Most managers of Accounts Payable (AP) wince at the word “Audit” however there is one type of audit that can prove to be very beneficial to AP and the company as a whole; an Accounts Payable Recovery Audit.
An Accounts Payable Recovery Audit could uncover mistakes that were made previously, and then corrections can be made or procedures revised to prevent such errors from occurring again in the future.
Additionally, an Accounts Payable Recovery Audit can reveal vendor credit memos due to the company that were never received by Accounts Payable or uncover cash application errors made by vendors.
In this course, we explore the benefits of an Accounts Payable Recovery Audit. We also identify the amount of effort required by the company’s Accounts Payable and Information Technology (IT) teams in order to maximize the amount to be recovered. A successful recovery audit does take time.
As a reminder, Accounts Payable is not just about processing vendor invoices for payment. We also touch on the benefits of having billed amounts compared to contracts, the accuracy of sales tax billed on invoices and discuss the audit of Purchasing Card transactions.
Finally, we will explore what to look for when selecting an Accounts Payable Recovery Audit company and examine how the services are billed. It should be a relationship that fits in with your organization.
Learning Objectives
- Explore what an Accounts Payable (AP) Recovery Audit is and recognize what can be covered.
- Identify the benefits of having an Accounts Payable Recovery Audit.
- Explore which teams need to be involved on the side of the company to have a successful audit.
- Recognize what to consider in selecting an Accounts Payable Recovery Audit company.
- Explore how such services are billed to the company looking for such an audit.
Included In Certifications
This course is included in the following Certification Programs:
16 CoursesAccounts Payable Management Certification
- Accounts Payable - Learn the Terminology
- A Deep Dive into the Responsibilities of Accounts Payable Operations
- The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
- The Basics of 1099's
- Prioritizing Accounts Payable Workload - Divide and Conquer
- Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
- The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
- Reconciling Aged Open Payables and Outstanding Checks
- Benefits of An Accounts Payable Recovery Audit
- No PO, No Pay – Can It Work for Your Organization?
- What to Consider in an Accounts Payable Workflow Solution
- Creating an Accounts Payable Documentation Management Policy
- Communicating the Role of Accounts Payable to Others
- Justifying and Presenting the Needs of Accounts Payable Operations
- The Basics of Project Management for Accounts Payable
- KPIs and Metrics for Accounts Payable Manual Processes
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the courses "A Deep Dive into the Responsibilities of Accounts Payable Operations" and "Thinking About Centralizing Accounts Payable? – Due Diligence is Critical" prior to completing this one.
Education Provider Information
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