COSTA MESA, Calif., Feb. 10, 2014 /PRNewswire/ -- Profit Recovery Partners (PRP) LLC today announced that its revenue grew 25 percent in 2013. With demand for the company's cost-reduction and supplier management services expected to continue, the company is targeting to grow another 29 percent in 2014.
One factor driving significant demand for PRP's services is the changing regulatory environment, which has focused intense scrutiny on companies' internal controls. A recent report by the Public Company Accounting Oversight Board found internal controls to be lacking in roughly 30 percent of the audits it inspected. As a result, external auditors are requesting more detailed documentation from companies to show that they have the proper controls in place to protect against fraud and financial misstatements.
"This is an area where PRP can help alleviate some of the pressure our clients are facing," said Don Steiner, PRP's president. "Our team can not only negotiate more favorable contracts with their vendors, but can also ensure that those contracts are properly documented and executed, and that the vendor is complying with all the terms."
After an initial review of a client's spend history, vendor contracts and invoices, PRP delivers a four-part analysis that evaluates potential savings, how the client ranks compared to industry benchmarks, whether vendors are providing the best service and contract terms, and an assessment of staff resources. PRP then actively negotiates for its clients and provides ongoing support to ensure that savings achieved during the initial review are maintained.
To date, PRP has completed more than 1,000 client engagements, resulting in cumulative savings of more than $2.3 billion.
About Profit Recovery Partners, LLC
Profit Recovery Partners, LLC (PRP) is a professional services firm that develops, implements and manages cost-reduction solutions for FORTUNE 1000 companies, law firms, private equity firms and private companies throughout North America. Its years of industry-direct experience and $2 billion in purchasing leverage, as well as its program for ongoing support and verification, drive PRP's continued commitment to award-winning service. PRP's spend management, supplier management and procurement strategies have resulted in more than $2.3 billion in client savings. For more information, visit www.prpllc.com, call 877-484-7776 or follow on Twitter at www.twitter.com/prpllc.
SOURCE Profit Recovery Partners, LLC