthy cash flow in the future. This is a great opportunity to work together to ensure customers achieve a best-in-breed finance platform.”
Doug Embleton, UK Partner & Alliances Director at Medius, comments: “Medius recognises the added value we can bring to Caatalyst’s cash recovery audit and our customers. Our extensive case study evidence reveals that 0.15% of Purchase/AP Spend can be recovered as real cash back into the business.
Simply put, businesses don’t know what they don’t know - and it’s our job to help them detect and identify areas of risk so that they can improve their processes and increase their cash flow. We look forward to our partnership with Caatalyst in creating an industry standard benchmark to help our clients identify unnecessary revenue leakage and risk compliance within their current systems.”
About Caatalyst
Founded in 2003 by Charlie Watson, Caatalyst is a global profit recovery audit service which has audited more than £300 billion of accounts payable spend for more than 70 global clients. Caatalyst services include recovering duplicate payments, overpayments, credits not claimed and missed Input VAT. Clients include Centrica British Gas, QBE Insurance, Babcock International, Transocean, Birmingham City Council, Visa Europe, Conde Nast and Virgin Atlantic Airways.
About Medius
Medius links invoice capture, processing and payment to replace the worry and wondering of managing AP with calm and confidence. Medius goes far beyond basic automation by using artificial intelligence to do most of the work – so invoices get confirmed, coded and paid; AP teams get to go home and rest easy; and businesses can trust their budgets and forecasts. Medius has more than 4,000 customers across 102 countries and processes $180 billion in annual spend through its system. Visit medius.com to learn more.