Key Findings on Spotting Hidden Costs
- Profit leaks can cause companies to lose around 5% of annual revenue, quietly draining profits without triggering internal alarms.
- In Episode No. 86 of the DesignRush Podcast, weAudit.com Founder Robert Day shares how (and why) deceptive billing practices routinely go undetected.
- From auditing early to choosing the right partners, taking the right steps can help companies recover millions by stopping overlooked fees and expenses.
Most companies are losing money — they just don’t know it.
According to the Association of Certified Fraud Examiners (ACFE), businesses lose around 5% of their annual revenue to things like fraud, billing errors, and overlooked costs. It’s a hidden drain that often goes unnoticed until someone takes a closer look.
Robert Day, Founder and Managing Partner of weAudit.com, is an expert on the hidden costs and fees that even seasoned finance teams miss. His audits have helped organizations — from small businesses to Fortune 500s — recover millions in preventable losses.
Notably, his work has enabled clients to:
- Identify $7 million in annual overcharges at a large enterprise that delayed action for three years — resulting in a $21 million loss before weAudit.com intervened.
- Save $10 million in just 30 days by uncovering deceptive fee structures that internal teams had missed.
In episode No. 86 of the DesignRush Podcast, Robert explains how deceptive credit card fees quietly drain millions — even from the most well-run businesses.
Listen to the podcast discussion now on Spotify, Apple, or YouTube to understand the top profit leaks most CFOs miss. Keep reading for five ways to stop your business losing money now.
Chapter Summary
- The Problem with Overbilling & Merchant Fee Regulation (04:48)
- Identifying Hidden Overcharges & Why Audits Are Essential (09:12)
- The Role of AI in Auditing & Why Human Expertise Is Still Key (15:23)
- Vendor Relationships, Accountability, & Identifying Financial Pitfalls (27:16)
- Emerging Financial Technologies & The Risks of DIY Audits (33:41)
5 Areas Where Profit Leaks Are Costing Your Business
Here’s a quick look at the five costly blind spots Robert Day says every CFO and CEO should know (and fix!) now:
- Delaying audits: Small leaks can become multi-million losses
- Low discount rate myths: Hidden fees still slip through
- Lack of cost awareness: Cuts aren’t the only way to save
- Overreliance on AI: Audits still need a human eye
- Choosing the wrong partners: Trust but verify credentials
1. Audit Sooner to Stop Profit Leaks
Every dollar lost to hidden fees is one less toward business growth, and many companies take too long to realize the money’s missing.
The real problem? These charges are buried deep in complex billing statements, disguised under new names, and almost impossible to spot without a trained eye.
“They just rename the fees and keep going. There’s no shame in missing it — even experienced CFOs don’t catch these things,” Robert says.
His audit-first mindset has helped clients recover millions in overlooked charges. One global company put off the audit for three years — by the time they took action, they’d lost $21 million. Another business thought their statements looked fine, until his team uncovered $7 million in recurring fees they’d been paying every year.
“As we find the fees, we program the software — they just rename the fees and keep on rolling. It’s extremely difficult, and businesses shouldn’t feel bad. CEOs, CFOs — they shouldn’t feel bad for missing this, because there’s no way to catch it.”
Bottom line: the longer you wait, the more it costs. Profit leaks don’t fix themselves.
2. Don’t Just Check the Discount Rate
Most executives think they’re safe if their discount rate looks low. They’re not.
Robert breaks down how hidden charges — like the infamous “interchange clearing fee” — get renamed and recycled across statements, bypassing internal checks. One month it’s an “IRF,” the next it’s a “settlement fee.”
Detecting these deceptive patterns often requires both industry expertise and tools capable of analyzing complex, non-standard fee structures.
"You should have a statement, that has your fees for that month on the fees that you ran that month. In other words, your January processing with your January fees, that's the first thing they need to validate. Then if they validate that, they can take the fees and divide it back into their volume of their processing. And it really should be no more than about 2.25%."
3. Build a Cost-Conscious Culture
According to Robert, cost savings shouldn’t begin with layoffs — it should begin with awareness.
"You've got to run or work at a company like you own that company. That's why I tell my employees you need to work here like you own it. Spend money as if it was yours."
He encourages businesses to involve employees in spotting financial inefficiencies, starting with vendor contracts and overlooked billing relationships.
The goal: Foster ownership within your teams, not fear.
4. Use AI with Caution
Robert doesn’t believe AI can fully replace human auditors — yet. He warns that AI tools alone are currently not reliable for the nuanced work of financial audits.
"When it comes to the merchant processing auditing itself, AI is just not there yet. Now I believe it will be. I believe at some point it's going to get better and better."
Still, he uses AI as a support tool, especially for writing, data structuring, and content generation.
But for financial integrity?
Human-led audits remain non-negotiable.
5. Choose Auditors Like You Choose Surgeons
If someone was operating on your brain, you’d want to know they’ve done it before — not just read about it. That’s exactly how Robert Day believes businesses should choose their audit partners.
“You wouldn't call up someone who claims to be an expert in brain surgery, but has never worked in brain surgery — or isn’t a doctor, for that matter. You want to make absolutely sure that they've got the expertise.”
He’s seen too many firms offer audits with no real industry experience — just polished sales pitches and broad claims. That leads to shallow reviews, missed fees, and wasted time.
Instead, Robert recommends keeping partnerships short and accountable. No long contracts. No percentage-of-savings gimmicks. Just clear results, fast, and the freedom to walk away if promises aren’t delivered.
Who Is Robert Day
Robert Day is the Founder & Managing Partner of weAudit.com. With over 35 years in finance and 25 in merchant processing, he has helped companies recover millions in lost revenue. He’s the author of The Great American Heist, a Forbes contributor, and co-author of Successonomics with Steve Forbes. Robert is also a member of the Forbes Business Council and a recipient of the BBB Torch Award for Ethics.
Bottom Line: Missed Money Adds Up
The message is clear: Unchecked fees can erode profits fast. With the right checks in place, businesses can protect margins and strengthen financial operations.
Robert’s top recommendations for CFOs and CEOs:
- Get an audit now — even if you're small, losses grow as you scale.
- Ditch percentage-based models and avoid “savings-share” traps.
- Monitor the full merchant rate, not just discount line items.
- Validate your partners– experience matters.
- Educate your team to build internal cost awareness.
Financial waste isn't always visible, but it's always expensive. Whether you're a small business or a global enterprise, ignoring these hidden costs could mean the difference between scaling up or shutting down.
Want to ensure your finances are in check? See our roster of top-tier accounting firms.
Want to stop these losses in your company? Catch the full conversation with Robert Day of weAudit.com on Spotify, Apple, or YouTube.
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