Company News & Updates from i5Services
News Release
Contact Information:
i5Services
Salt Lake City, Utah
Contact Name: Alan Davis
Contact Number: 1-800-560-2857
Contact Email: alan.davis@i5Services.com
For Immediate Release: 5/11/09
Large Corporations Can Create Their Own Stimulus Plan
Business avoids putting additional strain on tax payers through self-made financial bailouts.
SALT LAKE CITY, UT May 11, 2009 -- The Federal Government has been pumping billions of dollars from TARP and The Stimulus Package to banks, insurance companies and auto companies to bail them out. Meanwhile, heads of corporations experiencing tough financial times, and who didn’t qualify for government money are wondering how they can get money to stimulate their businesses. Ironically, the stimulus money they’re looking for may be in their own financial ledgers.
"Large corporations can create their own stimulus packages with a stringent continuous improvement program," said Alan Davis, President of I5 SERVICES. "These corporations are missing millions of dollars of revenue and many may not even realize it."
This potential revenue lies dormant within a corporation’s accounts payable and receivables systems. Fortune 500 companies understand that no matter how efficient an accounting department is, there are always cracks that allow money to seep out unnoticed. Sources of leaks include turnover in personnel, program changes and updates, and the reality of having a high volume of transactions.
Fortune 500 companies have used recovery audits for many years to recapture lost revenues. I5 Services has taken the recovery audit and used it as a tool for continuous improvement. "Not only will we perform the recovery audit and find a lot of money to be recovered for our clients, but we will break down the problems and create process improvements to eliminate the very source of the problems."
I5 SERVICES has also made its services available to many more companies. Historically, the recovery audit process has been used by companies with billions of dollars in annual revenues. I5 Services has lowered the profile dramatically and hundreds of businesses (in Utah and beyond) can benefit from this service.
"We are prepared to help all kinds of organizations with revenues of $100 million or more," said Davis. "While the recovery of lost monies is important, our main objective is to improve efficiencies in the accounting processes."
i5 SERVICES improved on the process Davis used to recover billions of dollars in lost corporate funds during his tenure as an Accounts Receivable/Payable executive for international auditing firms. "I didn’t particularly like the old auditing system because it caught existing problems but didn’t fix them," said Davis.
"So we’d recover a lot of money for companies, but there wasn’t a safety net put in place to keep further funds from being lost. We now aim to correct the problems. Instead of being a continuous collection firm; we are a continuous correction firm."
The proprietary system I5 SERVICES has developed works like a financial sealant for a corporation’s financial engine. The I5 SERVICES system continuously searches out cracks in a corporation’s financial processes, i.e. invoices sent to multiple departments, duplicate invoices, overpayments, and missing/noncompliant terms for payments; and then seals those cracks by proposing improvements to prevent future losses.
Davis sees broad opportunities corporations can utilize to capitalize on from recovered funds. "Think of how CEO’s and Executive Boards could stimulate their businesses with these extra millions, which are theirs to begin with," said Davis. "They could use recovered funds to reinvest into their companies, creating expansion options that boost company profits and stock prices. They can also be used reduce the need for potential layoffs."
For more information contact i5 Services at 1-800-560-2857.
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Alan Davis is the President of i5 SERVICES. He has over 15 years experience managing payables data and recovery for over 50 fortune 500 companies. While affiliated with the world’s largest recovery audit firm he helped oversee the recovery of billions of dollars for clients, including Wal-mart, British Airways, RiteAid, Acosta, PepBoys and many more.
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