How to Recover Overpayments is a summary of the best ways to save company money that I have uncovered over the past 30 years. For hundreds of companies these methods have improved their bottom line and strengthened the company as a whole. The first two strategies are outlined below: 

SEND A STATEMENT LETTER

The first step is one you can do without any auditing expertise.  All your vendors keep tract of your account and record everything that is paid and outstanding. Let’s use this information toward your advantage.   Send all your vendors a statement letter.

What you will find when reviewing these monthly statements, from your vendors, is that there are many credits which you should deduct because they are yours to deduct. Your vendors are telling you to deduct them. 

                                                                                                                                                               
PURCHASE ORDERS

Purchase orders are the heart of the accounts payable system

A PO is a legal agreement to buy an item at a set price. Treat it as such.  Once a company receives a PO from your company, it’s their job to correct any price discrepancies before the products are shipped. Otherwise they are legally bound to accept the terms of the PO.

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