Description

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.