Copyright 2020 by Profound Profit
Many organizations pay their vendors with paper checks or ACH transfers. Checks are inefficient, costly and not secure. And 70% or more of vendor payments are still processed via check. ACH payments cost less and are more secure, but limited in data exchange. And neither of these payment methods generates revenue. The Virtual Payment technology we use is significantly more efficient and faster than checks or ACH, and it generates substantial revenue just from paying your vendors.
This solution works with your existing accounting system, at no additional cost, is highly secure, saves time & money, and most importantly pays you for each transaction. You have to pay your suppliers anyway, so why not generate revenue from doing so? Every $10 million in virtual payments could add up to $135,000 in additional revenue to your bottom line.
Employee health benefits ranks as the 2nd largest expense for the average employer, second only to payroll, and the rising cost of employee health benefits is the number one issue, or problem employers are facing today. We have a healthcare billing problem in the United States. The price for medical services and the price of prescription drugs, depends on how much can be extracted from you, or from your health plan, and you have no idea how much the bill is going to be until after services are rendered.
We focus on controlling 4 primary cost drivers which make up 90% of the cost of a health plan: hospitalization & surgery, outpatient services, including diagnostic labs & imaging, emergency services, prescription drugs, and physician services. We help organizations to reduce the cost of their employees’ health benefits by 12 to 25%, and sometimes more, while also reducing out of pocket costs, and increasing their quality of care without necessarily changing their broker or health plan provider.
Although a company's shipping costs may consume five to ten percent of their annual revenue, few companies have the time or tools to effectively manage this expense. Shipping carriers have made this process unnecessarily complex, leading to overspending on shipping and a competitive disadvantage.
We've changed the game…introducing a cutting-edge shipping execution platform, at no cost to our clients who qualify, combined with exclusive rates and cost savings strategies that they cannot find anywhere else. Our system doesn't simply print labels, it's a completely automated, multi-carrier shipping technology that continuously optimizes your shipments to identify savings opportunities within your small parcel and LTL shipments. You can keep your current carriers and load them right into our shipping platform.
Our proprietary software, combined with over two hundred million parcels shipped annually, through more than twenty thousand clients, gives you access to rates that companies can only dream of. By using our software, our clients see anywhere from 15% to 40% savings on their shipping spend while enjoying a more efficient and streamlined workflow process in their shipping operations.
Instant Pay for hourly workers is a company sponsored third-party employee benefit program specifically designed for the hourly worker at NO COST to the employer and requires NO INTEGRATION to payroll systems. With unemployment at historic lows, it’s becoming increasingly difficult to attract and retain top talent. Offering instant access to earned wages is a benefit that can build loyalty with your hourly workers, and give you competitive a edge in recruiting top talent. Employers with hourly workers will find themselves at a competitive disadvantage if they’re not offering instant access to earned wages. The average cost to replace an employee is $3,228, and the average cost of absenteeism per employee is $3,600. Instant Pay on average achieves the following results...
• Increase in job applicants by 60%
• Reduce employee turnover by 13%
• Reduce absenteeism by 10%
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One of our biggest service additions has become one of the best ways to help your business obtain your fair share of antitrust class action recoveries. We provide specialized class action settlement claims consulting services that includes notification of settlements in which you may be eligible; performing research to assure that all appropriate parts of your operation are included in the claim process; providing advice on what, if any, documents need to be collected.
When documents are required and not available or are too burdensome to collect, we develop alternate means to satisfy documentation requirements; preparing, assembling, submitting claims packages and managing them on your behalf throughout the administration process. Our team tracks many different class actions, currently there are over twenty which total over $8 billion in potential recoveries
Our research shows that 98% of all leases have excessive costs and waste that erode profits and funds that could be put to better use. We have a proven track record renegotiating bad contracts and creating “found money” with savings often seen within less than 45 days.
It all starts with a free snapshot analysis and lease review report card that we develop using advanced analytics to minimize time and eliminate guess-work. We use this framework to help businesses of all sizes find money in their vendor contracts and services. Let us do the work while you reap the rewards: eliminate spending waste, increase work efficiency and reducing paper document information risk.
