Every year, companies lose significant amounts in recoverable taxes and penalties. Is your business one of them?

Profit Recovery Solutions

help you to recover lost profits and improve your bottom line.

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What is profit recovery?

Profit recovery involves the concentrated examination of accounting data, with a view to uncovering benefits for our clients.

Our background

Established in 2009, Profit Recovery Solutions (PRS) is a technology company with an outstanding track record in recovering taxes and penalties for clients, across a range of sectors.

We are a 51% black women-owned company and a Level 2 B-BBEE contributor.

We draw on state-of-the-art software, proven processes and the experience of our analysts to deliver exceptional results for our clients. Our technology solutions were designed to recover lost profits, prevent financial leakage and increase transaction certainty for the companies that use our services.

With a strong emphasis on results, PRS has successfully recovered profits for more than 800 clients over the past decade.

Why choose us?

PRS has extensive intellectual property invested in data mining, analysis methodologies and ways to deal with large data volumes, differentiating us from other profit recovery services and large accounting firms
We have a highly experienced and agile team
We are flexible, our processes are straightforward, and we will accommodate your company’s unique requirements
We tailor our process and scheduling to suit our clients’ availability
We are committed to unearthing benefits, and our results prove it
Our services are rendered on a contingency basis (no saving, no fee)

We can increase your cash flow

Considering the vast number of transactions processed by your business every year, we expect our review to identify a material amount of financial leakage and to recover these profits for your business

We improve system and process effectiveness

Once we have completed the review, we provide you with a post-analysis report, detailing the claims identified, explaining how errors occurred and recommending practical steps to address the procedural or system problems that led to the leakage, to prevent it happening in future

We extend the reach of your internal audit

PRS’ services are designed to complement – not replace – your internal audit function. Instead of testing for compliance with policies, we use software and methodologies to analyse data, and systems, and provide a detailed overview from the data

VAT benefits review

This efficiency review is a systematic, line-by-line interrogation of transactions to identify errors in capturing the VAT. No data set is too large. Our aim is to secure tangible cash benefits.

Dispute resolution

This service entails an assessment of VAT payments to identify opportunities for penalties and interest levied by the South Africa Revenue Service to be reduced or waived. Once we have identified an opportunity, we will prepare an objection for submission to SARS.

Why request a profit recovery review?

Apart from helping you recover lost profit, our reviews can provide you with the confidence that processes and systems have been improved to ensure compliance.

Certain high-risk factors significantly increase transaction error rates. These include high staff turnover, understaffed finance teams, mergers, and the implementation of new accounting systems.

Millions of transactions

Our experts use PRS’ bespoke software and systems to review millions of transactions

Data challenges

We’re equipped to transform any data to a standardised format in order to apply our data-mining algorithms

Finding the cause

Part of our process is to determine where and why errors occurred, so that you can address the problem and take preventive action

99% of projects

The percentage of projects where we have secured a positive outcome for clients

Data
harvesting

Data
analysis

Verification and sample basis

Reporting and feedback

International rubber manufacturer

The client is a major rubber products and tyre manufacturer, with a global footprint. The company approached PRS to assist with a high-level review.

The outcome

Using our proprietary technology and processes, we identified shortcomings in the way the client dealt with accounts receivable transactions at branch level. We also discovered missed input tax credits on accounts payable and cash book transactions.

Large cinema group

The client is a large cinema group with more than 400 screens country-wide and approximately 60 000 seats. The client had recently engaged another service provider, but PRS was given the opportunity to do a follow-up review of the group’s data with the goal of recouping additional losses.

The outcome

Our analysts identified nearly 10 000 processing errors and helped the client recoup a substantial amount in unclaimed input tax benefits.

Diversified mining company

The client – a company focusing on manganese and iron ore mining, as well as the production of manganese alloys – employs over 6 000 permanent staff.

The outcome

Our detailed analysis uncovered substantial savings for the company. We found that the failure to claim valid input tax credits resulted from a range of factors, including processing errors, inexperienced staff and the incorrect treatment of once-off and unusual transactions.

Gold mine

The client is a mid-tier gold producer and a world leader in surface gold tailings retreatment.

The outcome

PRS extracted the data from the mine’s ERP system. Using our software, we confirmed that the company’s internal controls worked well. While the recoveries were lower than expected, we still managed to recoup a substantial amount and the client considered the review a valuable exercise in business improvement.

André Vermaak

Director | BAcc (Hons) CA(SA)

André heads up the audit and analytics department. He also established the company’s Australian operation in 2017. He previously worked for the Bank of New York in London, Nedbank, and was contracted as a review manager by SARS to conduct in-depth VAT reviews of large corporations.

Chris Kamffer

Director | BSc (Hons) (Computer Science) BCom (Hons) CA(SA)

Chris co-founded Profit Recovery Solutions in 2009. He has a wealth of experience in computerised financial systems, having worked as a software engineer. His formal training in accounting and computer science enabled him to develop proprietary software.

What our clients say

“We recently used PRS’ services to systematically review all our VAT-related transactions for one of our operating companies. I recommend PRS as a knowledgeable, professional and ethical company that provides a financially viable service.”

Large building materials retailer

“PRS recently completed a fast and efficient systematic review of our VAT transactions. The exercise contributed greatly to our peace of mind in verifying our compliance with all applicable VAT legislation and regulations. We were able to reclaim a substantial amount of VAT.”

National stainless steel and aluminium distributor

“PRS performed a review for our company. The findings highlighted areas to improve our internal controls to ensure that all VAT is claimed. PRS was able to handle and interrogate our vast amounts of data on a line-by-line basis, ensuring maximum coverage.”