To operate at peak efficiency, companies must constantly monitor expenses and test their internal controls. Many have found that engaging a contingency-based accounts payable audit and recovery firm is one of the best ways to achieve peak efficiency in their procure-to-pay function.
A comprehensive accounts payable audit is designed to produce results beyond the obvious. Our audit teams are formally trained in all overpayment categories, and dig deeper than other firms across the complete range of overpayment opportunities.
“A thorough review is the only way to ensure you are conducting a comprehensive audit and receiving the greatest possible ROI for the time and fees you invest in an audit.” – Gerry Conheady, President
When an AP audit is done right, the most frequently asked question is, “How did you find that?” For most auditors, that is evidence of the thoroughness of their work and a clients’ satisfaction with truly robust results. A basic audit usually doesn’t yield anywhere near the same results and thus can cost more overall. Comprehensive audit teams perform a full audit, and are able to deliver the most accurate assessment available.
Companies such as Broniec love the challenge of performing a second audit behind one of their competitors. That’s because we know that, if given the opportunity to execute an audit for a client who has used another firm, our results will prove superior.
In addition to maximizing your recoveries with an accounts payable audit, there are Key Non-Financial Benefits of an AP Audit as well.
Broniec Associates is the industry leader in developing cutting-edge technology tools to identify overpayments. Our audit teams execute a 3 step audit for every client, drawing on our 41+ years of experience performing accounts payable recovery audits.
First is a thorough analysis using our proprietary AUDITMAX ® software. Our audit teams work closely with our staff of IT professionals to produce our AUDITMAX ® reports, which are designed to highlight those transactions most likely to have been overpaid. We collaborate to ensure 100% accuracy.
Then, we do a thorough review of invoices and related documents. We know that not every overpayment can be identified through an exception report. A substantial portion of the time each of our accounts payable auditors devotes to every client is spent pulling and reviewing actual documents.
And third, a review of the supplier’s statement of account is conducted. At this stage, we review the statement in conjunction with the AUDITMAX ® reports to identify open credits and erroneous payments.
At the conclusion of every accounts payable audit, we explain the types of overpayments that were identified in each category, and provide recommendations for how to prevent them going forward, contributing significantly to achieving peak operational efficiency.Schedule Your Contingeny-Based Audit Today