Accounts Payable Recovery Audit (Don’t miss our AP Audit Fact Sheet below)
An accounts payable recovery audit, also known as an AP audit or risk review, 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.
With FISCAL’s no cost, no-obligation AP audit, we start by reviewing an organisation’s historical spend which 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 AP recovery audit 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
Why prioritise an AP recovery audit?
- Minimal time required from IT for an AP audit
- Straightforward extraction process for required data
- Almost no impact on your AP resources
- ISO 27001 security and NDA agreement to protect your data