Accounts Payable Recovery Audit (AP Recovery Audit) is the process of identifying overpayments and unidentified credits that have been eating away at the savings of a company. There are many reasons why your company may want to have an AP Recovery Audit done.
Many companies believe that they have the necessary policies and procedures in place to catch any errors. They believe their best practices have been implemented, so there is no need for a review. However, there are a few reasons why you might want to conduct an AP Recovery audit.
There are many reasons why overpayments occur, even if you think you are covered by your best practices. Some of these overpayments are:
Source Advisors is a leading cost recovery services provider, trusted by companies across all industries to reduce costs, improve spend under management, and enhance their financial performance. Our team of experienced business and finance professionals efficiently deliver results that exceed our client’s expectations and assist in improving internal processes to ensure greater accuracy in financial operations.
Our AP Review Audits are conducted with four primary elements to maximize recoveries with the main focus of recovering the maximum monetary value towards our client’s bottom line.
Accounts Payable Recovery Audit (AP Recovery Audit) is the process of identifying overpayments and unidentified credits that have been eating away at the savings of a company. There are many reasons why your company may want to have an AP Recovery Audit done.
The AP process is relatively easy to abuse, and many gray areas are involved which entice widespread abuse – jeopardizing the morale and integrity of your company’s employees.
Auditing transactions can send a very strong message to employees and vendors that spending is being monitored closely, and will reduce the abuse and fraud going forward.
Our risk-based approach is focused on laying the foundation to develop long-term sustainable automated processes that identify cost recovery and fraud in your AP records.
Our solution is specifically driven to find the three major types of AP fraud:
Depending on factors such as your company’s size, the number of suppliers, the scope of the audit, and ease of source document access, we can normally complete the profit recovery process review between 3 to 6 months.
