Genesis Group, Ltd., offers an array of expense reductions services. In most instances, there is no up-front cost for the services and we are only compensated if we succeed in reducing business expenses.
We work in three broad areas of expense reduction: (1) general expense reductions services such as Shipping and Logistics or Expense Benchmarking; (2) specialized savings programs such as Account Payable Automation; and (3) Tax Savings/Credits, such as R & D tax credits, or work force hiring incentives. More information is available on our website at: www.genesisgroup-ltd.com
Some of our more effective expense reduction services are:
Shipping and Logistics. If you are involved in ecommerce and ship goods either B2B or D2C, we offer a robust and scalable shipping software which, through better rates and technology, improves efficiencies and on average yields a 15%–20% decrease in annual shipping spend. Our software is a multi-carrier platform (so you don’t have to change carriers) which puts everything into one easy dashboard, automates the entire shipping process from quote to delivery, and it reduces labor, errors and delays. Among other features, functionality includes rate shopping, containerization, business rules, and business analytics.
Digitized Accounts Payable Processing. Checks are the most expensive way to pay suppliers ($6-7 per check), yet many organizations are paying 70% of their accounts payable invoices by check. Our financial technology solution is ERP agnostic, is SOC 1 and SOC 2 compliant, and allows a business to consolidate its accounts payable into one automated process with full transparency and visibility while eliminating checks. There is GL electronic reconciliation – among other features - and there is a 1% rebate paid monthly on virtual card transactions. Some representative clients are the Four Seasons, WeWork, Fortress, Fairmont Hotels & Resorts, Accor Hotels and the Texas Rangers.
Instant Pay HR Benefit and Digital Wallets: At no cost to the employer or the employee, we provide a debit card payday advance option to most employees. This benefit typically improves recruiting, decreases turnover, and increases shift coverages. There is a financial education/wellness app included, as well as other features. We have successfully integrated the program with ADP, Kronos, People Soft, and other HR systems. Examples of employers implementing this program are Target, Dollar General, and Taco Bell, among others.
Overall Expense Reduction Analysis: Expense Benchmarking/Vendor Cost Control. Generally, we use artificial intelligence to identify cost savings opportunities for businesses and then negotiate rate reductions with vendors to reduce the company’s operating costs. More specifically, through machine learning and proprietary software algorithms, a range of business expenses are analyzed and benchmarked against a $6T data lake to ensure businesses pay only what they should, and not a dollar more. This work is performed on a contingency basis, so if money isn’t saved, you don’t owe any fees. In addition, we handle all of the vendor negotiations to implement the savings and we audit the rates annually to ensure businesses receive the best available pricing. The initial analysis is risk free, and quick, and the savings typically range between 10% and 25%.