Engineering-based cost segregation studies permit commercial real estate owners to reclassify real property for depreciation purposes and reclassify it as more rapidly depreciating personal property. This reclassification results in significant cash flow benefits in both present and future years through considerably shorter depreciation tax life and accelerated depreciation methods. Note, these studies are not limited to new buildings or new renovations.
Over 75% of our projects are on older properties using the “catch up” method which can produce significant results. Although some building owners and CPAs have substantial experience with Cost Segregation, most do not. Countless building owners are missing out on this powerful tax savings strategy. To facilitate this work we do an initial consultation and develop a feasibility report to determine the cash flow and net present value (NPV) benefit potential. Our professionals evaluate your current tax status and your future business plans along with your CPA to determine if a full study would be of benefit.
The payments industry is complex. Interchange fees are the largest component of your cost to accept credit card payments and are set by the payment card brands. These fees are the wholesale merchant account rates for the various types of credit card transactions. There are hundreds of interchange rates, which vary based on payment card brand, payment card type (credit, debit, specialty), merchant category code, amount of transaction being processed, and the amount of data being passed through as the payment is processed. The schedule of Interchange Fees are reissued in April and October of each year.
We help you navigate the complexity and reduce payment processing expenses using our proven strategies to identify and correct areas of overspend on merchant services as well as provide transparency to merchant fees and statements. We work on your behalf, provide ongoing analysis and monthly reports that ensure accurate billing and identify realized savings. And, you can stay with your existing merchant service provider. Creating simple, efficient, and economical merchant payment processing solutions through maximum transparency and measurable results.
Energy deregulation in the U.S. makes it possible to lower the cost of gas and electricity in many states from your supplier. Savings potential of up to 20% are possible through an easy enrollment process that has flexible terms, no switching fees and most importantly no interruption of service. There are no maintenance or hidden fees.
Delivery and maintenance will continue to be the responsibility of your local public utility. Our reverse auction process lets you analyze past usage data to apply to guarantee you the best prices for your future gas and electric needs. This puts you in control allowing you to set your terms through a real-time competitive bidding process that is more effective than conventional paper-based bids. Benefits of our reverse auction model for your business is a 10-20% savings gain with pricing transparency.
Mistakes made by your parcel carriers are dollars lost from your bottom line. But the true mistake is in thinking those dollars are lost forever. With our proven parcel auditing and intelligence technology, we can offer you a no-risk, high reward opportunity to recover these dollars. We help audit and analyze your shipping processes to uncover opportunities to tap into your savings based on unfulfilled parcel company promises.
And then we help prevent them from happening again. Through parcel auditing, intelligence, and engineering, we enable you to recover the money you’re owed and give you valuable data to streamline your shipping processes, engage in smarter parcel contract negotiations, and reduce shipping costs even more. Data-driven decisions save you money and assist in parcel contract negotiations. Our parcel auditing technology gives you the additional advantage of auditing shipping spend levels along with UPS bench-marking, FedEx bench-marking and parcel contract negotiations.
Outside of income taxes, the single largest recurring charge for commercial property owners is property taxes. In most states, owners are required to pay taxes on both their real estate as well as their personal property. These charges are often an immense expense and a constant hit to the bottom line. To ensure you are not being overcharged on your property taxes, a specialist with extensive market experience in valuation, tax, and law is needed.
Our experienced team of professionals in mitigation, valuation, assessments, and law will work on your case to identify any potential opportunity for refunds and/or reductions in your current property taxes. We perform all the work on your behalf until savings are captured, including partaking in hearings and filing necessary paperwork. We act as an extension of your company toward the governing property tax bodies.
The Research & Development Tax Credit was originally enacted as a Federal Tax Program in 1981 and was designed to encourage American investment in innovation. In 2004, tax regulation changes significantly expanded this credit opportunity which is available to many small and medium sized companies whose activities include design, manufacturing and process improvements. Companies that qualify for this program get significant tax credits based on activities related with developing or improving a product and/or process.
Our team of highly qualified professionals which includes IP attorneys with engineering backgrounds, adheres to the Comprehensive Project by Project Approach methodology required by the IRS. By following this methodology, we qualify every applicable employee, activity, hour spent and corresponding wage paid in order to maximize the incentive for your company. We strictly adhere to the applicable sections of the code and provide comprehensive documentation to substantiate our findings.
