1. Recover money that is due to the company.You can use a recovery audit service to find duplicate payments, overpayments of sales & use tax, lost discounts and other payment errors.
Your company's internal Auditors may be able to find the low-hanging fruit, or easier to find duplicate payments. This may be the top 100 vendors or maybe a 10% sample of vendors.
Often a recovery auditing company can do an audit right after your internal auditors and still find money.
Audit firms can differ in technology and expertise, which is why it can be a good idea to use multiple audit recovery companies.
2. Correct any AP processes that may be causing this problem.An AP recovery audit may discover a process that may be in need of changing or sometimes fraud may be uncovered.
What are the costs: Typically the fees are a percentage of the amount that gets recovered. So if the audit does not uncover anything there is no cost.
Click here now to get access to our spreadsheet containing contact information for several recovery audit companies: APPG Spreadsheet for AP Recovery Companies.
( if you work for a recovery audit company, feel free to add your information to our spreadsheet today).
Social Media Director
Accounts Payable Professionals Group