Transaction risk intelligence
Automated supplier statement reconciliation
Supplier risk intelligence
Managed AP recovery audit
Supplier file performance review
Forensic risk analysis
Consulting and bespoke reporting
Accounts Payable Recovery Audit
An accounts payable recovery audit, also known as an AP audit, is a review of your organisation’s accounts payable historical data for the purpose of identifying and recovering funds paid to vendors in the form of overpayments, including duplicate or wrong payments.
Why engage in an accounts payable recovery audit?
The relationship that exists between vendors, procurement, and accounts payable is effective most of the time, but not all of the time. Financial leakage will always occur. Overpayments quickly add up to a significant amount and if not captured, will result in lost profit to your organisation’s bottom line.
The benefits of a recovery audit, whether internal or external, are high. The obvious benefit is of course to find duplicate payments and overpayments, and recoup that overspend, adding to your organisation’s working capital. While this happens, you may well come across unclaimed credit notes, discounts and rebates as well. CFOs may also find the resulting ledger accuracy extremely beneficial in allowing them to make more accurate forecasts.
Get started with your recovery audit
With FISCAL’s no cost, no-obligation proof of value, we can uncover the key areas you need to begin recovering funds and optimising processes. We start by using our accounts payable recovery audit software to review an organisation’s historical spend. This typically requires a simple transmission of specific files without any need for special programming. The goal is to identify and capture lost profits due to errors within an organisation’s procure-to-pay environment.
Our proof of value will deliver:
- Immediate cost savings opportunities.
- Detailed analysis of suppliers and transactions.
- Ranked list of high-risk suppliers and transactions.
- Recommendations for process improvements.
- Management and operational AP reports and benchmarks.
It’s easy to complete:
- Minimal time required from IT.
- Straightforward extraction process for required data.
- ISO 27001 security and NDA agreement to protect your data.
