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.
( 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
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