Small Errors Can Amount to Significant Money
Assume your merchandising-payables operations are paying all invoices with 99.9% accuracy. The remaining .1% can really add up with heavy sales volume. Many companies with sales over $500m per year utilize outside A.P. audits. They realize the value that an experienced audit group brings to their organization. Audit Recovery leads the grocery industry in recovering lost dollars and helping our clients minimize losses going forward.
How Audit Recovery Captures Lost Revenues
Audit Recovery employs the most experienced auditors and innovative IT professionals to uncover lost profits. We meticulously piece together all electronic and paper data to gain a thorough understanding of each vendor’s practices. We combine sophisticated searching methods with the most thorough verification process to maximize recoveries and ensure the highest collection rates in the industry.
“how would an a.p. audit recover money
when i have an excellent a.p. department?”
Overpayments and Under-deductions
When an A.P. clerk pays an invoice or submits a deduction, that person is looking at only one transaction – in essence, a snapshot or partial story. Audit Recovery gathers all information for a 1-4 year timeframe and examines the full account of transactions. We compare paper & electronic receiving, payments, deal, merchandising, freight, and pricing information to gain a full understanding. It allows us to uncover overpayments and under-deductions that could not be detected otherwise.
Understanding Each Vendor’s Unique
Procedures
As much as our clients work to streamline their operating procedures, it is impossible to standardize all operating procedures and transactions across all vendors and product lines. Our auditors and IT professionals have extensive experience working with large volumes of electronic and paper data for each vendor across all product lines. When auditing each vendor, our goal is to understand all transactions in their entirety and identify obscure overpayments and under-deductions.
“we don’t have enough time
to conduct an a.p. audit”
We understand and value the importance of our clients’ time. We tailor the amount of time our clients spend with each audit according to their wishes. Some clients prefer minimal involvement, while other clients prefer a heightened role.
We Learn Your Operations,
Independently
Prior to the start of the audit, the Audit Manager meets with the client for about an hour to discuss current policies, preferences and to answer any questions. We efficiently conduct each audit, independently learning the accounting and procurement process as well as the IT systems. About two weeks into the audit, the Audit Manager schedules a second one-hour meeting. Issues such as debit types, claim formats and industry standards are addressed.
Aside from cutting electronic data and the couple one-hour audit meetings, the level of involvement from our clients is entirely their choice. All of our new clients are impressed with our ability to independently acclimate ourselves with their systems, procedures and practices. Audit Recovery selects auditors and IT professionals with an innate ability to independently piece together information to learn the unique intricacies of each client.
Established Audit Recovery
Clients
Over the years, many of our clients have refined their practices based on our findings and recommendations. Additionally, clients will occasionally undergo system changes that affect their payables, merchandising, freight, etc. When this occurs, Audit Recovery adapts its practices and harmonizes its recovery process with the changes.
