Requesting statements is a labor-intensive, but essential part of our comprehensive audit process. SpendLab has developed a data-driven approach that identifies risks in your financial systems and corrects discrepancies between (outstanding) balances and unknown balances.
We take a strategic approach ensuring that a thorough and detailed review is performed in order to maximize profit recovery and identify system weaknesses. During the balance reconciliation, we solicit statements from a client agreed-upon list of suppliers, following up with unresponsive vendors to ensure compliance with our request. We do this in a highly professional manner, respecting the vendor relationship, involving now more than 250,000 suppliers.
We analyze differences between (outstanding) items and recover them for you within the accounts payable recovery audit. All statements are reviewed for open credits, allowing us to recover all available funds and expose risk patterns that could lead to additional recoveries. SpendLab also reviews each missed credit to determine the root cause analysis and provide recommendations to improve internal processes and reduce future profit leakage.