Waste disposal is necessary. Everyone needs it. And there are many companies who overcharge for this service. You could be losing thousands of dollars on your waste disposal bill and not even know it. Find out if you've been overcharged. We identify hidden overcharges and produce refunds, credits and cost reduction opportunities. With this service we can eliminate needless costs in your waste disposal bill by analyzing your services and applying our expertise and knowledge of the industry. You will receive a clear and concise disposal bill assessment.
We know your waste outsourcing needs are unique and will deliver a thorough evaluation of your waste stream to create the best solution for your company. We also will contract the best companies for you along with partners for solid waste, medical waste and recycling to ensure that you are receiving the best price from those vendors and we will handle the entire contract process for you from start to finish. Most property managers and owners lack the time and expertise required to effectively audit these accounts, nor do they realize overcharges exist.
While telecommunications and cell phone spend represents a relatively small spend level, it is important to only pay for the service levels you need. Carrier representatives are incentivized to grow their revenue and don’t always provide you with the most cost effective solutions. We specialize in lowering your phone bills based on your assessing your usage pattern, applying our industry insights to save you typically between 25-33% on your phone services on an ongoing basis. Our experts have held positions with major wireless carriers working on pricing strategies.
We understand and apply our industry knowledge to save you time by assessing your most recent phone bills and presenting a recommendation for the optimum plan to adopt for each phone and how much the changes will save your company. It also includes a detailed letter explaining the strategy. After you review the recommendation, one of our auditors will have a brief discussion with you and then we will implement the changes on your behalf. Best of all we will continue to monitor your bills each month to update you on usage, new plan options and potential savings opportunities.
Workers’ compensation insurance is a major business expense. It is also incredibly complex. In most states there are over 700 approved classification codes with interpretation of classifications varying from state to state. It is virtually impossible for a business to know all the rules and regulations governing these codes which often results in overcharges. In our experience, 7 out of 10 companies have overpaid on their policies and may still be overpaying today. This is true regardless of the agent, broker, agency, and/or insurance carriers involved.
Constant changes in the industry including rating bureau rules, regulation changes, policy changes and the application of incorrect rates, discounts, classifications, experience modification calculations, erroneous payroll and audits are beyond a typical agent's scope. Most business owners aren’t aware they have been overcharged until an independent review is conducted. What is generally not known is that over payments can be recovered from previously issued policies. And, unlike others that only audit your current policy, we go back as far as seven years to recoup the greatest possible refund.
Hiring tax incentives are available to companies that are growing and creating net new jobs; companies that are experiencing a high turnover in a given year; as well as companies that have seasonal employment swings such as retail chains, warehouses, manufacturers, restaurants, hotels and motels. Our experts are here to provide guidance on how to maximize the incentives you receive when hiring new employees, summer youths, new adults, new disabled veterans as well as benefits for each new long term family assistance recipient hired over a two year period.
Some of the programs that we look into on your behalf are the Work Opportunity Tax Credit, Hiring Incentives Restore Employment Act and the Small Business Jobs Act. The PATH Act of 2015 has significantly expanded the platform of Hiring Incentives. Local, state and federal tax incentive programs allow employers to reduce taxable liability of private-for-profit employers for the hiring of qualified individuals.
Zero-Cost Processing (ZCP) is a service designed to reduce the cost of credit card acceptance to zero-net-cost by adding a surcharge paid by the consumer. New rules that became effective January 27, 2013 allow merchants to impose a fee for the use of credit cards. This a fully compliant solution to take advantage of the new regulations which allow merchants to pass along credit card processing fees to consumers. Merchants are not permitted to impose a fee for the use of debit cards. Our patent-pending technology ensures regulatory compliance by determining whether a given card is a credit card or a debit card before the transaction is processed.
ZCP automatically applies a fee whenever a credit card is swiped or entered so that the merchant gets back most, if not all, of its processing costs. Our team takes all the necessary steps to set up a merchant’s account with the right parameters ensuring the merchant is in compliance from the very first swipe. With ZCP the merchant keeps 100% of the savings. ZCP is available in the following states...
Alabama Alaska Arizona Arkansas California Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kentucky Louisiana Maryland Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming