Migrating or updating an ERP system, implementing a purchase-to-pay solution, outsourcing financial processes. All of these projects are extremely challenging for an organization. Besides internal teams need to handle them while still performing their normal day-to-day activities, which causes a higher risk of errors.
One might think that it is better to put on hold other projects involving external partners. Nevertheless, SpendLab can support your digital journey with limited resources required from your organization. Carrying out an accounts payable recovery audit into some of the project phases would add significant value to your project while not causing a distraction or a disturbance when your teams need to stay focused.
An accounts payable recovery audit is useful in two major phases of a financial project: at the very beginning, when the project is kicked-off and at the very end, when the project has been implemented.
Future-proofing your project in the starting phase
How can an accounts payable recovery audit help an organization to prepare for a project like an ERP migration? When you start your project, you already have an idea of the areas that need to be improved by the migration. A partnership with SpendLab can be of great value to help you point out additional areas of improvement and/or can confirm your initial thoughts before starting the implementation. The data-driven, interactive and objective insights provided by SpendLab will help your organization define a precise roadmap and increase the relevancy of your project.
Once the project has been successfully finished, SpendLab can be involved again to correct the risks that have inevitably occurred during the implementation.
Identifying and correcting the risks that have occurred during the implementation
You might decide to implement a new project over all your business units at the same time or roll it out step by step, one unit at a time. But in any case, during a major project, finance teams are split into two groups: the team members that have strategic knowledge of the process and the team members that handle the daily activities of the department. Confusion can therefore exist between the teams which also need to get used to a new way of working.
At SpendLab, we know irregularities are inevitable during this period. Therefore, once the project has been implemented, an accounts payable recovery audit reflecting over 1-2 years is useful to correct these deviations and start a new cycle on clean foundations.
Why should you work with SpendLab in the case of a project like an ERP migration?
The throughput time of our accounts payable recovery audit is neglectable and provides a wide range of insights that can be used to proceed to the collection of the missed liquidity. The audit can be completed in 4 to 5 months only, requiring only 4 hours from your IT department per ERP system and around 20 hours of a finance project lead that needs to approve our data-driven findings. The first insights from the audit are presented in only 6 to 8 weeks and will help to support the ERP implementation.
We understand that you need to focus on your ERP migration and we really encourage you to not involve external providers during the implementation. This is why we think there are two stages that are crucial for conducting an accounts payable recovery audit: before the project starts and after the project has been implemented.
The time that you have to spend on an accounts payable recovery audit is limited. Due to our ISO certifications and related processes, we are capable of working with your data regardless of where it comes from and how it is structured. On a yearly basis, we process more than 20 million invoices.
We know that projects such as an ERP migration generates high costs for the organization. Usually, without an accounts payable recovery audit, consulting fees inflate the total cost of doing a vendor check. Thorough insights are included in our accounts payable recovery audit. Moreover, SpendLab works on a no cure, no pay basis. This means that we do not charge any fees until the recovered liquidity has been recovered.
SpendLab is a data-driven organisation. We have developed our own Artificial intelligence-based software, APRA (Accounts Payable Recovery Analysis), which comprises more than 450 algorithms that identify deviations in the accounts payable department. Combining Machine Learning (ML) and Natural Language Processing (NLP) techniques, our most advanced algorithms are able to detect even the most untraceable irregularities in accounts payable. Our insights are based on data-driven facts and thorough investigation.
 SpendLab would need only 20 hours from your finance team and 4 hours from your IT department for each ERP system to conduct the project over 4 to 5 months.
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