Accounts payable recovery audit

Is it challenging for your organization to gain insight into the risks of your accounts payable process? Do you feel that the VAT processing within your organization can be improved or do you want to know which suppliers meet contractual conditions? SpendLab offers an accounts payable recovery audit and is eager to help you identify the risks within the accounts payable process on a no cure, no pay basis.

How does the process of an Accounts Payable Recovery Audit look like?

The Accounts Payable Recovery Audit always starts with the data extraction of your ERP- or financial system. SpendLab retrieves the accounts payable data from multiple financial years, entities and financial systems. This data is then made usable for our own in-house developed Accounts Payable Recovery Analyzer (APRA). APRA uses more than 450 in-house developed algorithms and combines big data, artificial intelligence, machine learning and international compliance standards in order to identify risks in the accounts payable.

What risks does APRA identify? APRA identifies the following risk:

  • Duplicate payments
  • Undue payments
  • Incorrect or erroneous VAT entries
  • Outstanding balances
  • Missed discounts
  • Fraud
What is the result of an Accounts Payable Recovery Audit?
 

Once the risks have been identified, our qualified auditors interpret the risks and ensure that they are recovered in your accounts payable process. We recover unwarranted payments to suppliers on behalf of your organization and rectify incorrect VAT transactions. In addition, our auditors provide your organization with interactive compliance and risk reports in PowerBI. This provides you with full insights into the accounts payable process. Rightful liquidity from accounts payable that would otherwise remain hidden can now be used for effective business purposes. This entire process can be conducted online within all the requirements of quality and data security.

 
How does SpendLab guarantee quality and information security?

SpendLab employs certified Lean Six Sigma Green and Black Belt consultants. We are also certified in quality management (ISO 9001:2015) and information security (ISO/IEC27001). Our experience enables us to offer our services on a no cure, no pay basis.
Would you like more information about our accounts payable recovery audits?  Then book a demo directly using the demo form below.

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