Identify Hidden Profit Through Comprehensive Procure-to-Pay Recovery Audit Services
Most companies only realize 55% of forecasted savings due to a lack of resources to implement savings and to monitor compliance.
Even when procurement operations are well-managed with category experts, inventory control, and vendor management, errors can still happen. Source One’s recovery audit services not only identify these profit-impacting errors, but also uncover opportunities for business process improvement. Whether your company is experiencing rapid expansion, preparing to downsize, or just using multiple systems, certain account payable controls and procedures can fall through the cracks, resulting in unnoticed billing mistakes and consequential profit losses.
A detailed recovery audit assesses data that can often be mis-kept or decentralized such as contracts (terms and obligations), invoices, payment records, historical purchase orders, inventory and receiving records to create a comprehensive view of procurement’s Accounts Payable operations.
Source One’s recovery audit services provide a complete view of procurement’s disbursement operations to pin-point both transactional and contractual errors that result in lost profit including:
- Duplicate Payments
- Pricing Mistakes
- Missed rebates or discounts
- Sales errors
- Unapplied Credits
- Supplier Overcharges
With Source One’s recovery audit services, we’ve got you covered.
We understand the critical need for accuracy throughout the disbursement process, and will kick off the recovery audit by first understanding your company’s systems and operations to conduct an efficient audit customized to your business needs. Leveraging a blend of proprietary software and industry expertise, our recovery audit specialists exhaustively work to identify and recover hidden profit in the form of overpayments, actively managing the entire recovery process from filing disputes with carriers to validating the receipt of recoveries.
Throughout the audit process, your company’s historical disbursement transactions are objectively evaluated to unmask any weaknesses along the procure-to-pay process. Our goal is to identify and recommend opportunities for greater efficiency and control within you internal processes. Following the results of the audit, we’ll provide actionable recommendations for future business process improvement that drives efficiency and profitability.
Plus, with Source One’s contingency-based business model, our skin is in the game too. Our pay-for-performance approach to recovery audit means our fees are determined by how much we recover for you. We get paid only when our clients receive the economic benefit of recovered funds.
There is no better time than the present to get started with a recovery audit. Disputing overpayment charges is a time-sensitive process and the older the errors, the more difficult it becomes to obtain a refund. Let Source One’s recovery audit professionals locate your overpayments and help eliminate them in the future.
Contact our Recovery Audit experts today to gain back your lost profit and enhance your procure-to-pay operations.
Additional Audit Services
Don’t wait for an organizational change to take a look at your supply chain and procurement operations. Gain comprehensive insights into your procurement functions through Source One’s Procurement Audit Services. We’ll work to recover overpayments from suppliers, compare your vendor contracts to the market, and provide best-practices for driving efficiency in your procurement operations.
Procurement Audit Overview
Get a handle on your telecommunications expenses with Source One’s Telecom Audit. Our telecom experts will validate services that are being billed are being utilized, manage billing disputes with carriers, and establish procedures to cut rogue spend in the future. Source One’s telecom audit will provide the needed visibility to help your organization make the right telecom investment decisions.
Telecom Audit Services
State Unemployment Tax Audit
Is the cost of unemployment impacting your company’s bottom line? Let Source One take a deep-dive into your state unemployment tax payments. We’ll leverage your accounting departments data, and taks a look at key areas such as state tax rate calculations and application, to identify any overpayments and work secure refunds or credit opportunities.