Expense Reduction Services for the Marine Industry
August 27, 2021
Experience Cherry Bekaert’s Approach to Expense Reduction to Maximize Your Bottom Line
Overlooked Expenses Can Lead to Savings Opportunities
Marine manufacturers work with a variety of service providers to keep their operations running efficiently for maximum profitability. From production to processing and packaging to project management, the services performed by these outside service providers typically account for 15 to 20 percent of non-labor costs. Companies often pay too much for these services or utilize the services inefficiently, resulting in unnecessary expenses that cut into company profits.
How Can Cherry Bekaert Help
Cherry Bekaert offers an Expense Reduction Service that includes analysis, consultation and implementation support for 36 months to ensure you are receiving the best services at the best prices. Our goal is to improve your current financial performance, secure cost-efficient invoice and contract audits and minimize audit negotiations now and in the future.
On average, companies that complete this service reduce business expenses by 28%. With minimal time commitments by your leadership, our unique approach offers many benefits, including:
- We do all the work while your bottom line and cash flow increase.
- You remain in control when deciding to accept or decline recommendations.
- We offer objective advice and always look out for your best interests.
- Results are tracked on a monthly or quarterly basis over the life of the agreement.
- We are vigilant in our review of your invoices to help control your ongoing costs and measure the savings we generate for you.
Current Expense Categories
- Credit and Debit Card Process and Treasury
- Small Package Shipping
- Waste Removal, Shredding, Storage
- Telecommunications, Wireless, Internet, Data
- Electronic Logging Devices
- eSignature
- Utilities
Zero Risk Assessment
Three reasons why funds never need to be allocated for this assessment:
- There are no upfront fees or out-of-pocket expenses. The assessment is completed at no cost to the company.
- If cost reduction opportunities are identified by Cherry Bekaert, the firm’s fees are self-funded out of the savings generated from the reduced expenses.
- If no cost reduction opportunities are identified, the assessment is free.
Process
Step 1 – Kickoff
- Sign Statement of Work
- Sign Letter of Authorization
- Provide invoices or online access to accounts
Step 2 – Analysis
- On average, we allow four to six weeks to review expense details and prepare our analysis.
- For additional details needed, our team will reach out to your staff.
Step 3 – Report of Finding
- Share our Findings and Value Report
- Implement approved recommendations
- Contact Cherry Bekaert for any cost management matters going forward