What is an Accounts Payable Recovery?
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.
Why Should I Conduct an AP Recovery Audit?
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.
- Recent organizational and/or staff changes
- Multiple suppliers and disbursement locations
- Implementing new technology or system upgrades
- Recent mergers, acquisitions, and expansions.
Overpayments
There are many reasons why overpayments occur, even if you think you are covered by your best practices. Some of these overpayments are:
- Currency Errors
- Contract Compliance Reviews
- Duplicate Payments
- Sales & Use Tax over Charges
- Unissued Rebates
- Uncredited Returns
- Unnecessary Escheatment
- Unprocessed Credits
- Wrong Supplier Payments
How Do You Conduct an AP Recovery Audit?
PMBA 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.
- Electronic Data Review including a manual review of 57 query reports with our proprietary software which maximizes potential recoveries.
- Complete and Comprehensive Vendor Statement Reconciliation to facilitate the refund of unapplied cash, account inaccuracies, and open credits.
- Manual Audit of documents and contracts for compliance or missed financial recovery opportunities.
- Unclaimed/Abandoned Property Search completed in all 50 states and internationally when applicable.
What Types of Recoveries are Found?
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.
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